Month: January 2015

Wealth Transfer Strategies for Minors By Alan G. Orlowsky A favorite practice for many grandparents is making financial gifts to grandchildren or even great-grandchildren to help provide future educational expenses. Most grandparents, however, know better than to simply hand cash to the grand kids. They understand that the money would probably go to video games, […]

Establishing a Special Needs Trust in Illinois By Alan G. Orlowsky In decades past, parents with disabled children only had two options for their care: disinherit the child so that they could receive government benefits or leave enough money in a traditional trust and hope that the money is used properly for care. However, people […]

Maintaining Control of Your Business Through Estate Planning By Alan G. Orlowsky In estate planning, there is more to do with a family business than simply create a succession plan. In fact, in some cases, over-planning a business succession can lead to younger generations or others taking control of the business way before an owner […]

IRS Raises Limit of Lifetime Gifts for 2015 By Alan G. Orlowsky Recently, the Internal Revenue Service announced an increase in the lifetime limit of tax-free transfers during life or at death. This year, the amount known as the basic exclusion was set at $5.34 million. For 2015, the basic exclusion will be increased to […]