For years there has been talk about doing away with the Federal estate tax. The tax bill, passed in the closing days of 2017, partially achieved that goal for most American taxpayers. The new law increases the amount that a single person can pass during life or at death to $10M. This amount is to […]
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Those who leave behind large estates run the risk of getting stuck with significant estate or gift taxes. Fortunately, there are a few ways to avoid this, one of which is to create a family limited partnership (FLP). To learn more about establishing an FLP, you should consider contacting an experienced Evanston estate planning attorney […]
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You’re selling your business. What should you watch out for? As our population ages, more and more business owners are looking to sell their business. Some want to cash out and retire. Others want to bring in employees as owners and stay involved in the business. And others would like to transfer the business to […]
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When planning an estate, many people are confronted for the first time with the phrase “testamentary capacity,” which is a legal term that refers to a person’s mental capacity to draft a will or create a trust. If a court finds that a person lacked testamentary capacity, then it will invalidate any will that the […]
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