Park Ridge IL Medicaid and Estate Planning Legal Blog

Q: How can I donate money to a favorite charity or cause?

People like to say that life is short. Because that may be true since we can’t predict when we will die, it pays for all adults, regardless of their age, health, or net worth, to have a comprehensive estate plan prepared by an Illinois estate planning attorney.

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Q: How can I avoid tax scams?

Seeing an Illinois tax return preparation attorney rather than trusting the important job to a national tax return preparation chain or attempting to tackle it yourself has multiple benefits. Perhaps the most obvious one is the confidence that comes from having an attorney's legal background in tax law standing behind your return. 
This year more than ever, it's important to trust your tax return preparation to a professional who is up to speed on the many changes enacted by the late year passage of the tax reform bill.
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Q: What’s the difference between a power of attorney and a guardianship?

Are you one of those people who’ve avoided seeing an Illinois estate planning attorney because you don’t want to face the thought of dying? Well, if so, you are in good company. But the peace of mind that comes from putting your affairs in order and protecting your family’s financial security is worth facing the fear.

Most people have heard of a last will and testament, or even a trust agreement, which are legal documents that provide for how you want your real and personal property to be transferred to others after you die.

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Q: Are Illinois pre-paid real property taxes over $10,000 fully deductible?

If you're considering buying a home for your family or your business, a skilled Illinois residential and commercial real estate attorney can help you with everything concerning what may be the largest and most important financial transaction of your life. In fact, you should consult an attorney before signing listing agreements or other contracts with the many different players that are involved in real estate transactions, so your interests can be adequately protected.

If you already own real estate, you might have been caught up in the recent frenzy over one part of the latest federal tax reform legislation--namely the new $10,000 cap on real property tax deductions.
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Q: How will the proposed House tax reform impact seniors, the disabled, and Medicaid?

If the House of Representatives’ proposed tax reform plan passes, critics claim that the elimination of the medical expense deduction would "deliver a serious financial blow to seniors and individuals with disabilities "– – particularly those without long-term care insurance who must self-pay for long-term care.

Many people don't realize that comprehensive estate planning involves more than a simple Last Will and Testament. Trusts and tax planning, providing for your incapacity, and protecting your assets to secure your family's future are common goals in estate planning.
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Q: How can Medicaid planning protect my assets?

Estate planning is something many of us put off because the thought of our own death or disability makes us uncomfortable. But failure to get our legal affairs in order can leave our loved ones unprotected and financially vulnerable—which is even more frightening.

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Q: Can the Equifax data breach threaten my income tax refund?

Individuals and businesses have always relied on skilled Illinois federal tax controversy attorneys to avoid or help them resolve federal tax disputes. 

But in light of the recent Equifax hack, more people may need help than ever before. Consulting a tax preparation attorney as soon as possible could help mitigate the risks of becoming a victim of tax-related identity theft.
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Q: What are the benefits of having a tax attorney prepare my tax return?

What could be better than having someone else prepare your tax return? Having it done by an Illinois tax return preparation attorney who also specializes in multiple areas of tax law.

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Q: What happens to my digital assets after I die?

A significant portion of the population is actually addicted to their technology. Not only are their cell phones and tablets glued to their hands, but their eyes don't stray from the screen for long either. Texting and driving is now a national crisis.

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In Illinois, experienced estate planning attorneys help residents plan for the inevitable. While nobody wants to think about their mortality, virtually everyone reports that the peace of mind that comes from putting your affairs in order and protecting your loved ones through estate planning far outweighs the discomfort and fear about preparing for their death.

In a nutshell, proper estate planning is a very comprehensive and individualized process that provides for the distribution of your property and the payment of your debts after your death.
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Q: What kind of financial planning should I have if I have a special needs child?

While estate planning is important for all parents to safeguard the futures of their children, special needs planning is vitally important for the parents of special needs children.
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