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Portability of Unused Estate Tax Exemption
Feb 15

Portability of Unused Estate Tax Exemption

Under current law, any estate tax exemption amount that a spouse does not use by the time of his death cannot be used by a surviving…

Roth IRA Conversions in 2010
Jan 26

Roth IRA Conversions in 2010

In 2010, the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) gets rid of the income ceiling that prevented individuals with modified adjusted gross income…

Illinois Powers of Attorney for Health Care
Jan 18

Illinois Powers of Attorney for Health Care

The Illinois Power of Attorney Act includes provisions for powers of attorney for healthcare. A power of attorney for healthcare allows an individual (Principal) to give…

Roth IRA Conversions for Estate Plans
Dec 08

Roth IRA Conversions for Estate Plans

Effective January 1, 2010, the income tax limit for transferring assets from a traditional Individual Retirement Account (IRA) to a Roth IRA is permanently dropped. These…

Tax Credits for Illinois Home Buyers
Nov 16

Tax Credits for Illinois Home Buyers

Effective November 6, 2009 a new tax credit is available for both repeat and first-time home buyers. The National Association of Home Builders’s website provides specific…

Illinois Estate Planning and Reverse Mortgages
Sep 11

Illinois Estate Planning and Reverse Mortgages

Reverse mortgages are available to homeowners age 62 and older. There is no minimum income or credit score requirement. A provision in the economic stimulus package…

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