In May, President Biden announced the American Families Plan (“Plan”), a plan that would be, as he states, an investment in our kids, families and economic future. While this has not become a law as of yet, it does provide some insight on the direction that the President will be focused during his term. Some of the more pertinent tax and financial factors of the Plan are as follows: Education: The Plan provides universal, quality preschool to ... Read More
Commercial Transaction Boom in the wake of the Pandemic
Despite the waning global pandemic, the commercial transaction team at Spesia & Taylor has had an extremely busy first half of the year. Since January 1, 2021, the team, which consists of Partner Chris Spesia, and paralegal Wendy Dent, has been busy helping clients to realize and complete large-scale commercial and real estate transactions. The team has been able to help its clients to safely and securely negotiate, prepare, and sign ... Read More
Spesia & Taylor are Open for Business to Meet Your Trust, Estate, and Corporate Needs
All of us have been adjusting how we live our lives or how we conduct business in light of Covid-19. As Governor Pritzker makes changes to what is allowable in the foreseeable future, it will require us to remain fluid and flexible. For many, the “new normal” has been a slowing down, a reprioritizing, a time for reflection. For Spesia & Taylor, the “new normal” has included implementing a protocol to allow estate and corporate clients to ... Read More
President Trump’s Proposed Tax Reform Outline
President Trump has set forth an outline of some of his goals related to tax reform. It will remain interesting to see if any of these specific reform items gain traction during the first year of his presidency. President Trump has set forth an outline of some of his goals related to tax reform. It will remain interesting to see if any of these specific reform items gain traction during the first year of his presidency. Individual Income ... Read More
Utilizing Business Organizations for Valuation Discounts
Forming a limited partnership or limited liability company, which is established for valid business purposes, may provide significant transfer tax savings at death or during life, allowing the donor, during his or her life as a general partner, to retain control over the entity's assets. The main transfer tax (either gift tax during life or estate tax at death) benefit is the ability to apply a discount or adjustment to the ownership interests ... Read More
