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 attorney Brad McCann, the “new normal” has included implementing a protocol to allow his estate and ... Read More
President Trump’s Proposed Tax Reform Outline
By attorney: Bradley S. McCann 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 ... 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
Income Tax Advantages of the Section 645 Election
Section 645 of the Internal Revenue Code provides for an irrevocable election to treat a qualified revocable trust as part of the decedent's estate for federal income tax purposes. If a Section 645 election is made by the executor of the estate and the trustee of a qualified revocable trust, several tax advantages that are available to an estate, become available to a trust; advantages that would not have been available to the trust if not for ... Read More
Business Organizations that are Tailor-Made for the Client
When starting up a business, one of the first decisions to be made by a business owner is how the business should be structured: sole proprietorship, partnership (with two or more owners), corporation (subchapter C or S), or limited liability company. In making the choice, certain factors need to be taken into account: current or potential size and nature of the business, level of control that the owner(s) desire, business’s risk, vulnerability ... Read More
