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
Spesia & Taylor and Attorney Brad McCann 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 attorney Brad McCann, the “new normal” has included implementing a protocol to allow his estate and ... Read More
Witnesses In The Era Of Covid-19; Signing Important Documents During Social-Distancing
Executive Order From Governor Pritzker on Witnesses During Gubernatorial Disaster Proclamation On March 26, 2020, Governor Pritzker issued Executive Order 2020-14 in response to Covid-19 (Covid-19 Executive Order No. 12). This Order relaxes some of the in-person interaction and requirements related to services of witnesses so that residents of Illinois can continue to make critical personal and business decisions and finalize planning ... Read More
The COVID-19 CARES Act; How It Effects Your Financials And 2020 Taxes
Summary Of Tax And Financial Factors Of The CARES Act The CARES (Coronavirus Aid, Relief, and Economic Security) Act was signed into law on March 27, 2020. Some of the more pertinent tax and financial factors of the Act are as follows: Recovery Payment All U.S. residents with adjusted gross income up to $75,000 for single filers and $150,000 for joint filers are eligible for $1,200.00 payment (each individual) plus an additional $500 per ... Read More
The Living Trust: Its Advantages And Disadvantages
I. What is a living trust? Basically, a Living Trust (also known as revocable trust, declaration of trust, grantor trust, and many other names) is a trust in which the same individual is simultaneously the creator, or "settlor", of the trust, the initial trustee and the initial beneficiary. Such "one party" trusts are valid in Illinois and most other states. To create a valid Living Trust, your intention to establish the trust must be clear ... Read More
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