There is no doubt that cryptocurrency has taken the financial world by storm. From Bitcoin to Ethereum, these modern currencies have become a popular choice not just for investments but even as a mode of payment. So, how is our tax system adjusting to this seismic...
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Does your online business need a physical location?
Starting an online business is a great way to get into entrepreneurship while minimizing operational costs. After all, there’s no need to worry about renting or buying a commercial space. State and local governments don’t require a physical office or storefront if you...
Yours, mine and ours: Estate planning for blended families in Illinois
Modern families come in all shapes and sizes. Blended families, with children from previous relationships and shared children, are increasingly common. While these families are filled with love and connection, they also present unique challenges when it comes to...
IRS audits: What to expect
Your first instinct when you learn that the IRS is auditing you may be to panic. An IRS audit might sound intimidating, but it is actually straightforward. Understanding the process could help ease your anxiety and prepare you for what will come. It is essential to...
What is a real property transfer on death instrument?
A Transfer on Death Instrument (TODI) is a legal document that allows property owners to assign a beneficiary to inherit their property upon death. Unlike a will, a TODI does not need to go through probate. The TODI becomes effective only after the property owner's...
Asset distribution in the absence of a will
It can be stressful when the unexpected passing of a loved one devastates a family, especially when they were unable to leave a will. This situation, called intestacy, can lead to complications regarding the distribution of assets. The state steps in When a decedent...
Legal tools to help you minimize the tax burden on your estate
You worked hard to build up your assets over the course of your entire life, and you want as much as possible of that legacy to make it into the hands of your family and friends without the government taking an inordinate bite out of it first. That can seem easier...
Is your estate plan missing this crucial document?
When you begin your estate planning journey, you will probably encounter legal and financial experts who advise you to create a living trust. This crucial component is often touted as a must-have for anyone serious about protecting their assets and wishes. But why...
How does the IRS choose returns for audits?
Whether you are an individual or a business owner, going through the IRS audit process can be nerve-wracking. You might feel anxious because of a problem or missed items that might cost you more in the long run. These are typical assumptions after receiving the audit...
Estate planning pitfalls to avoid to protect your business
Estate planning is crucial for anyone but especially important for those with complex financial situations, like business owners. If you are part of this population, you have likely worked hard to build your wealth and secure your financial future for you and your...