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IL Estate Planning Blog

Tuesday, January 23, 2018

IRS Warns of Scam Targeting Tax Professionals


From American Heart :

IRS Warns of Scam Targeting Tax Professionals

On January 9, the IRS released a warning to tax professionals in IR-2018-2 after receiving numerous reports of heightened fraud activity. The reports reveal that cybercriminals are sending emails posing as potential clients or the IRS in an effort to lure sensitive client data from tax practitioners.
Read more . . .


Tuesday, January 16, 2018

How 529s Affect Financial Aid


How 529s Affect Financial Aid

Also: What to do with leftover 529 money

A great advantage of 529s is that accounts owned by dependent students are counted as parental assets on the Fafsa. 

By Chana R. Schoenberger

Nov. 5, 2017 10:12 p.m.
Read more . . .


Tuesday, January 2, 2018

Why Couples Should See a Financial Adviser Before They Get Married


Why Couples Should See a Financial Adviser Before They Get Married

People’s spending habits and other money issues are often overlooked in premarital planning

 

By Cheryl Winokur Munk

Nov. 1, 2017 10:23 a.m. ET

 

For couples planning to get married, a meeting with a financial professional is an increasingly important step along the way, advisers say.

It’s a “function of the fact that people are accumulating assets before marriage, getting married later in life, and seeing more and more people getting divorced,” says Lawrence D.
Read more . . .


Sunday, December 24, 2017

Year End Charitable Planning


Compliments of Lauren Iwema from The American Heart Association:

 

The new tax plan is expected to eliminate tax advantages for charitable gifts made in 2018 for most Americans. With days left in the year, many taxpayers are now scrambling to take advantage of tax deductible gift benefits before Sunday, Dec 31st.

The American Heart Association Donor Advised Fund (DAF) is a great tax deductible giving option that allows you to continue working with your trusted financial advisor to manage your assets in the DAF!

Looking for an immediate tax deduction or a way to avoid capital gains? The American Heart Association has a new Donor Advised Fund (DAF) Program, sponsored by Renaissance Charitable Foundation, that can help.
Read more . . .


Saturday, December 23, 2017

Year End Charitable Planning


Compliments of Lauren Iwema from The American Heart Association:

 

The new tax plan is expected to eliminate tax advantages for charitable gifts made in 2018 for most Americans. With days left in the year, many taxpayers are now scrambling to take advantage of tax deductible gift benefits before Sunday, Dec 31st.

The American Heart Association Donor Advised Fund (DAF) is a great tax deductible giving option that allows you to continue working with your trusted financial advisor to manage your assets in the DAF!

Looking for an immediate tax deduction or a way to avoid capital gains? The American Heart Association has a new Donor Advised Fund (DAF) Program, sponsored by Renaissance Charitable Foundation, that can help.
Read more . . .


Tuesday, December 19, 2017

Medicare New Observation Status Toolkit


Center for Medicare Advocacy Has a New Observation Status Toolkit
Medicare-eligible patients may find themselves in the hospital, receiving medical services, tests, and treatment, sometimes for many days, but find out too late that they are considered outpatients, in Observation Status, not admitted inpatients. Observation status continues to harm Medicare beneficiaries and their families. With generous support from the John A. Hartford Foundation, the Center for Medicare Advocacy has put together an Observation Status Toolkit that can be used by patients and their advocates.

Read more . . .


Tuesday, December 5, 2017

Brace Your Car for Winter


BRACE YOUR CAR FOR WINTER
Robert Duffer
Contact ReporterChicago Tribune

Whether there will be balmy El Nino effect or some menacing vortex or other, two things remain relatively certain: The temperature will drop and your vehicle will be affected.
Read more . . .


Tuesday, November 21, 2017

Brighthouse FInancial


BRIGHTHOUSE FINANCIAL

 

We have received numerous questions regarding the separation of BRIGHTHOUSE FINANCIAL from MET LIFE.  If you own MET LIFE shares, you shall continue to own the same number of MET LIFE shares. For every eleven shares of MET LIFE stock that you own, you should have received 1 share of BRIGHTHOUSE FINANCIAL.  The shares are held by Computershare.  For example, if you owned 27 shares of MET LIFE stock, you would received 2.
Read more . . .


Tuesday, November 7, 2017

Rising Medicare Part B Costs


Rising Medicare Part B Costs Leave Seniors in Bind
Millions of seniors will soon be notified that Medicare premiums for physicians’ services are rising and likely to consume most of the cost-of-living adjustment they’ll receive next year from Social Security. Higher 2018 premiums for Medicare Part B will hit older adults who’ve been shielded from significant cost increases for several years, including large numbers of low-income individuals who struggle to make ends meet. “In effect, this means that increases in Social Security benefits will be minimal, for a third year, for many people, putting them in a bind,” said Mary Johnson, Social Security and Medicare policy consultant at the Senior Citizens League. In a new study, her organization estimates that seniors have lost one-third of their buying power since 2000 as Social Security cost-of-living adjustments have flattened and health care and housing costs have soared.

Read more . . .


Tuesday, October 24, 2017

Pre-Tax Retirement Contributions at Risk


Pre-Tax Retirement Contributions at Risk in Tax Reform
If you like the income tax reduction you get for your 401(k) contribution then make sure to max out now, because you may not get the chance in the future. Tax reform proposals of past years from both political parties have targeted the break people get for 401(k)s because it is a gigantic source of untaxed money – perhaps more than $580 billion over five years, according to a 2016 Joint Committee on Taxation estimate. The Tax Policy Center suggests that Congress needs to find $2.4 trillion over 10 years to avoid increasing the deficit with the current tax reform proposal.
Read more . . .


Tuesday, October 10, 2017

What to know when selecting Medigap supplement insurance


Why seniors should choose wisely when selecting Medigap supplement insurance

Gail MarksJarvisContact Reporter  Chicago Tribune September 10, 2017

 

A plan to shut the doors on the most popular insurance policies used by retirees on Read more . . .


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With two offices in Oak Lawn and Oak Brook, Stephen M. Sutera assists clients throughout Cook County, DuPage County and Will County IL including Chicago, Hometown, Barrington, Burbank, Burr Ridge, Chicago Ridge, Darien, Downers Grove, Evergreen Park, Geneva, Worth, Bridgeview, Palos Park, Palos Hills, Palos Heights, Hickory Hills, Midlothian, Willow Springs, Oak Forest, Orland Park, La Grange, Brookfield, Berwyn, Tinley Park, Hinsdale, Villa Park, Clarendon Hills, Westchester, Westmont, Lombard, Elmhurst, Western Springs, Berkeley, Downers Grove, Fox Valley, Glen Ellyn, Willowbrook, Aurora, Addison, Lisle, Forest Park, Bensenville, Wheaton, River Forest, Itasca, Shorewood, Frankfort, Mokena, Naperville, Crest Hill, Homer Glen, New Lenox, Bollingbrook, Schaumburg, Channahon and Woodridge.



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