The goal of income tax planning is to minimize your federal and state income tax liabilities. You can achieve this in different ways. Typically, the attorneys at Sidney B. Margolis, Ltd. look at ways to reduce your taxable income by deferring your income, shifting income to family members, and converting income to the more favorably taxed long-term capital gain which might otherwise be considered ordinary income. This applies to individuals and businesses equally. Along with income tax planning, Mr.
CONGRATULATIONS!!!! YOU HAVE BEATEN THE ODDS AND WON A LOT OF MONEY IN THE STATE'S LOTTERY!
After shock and disbelief wears off, you have to decide what to do first. Should you run to the state's lottery claims office to notify the department that you have won? Call a financial adviser to help you decide how to invest your winnings? Call all of your relatives and friends to inform them of your good fortune?
NONE OF THE ABOVE!!!
Estate Planning begins with a will or a living trust. A will provides your instructions as to who will receive your assets (beneficiaries), but it does not avoid probate. Any assets titled in your name or directed by your will (if the total value exceeds $100,000.00 in Illinois) must go through the probate process before they can be distributed to your beneficiaries. The process can become expensive with legal fees, executor fees, and court costs. It can also take anywhere from nine months to two years or longer.
Every individual and business fears receiving a letter from the IRS stating that he/she/it will be subjected to an audit by the IRS. You are required to respond to the inquiries being made by the government agency responsible for collecting the taxes for the federal government.
No matter how accurately you feel the return was prepared, you fear that the IRS is about to extract additional money from you. You have heard about the experiences that other people have had with the IRS, and you are intimidated by the thought of appearing before and IRS auditor.
The federal income tax code and regulations are technical, complicated, and often very difficult to understand and interpret. As a result, the forms and instructions written and distributed by the Internal Revenue Service (IRS) are often very complicated and very difficult to understand. The attorneys at Sidney B. Margolis, Ltd. have been dealing with the tax code, regulations and forms for over 35 years.
If the decedent died having executed a will, the probate process begins with the admission of the will to probate. This means that the will is given legal effect by the court. The court's decision that the will was validly executed under state law gives the administrator the power to perform his or her duties under the provisions of the will. If the decedent died without a will, the estate will be administered pursuant to the state's law of distribution.