Our Annual Highlights & Horizons Is Out!
2019-20 Highlights & Horizons – The Law Offices of Max Elliott on Biteable.
The New Illinois Trust Code as of 1/1/20
On July 12, 2019, Illinois Governor Pritzker signed into law the Illinois Trust Code. On January 1, 2020, the current Illinois Trust and Trustees act was completely repealed and replaced with this new law that brings significant changes to the current Illinois trust law regime. So estate planning attorneys will likely need to review and revise current estate planning instruments to ensure clients\’ estate plans comply with the new law. We\’re definitely doing that and if you would like your estate plan reviewed, contact us. In the interim, we\’ll be sharing insights about the effects of the new law on the Revocable Living Trust.
SECURE Act Upends Trust and Retirement Planning
On December 20, 2019, the current U.S. administration passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act, effective January 1, 2020. The law provides needed breathing space for those nearing retirement age who\’ve yet to fill their retirement kitties. It does this by removing age restrictions on contributions to IRAs and other retirement interests and extending the required minimum distribution age from 70 1/2 to 72. ***DISCLAIMER: We\’re not financial advisors so do not act on the above information before contacting an advisor.*** However, the issue that estate planning lawyers must contend with is the removal of the \”stretch\” IRA, so trusts that used this feature to create legacies for younger beneficiaries must be amended.
School\’s Back In Session
Summer has ended for most families with children and we thought about this and other family dynamics in our most recent newsletter. However, the summer didn\’t stop Illinois Governor Pritzker from approving several laws that will affect families and businesses in the coming months. Here\’s a few that you may find interesting: The Illinois Trust Code, effective January 1, 2020, aligns Illinois with states that have adopted or established their own version of the Uniform Trust Code. Meaning for you: As you and your family move among the states, your estate plan may not need much revision. Assault or battery of an elderly person results in a loss of inheritance, effective January 1, 2020. Meaning for you: Nothing, we hope. Recreational cannabis will be legal, effective January 1, 2020. Meaning for you: If you will partake, don\’t do it near a federal agent; it is still against the law, federally, Uniform Partition of Heirs Property Act, effective January 1, 2020. Meaning for you: If you inherit property with someone else as a co-tenant and y\’all can\’t get along, the property can be sold without mutual agreement. Department of Public Health Powers and Duties Law amended to allow a feasibility study for a state repository for Healthcare Powers of Attorney and other medical Advanced Directives. Meaning for you: Unclear; these are your taxpayer dollars going to a study to determine if your medical information should be held by the State. Those are the headliners that we found relevant to our clients and associates. We\’ll be providing deeper analyses of these issues and others as the laws become effective and part of our society\’s fabric.
Celebrating PRIDE
Though small efforts may pick at the corners of diversity, our firm continues to stand proud and strong with our LGBTQ community members and are pleased that the jurisdictions we serve are like-minded. The overall legal system is also standing with us as we explained in our most recent blog post: \”On Valentine’s Day of this year, 2019, the American Bar Association’s (ABA) Standing Committee on Ethics and Professional Responsibility published Formal Opinion 485 establishing guidance for judges who may not want to perform same-sex marriages. Specifically, the Formal Opinion addresses the issue of “whether a judge subject to the Model Code of Judicial Conduct may perform marriages of opposite-sex couples but refuse to perform marriages for same-sex couples.” Read more…
National Small Business Week: Smallbiz by the Numbers
Join us in celebrating National Small Business week! Most of U.S. businesses – 99%! – are classified as small, which means you know a smallbiz owner if you’re not one yourself. And, more importantly, this means that smallbiz is critical to our economy. The Small Business Administration has numerous factors categorized per industry that determine whether a business is small. And though it may not seem like a small amount to sum, the maximum amount of annual revenues for small businesses generally start at $7.5 million. Knowing where your business stands is important because the government provides a number of resources to keep this particular economic engine going. In addition to important resources for start-ups, through Small Business Investment Companies (SBICs), the SBA helps eligible smallbiz owners obtain loans from $250,000 to $10 million and has programs directly tailored for women-owned small businesses. As a woman-owned small business, The Law Offices of Max Elliott has an empathetic perspective and is honored to serve clients in the manufacturing, luxury goods, herbal product, and non-profit sectors. Furthermore, recognizing the special constraints many entrepreneurs confront, we happily tailor our services with unique fee structures to help start-ups secure their dreams. So, if you or someone you know wants to start or already owns a smallbiz, stay tuned for useful information we’re sharing across our social medial channels – Facebook, Instagram, Twitter – this week about small business. Then, share!
in praise of service…
This year our firm was honored by being selected as the exclusive estate planning legal service provider for personnel of Chicago\’s Veterans Administration Hospital. It is our privilege to serve those who serve our veterans. FYI – To show our appreciation, we also provide discounted legal services to veterans and first responders on all matters, not just estate planning.
2018 Highlights!
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2016 About All of Those Emails…
On May 25, 2018, you may have received a ton of emails about services changing their privacy policies, including one from us. It was for good reason; we\’ve international clients. However, you may have thought your business too small to be concerned with what happens \”across the pond,\” think again. A recent report by a large and well-respected accounting consulting firm found that more than 90% of U.S. businesses are subject to international privacy laws. And the billions of dollars lost to cyber attacks, should also make business owners do a little more than blink twice. Read more…
Our First Annual Report Card!
Recently, we emailed previous and current clients a satisfaction survey for them to answer anonymously. Our marks are in: :: Compared with comparable law firms across the country, we scored more than 25% higher on all categories! :: More than 90% of respondents were very satisfied (the highest ranking) & found them of very high or high quality :: 92% would recommend us to others So this year, we obviously have work to do: Reach 100%! :: Highest mark: Responsiveness, outranking comparable firms by 48 points.