The Tax Act Passed…Now What?
On December 22, 2017, the current U.S. Administration enacted one of the most sweeping changes in the United States Tax Code since 1986. The Tax Cuts and Jobs Act is estimated to cost $1.5 trillion. With respect to estate planning, the federal estate tax credit doubled but was not repealed; however, trust income is now taxed starting with the first penny of income received. In terms of business taxes, whether a smallbiz owner will benefit depends on whether the smallbiz is selling or making widgets, is in the service sector, or is in the real estate industry. If your business is in the service sector, like ours, consider yourself the \”monkey in the middle\” because you are likely uneligible for the tax deductions given to widget-makers or brickholders. The rest of the Act\’s implications are widely known, so we\’re not going to rehash them here. Plus, we\’re still trying to figure out how we\’re going to pay the $1.5 T price tag.
NATIONAL ESTATE PLANNING AWARENESS WEEK (10/15-21/2017)
This year for National Estate Planning Awareness Week, our office thought to share some basics on Estate Planning via the Estate Planning Alphabet. We started with the following: AGENT – A person who is legally authorized to make decisions on behalf of another person (the “Principal”). BENEFICIARY – A person, entity, or pet, who inherits from a Trust. CODICIL – A change to a Last Will and Testament, which must adhere to the legal formalities required of a valid Will. And because it was so popular, we decided to provide our followers with a small book to help demystify the process. So stay tuned!
Rolling Back Marriage Equality and Reproductive Rights?
On October 6, the U.S. DOJ issued a \”Religious Freedom\” guidance memo that undermines certain rights that have been deemed constitutional – marriage equality and reproductive rights – using the pretext of the First Amendment freedom of religion canon. The memo is provided to the left. Implementing this guidance will likely be challenged by a number of organizations that fight discriminatory action and those challenges may find themselves at the U.S. Supreme Court, whereby a number of recent rulings, such as Windsor v. U.S. and the cases supporting Windsor may be overruled. Those cases include not only marriage equality but also abortion rights\’ case law. The seriousness of this action cannot be understated. Our office is currently reviewing this guidance and its implementation instructions with all due thoroughness as the implications on the families we serve could be dire. Thus, we urge all citizens who support equality to be especially vigilant with respect to your civic duties.
FROM MANHATTAN WITH LOVE!
Lawline, a leader in online legal education, recently filmed Max Elliott in their studio in New York City. The filming, a 90-minute CLE on family-owned business planning, was broadcast live. See the press release below and follow us on LinkedIn and Twitter to grab a couple of gems from this particular CLE.
WHAT A YEAR FOR SUPER LAWYERS®! | THE CHARITABLE GIVING AROUND TOWN BOOMS
On a semi-personal note So no, I couldn’t believe my eyes when I opened the email late last fall stating that I, Max Elliott, had been recognized as a 2017 \”Rising Star\” for Super Lawyers®. Yes, I thought it was spam or something that I had to pay for to receive. Next, I sifted through the materials and realized that the selection process was pretty intense and authentic.(Only 2.5% of lawyers in each state are selected.) Then, I almost fainted because, if you review our press release here, or to the right, you’ll learn that this was not the 1st, 2d, or even 3d recognition of 2016! Please allow me to take this time to thank you for providing me and The Law Offices of Max Elliott with your support. It\’s an honor to serve our communities and I look forward to continually improving our services and continually being worthy of such recognition. ~Max
CHARITABLE GIVING BOOMS
In addition to our regular pro bono activities, our office was fortunate enough to participate in two of the dozens of fundraising efforts that took place during this giving cycle. The Candlelight Ball, hosted by Heartland Alliance, raised more than $350,000.00 for individuals and families living in poverty across the Chicagoland area. Chicago\’s own Rhymefest shared his personal story of inspiration and hope. The Chicago Urban League\’s Golden Fellowship Centennial Dinner, featured Diana Ross, raised more than $2.5 million. Thanks to our clients, colleagues, and friends whose fees and connections help us contribute to making these events and the organizations that hold them, the success they must be in order to continue providing fundamental services and empowering those in need.
FACTOID #3: Property Powers of Attorney
A power of attorney of property involves more than just real estate. It includes all assets held by the Principal, like real estate, bank accounts, and stocks. The Principal delegates an Agent, giving them the power to make decisions regarding their assets.
FACTOID #2: Healthcare Powers of Attorney
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FACTOID #1: Exactly What Is Estate Planning?
And why is it necessary? Listen here.
Cast Your Ballot
Unless you\’ve been under a cave in France for the last year, you know it\’s election time. Be sure you\’re registered to vote, try to register early, and try to help those who are elderly or ill to do so as well. To help our Illinois citizens along those lines, check out our VIP Voting Dates Sheet!