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What's New

How to buy real estate at the sheriff's sale

Married couples: Estate tax may be due IL in 2009

How to set up an Illinois Series LLC

FDIC Increases coverage for Living Trust Accounts

So you want to buy a foreclosure?


Client extranet

 

For the last two years we have offered clients a free extranet site for any active file. Generally, we use this for real estate, trust administration or probate matters. It has proven very popular and clients love it.  Everyone gets notice by e-mail anytime a message is posted to the site or a file is uploaded. The software was recently updated so that one does not need to log into the extranet to post a reply; it can be done from your email program.  The extranet helps client stay up to date on their cases.

 

This short video shows how the extranet works.

 

There is no extra charge for establishing a site.


 

IRA Protection Trust

New type of trust allows "stretch out" of IRA for heirs, protects IRA from divorce, creditors and mismanagement

The IRS recently allowed the IRA Protection Trust. Previously, it was difficult, if not impossible, to leave an IRA account to a trust and to allow heirs to stretch out payments from the IRA over their life expectancies.  Now, it is possible to do so using the IRA Protection Trust.

The benefits of the trust are as follows:

1. IRA distributions can be taken over the life expectancy of each beneficiary. "Stretching out" IRA distributions allows the IRA funds to continue to accumulate tax free inside the IRA. The tax-free compounding of the funds inside the IRA greatly increases the funds available to heirs as compared to taking all of the funds out of the IRA (and paying taxes on the funds).

2. IRA funds are protected from divorce and creditors and influence of in-laws.

3. Distributions from IRAs can be "turned off" and the IRA Protection Trust can be turned into an "accumulation" trust. This builds in flexibility. If a trust beneficiary became disabled and was receiving SSI, the trust would not disqualify the heir from SSI payments (which are needs based).

To read more about the pros and cons of an IRA Protection trust click here.