Updates, News and Reminders

Blog Categories

Blog Categories

Cybercrime: 2024, how are you vulnerable?

May 18, 2024      by: tlaw

Cybercrimes are projected to increase by 15% annually and rise to an annual cost of $10.5 trillion in 2025.

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Series LLC Benefits

May 17, 2024      by: tlaw

A Series LLC is a form of a Limited Liability Company (LLC) that combines a corporation’s and a partnership’s features to form a separate business entity. This combination of features protects an LLC from personal liability for business debts of a corporation and the pass-through tax structure of a partnership or sole proprietorship.

Snowbird or Resident for Taxes and Estate Plan?

May 17, 2024      by: tlaw

What is your legal residency if you live in one state and travel to another for several months per year for tax purposes and your estate plan? For Illinois residents, the most common state to have a second home if Florida. If you leave for the winter months, when are considered a resident of Florida?  … Continue reading Snowbird or Resident for Taxes and Estate Plan?

The Corporate Transparency Act

May 4, 2024      by: tlaw

Beginning on January 1, 2024, the Corporate Transparency Act requires each entity that qualifies as a “reporting company” to file a report (BOI Report) with the Department of Treasury’s Financial Crimes Network (FinCEN), identifying information about each “beneficial owner”, and each “company applicant

Common Living Trust Myths: Debunking Misconceptions

April 26, 2024      by: tlaw

Creating a living trust is a significant decision for anyone looking to safeguard their assets and assure their legacy. However, navigating estate planning can be daunting, with misconceptions often muddying the waters. In Illinois, where estate tax laws add an extra layer of complexity, it’s essential to separate fact from fiction before you commit to … Continue reading Common Living Trust Myths: Debunking Misconceptions

What Is Estate Administration, and Why Should You Plan It?

April 12, 2024      by: tlaw

In the intricate tapestry of life, there eventually comes a point where one must contemplate the inevitable: what happens to our assets when we’re no longer alive? We understand that discussing posthumous affairs at Tuohy Law Offices can feel uncomfortable. However, for Illinois residents, understanding the estate administration process is not merely a matter of … Continue reading What Is Estate Administration, and Why Should You Plan It?

Social Security Changes for 2024

April 2, 2024      by: tlaw

Every year brings changes to our social security. While it may be less critical when you are younger, when you are approaching retirement, changes can affect your budget, lifestyle, and quality of life.  Social Security COLA Cost of Living Adjustments ( COLA) are directly tied to annual inflation. We all know that inflation affects our … Continue reading Social Security Changes for 2024

Service Workers Discount Announced by Tuohy Law

April 2, 2024      by: tlaw

Service workers and Tuohy Law Offices have always been closely aligned, and the law firm has shown a deep commitment to those Americans who serve others in their careers and personal lives. As the founder of Tuohy Law Offices, the connection to those who serve others is in my family heritage, youth, and early professional … Continue reading Service Workers Discount Announced by Tuohy Law

Pending Bipartisan Illinois Bill to Increase Estate Tax Exemption

April 2, 2024      by: tlaw

With taxes on most people’s minds, there is good news ending in the Illinois legislature.  However, pending is the operative word since the bill has been on hold for over a year. But there is hope. Estate Tax Exemptions Illinois estate tax begins at an estate value more than $4 million. Each person has an … Continue reading Pending Bipartisan Illinois Bill to Increase Estate Tax Exemption

How Much Does a Living Trust Cost in Chicago?

March 22, 2024      by: tlaw

If you’re seeking a smooth and efficient transfer of your assets upon your passing, a living trust can be a strategic option to consider as part of your estate plan. But before you commit to drafting this legal document, you may wonder about the cost of the whole process. This blog dives into the costs … Continue reading How Much Does a Living Trust Cost in Chicago?