Updates, News and Reminders

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

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

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?

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 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

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

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?

An Illinois Living Trust can be an essential tool for your estate plan. This article provides a solid starting point to make this challenge more manageable, giving you a general overview of what you need to know and consider when creating a living trust in Illinois.

Estate planning allows you to make informed decisions about your assets, beneficiaries, and end-of-life care, providing peace of mind for you and your loved ones after you pass. However, the process can be daunting, from crafting living wills and irrevocable trusts to understanding probate and estate tax. This comprehensive guide can be your starting point, … Continue reading Illinois Estate Planning: The Basics You Need to Know

Securing your legacy and protecting loved ones begins with strategic estate planning. In Illinois, as in many states, specific laws and regulations govern the distribution of the deceased’s estate. Whether you have a complex portfolio or a simpler set of assets, understanding these legal nuances is essential to ensure your assets are managed and distributed … Continue reading Protecting Your Assets: What Are the 5 Components of Estate Planning?