Updates, News and Reminders

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.

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?

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?

When it comes to estate planning, there are several myths. And not knowing fact from myth can be very costly.

Joint Tenancy – it is quick, convenient, and tempting. It used to be called “The Poor Man’s Will.” And it is fraught with potential disaster. Consequently, aside from marital funds, you should be very cautious of ever using it to title assets.