Updates, News and Reminders

Successor Trustee and Agent changes are a few critical changes to note in 2025 for your estate planning.

Possible repeal of federal mandate to pursue families and estates for repayment of Medicaid

Possible repeal of federal mandate to pursue families and estates for repayment of Medicaid

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

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?

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

Whether at your retirement or death, an often overlooked issue can cause many problems. Whether you have two firearms or 20+, transferring them to another person is a process. I know you understand how someone did that a few months ago. However, like everything else, times have changed. Firearms Transfer During Your Lifetime During your … Continue reading Firearms Transfer Rules Update