Your Digital Legacy

Great story in today's Chicago Tribune about what happens to all of your digital accounts when you pass away. http://www.chicagotribune.com/news/opinion/editorials/ct-edit-privacy-20130422,0,274932.story

Something to think about when you do your estate planning.

Thanks to all of my Clients on a Successful Tax Season

Well, tax day is over and I am taking today off to recuperate. I just want to say thank you to all of my clients for making this our most successful tax season ever. As always, I appreciate your trust and your business.

Picking up some great info at the ABA Techshow this week!

Learning some great tips and getting to see all the new law office technology this week at the ABA Techshow in Chicago. www.techshow.com

Alan Press teaching a class on Wills to Illinois State Bar Association lawyers

Alan Press will be instructing a session on Wills to other lawyers at the Illinois State Bar Association Basic Estate Planning Bootcamp on April 25, 2013 at the ISBA Regional Office in Chicago. To register, follow this link: http://www.isba.org/cle/2013/04/25/estatebootcamp

Choosing Guardians for Minor Children

Many parents struggle with the idea of naming a guardian for their minor child(ren). This is understandable, as it is probably the hardest part of any estate plan from an emotional standpoint. Many clients like to separate the guardian from the trustee to achieve a system of checks and balances between the two. The guardian would have to work with the trustee to develop a budget and make sure that the needs of the child(ren) are being met.

Other clients name a single person to handle both jobs. There is no right or wrong answer. It depends on your own feelings, comfort level, and the people that you may have available to fill those positions.

Also consider contingencies. For instance, your sibling and her spouse may be a great choice, but what should happen if they are divorced? What happens if they move out of the area?

It is difficult to cover every possible contingency, but covering some of these potential issues in advance may be very helpful.

Why You Should Have an Estate Plan, and What Happens if You Don’t

Register now for a FREE webinar that will go over why your family needs an estate plan. This webinar will be presented by nationally renowned spear, Randy Gardner, J.D., LL.M., MBA, CPA, CFP®

This webinar will take place on March 22, 2013 from 1:00 p.m. to 2:00 pm CST. Click on this link to register now: http://www.estateplanning.com/Family-Estate-Planning/

American Taxpayer Relief Act of 2012 and Estate Tax

The American Taxpayer Relief Act of 2012 ("ATRA") contained several provisions related to the estate and gift tax. The hi-lights are as follows:

• ATRA provides for a “permanent” $5.25 million (inflation-adjusted) exemption for gift, estate, and generation-skipping transfer (GST) tax. This provision will not "sunset" and is permanent. (unless a new law would change it in the future) This provision prevented  the exemption from reverting to $1 million.
• ATRA implemented a permanent 40% gift and estate tax rate, up from 35%.
• ATRA provides a permanent portable exemption between spouses, allowing the surviving spouse to make an election to take advantage of any unused portion of the estate tax exemption of the predeceased spouse. ATRA does not allow the GST tax exemption to be transferred to a spouse.