On behalf of Robert S. Thomas, Attorney at Law | Nov 16, 2016 | Estate Planning
Just recently, this situation was addressed in court. In summary, the case facts are as follows: A Wife (Trustor) created a Trust Agreement in which the Trust Agreement named the Wife and her Husband as the Trustees of her Trust. The Wife later died and her Husband...
On behalf of Robert S. Thomas, Attorney at Law | Nov 15, 2016 | Taxation
I have a credit card and I have negotiated with the credit card company to have the balance reduced. Are there any tax consequences? I am filing for bankruptcy and my debts will be discharged. Will there be tax consequences on the discharge of debt if ordered by the...
On behalf of Robert S. Thomas, Attorney at Law | Nov 3, 2016 | Taxation
The Internal Revenue Service (IRS) has a Whistle-Blower Office that allows the IRS to pay awards to whistle-blowers for information leading to detecting underpayments of tax and punishing persons guilty of violating the IRS tax laws.* According to the IRS, $2 billion...
On behalf of Robert S. Thomas, Attorney at Law | Nov 1, 2016 | Taxation
Recently the court ruled on this issue. A teacher for a public school borrowed money from her 403(b) retirement account as a means of avoiding bankruptcy on her residence. A 403(b) account is a retirement plan (similar to a 401(k) retirement account) but only...
On behalf of Robert S. Thomas, Attorney at Law | Nov 1, 2016 | Estate Planning, Probate
In most cases, no, but there is an exception. Probate cases are governed by the Probate Act of 1975 (755 Illinois Compiled Statutes Sections 5/1-1 and 5/4-1(a)) For a Will to be enforceable by Illinois courts, the Will must be executed by a competent testator (maker...
