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Park Ridge Illinois Legal Blog

Small Business Employment Taxes: A Guide

Small Business Employment Taxes: A Guide

Taxes are complex. This is especially true if you're a small business owner. Small business owners have to worry about their own taxes, as well as certain taxes on their employees.

Failure to properly handle employees' payroll taxes can land business owners in some serious hot water. That's why we've created the following guide - to help business owners deal with their employment tax responsibilities in a legally appropriate manner.

Estate Planning in Bensenville, Illinois: Understanding Trusts

Estate Planning in Bensenville, Illinois: Understanding Trusts

If you're planning your estate, it could very well be in your best interest to create a trust. Creating a trust allows your beneficiaries to reap a number of benefits that they otherwise wouldn't. Two of these benefits include tax breaks and either an expedited probate process, or avoiding probate altogether.

However, you should be aware that trusts can be complex. If you establish one without knowing how they work, you could leave yourself vulnerable to making a number of financial mistakes.

Park Ridge Probate Terms You Should Know

Park Ridge Probate Terms You Should Know

The probate process can be very complex. Throughout the process, you're bound to hear some terms that you've never come across before. In order to truly understand the probate process, it's helpful to first become familiar with some basic terms.

Below are some of the most commonly used probate terms and their definitions. We hope they provide some clarity to the process.

Understanding the Importance of Estate Planning

Understanding the Importance of Estate Planning

One of the biggest mistakes people often make is not understanding the importance of estate planning. Far too many individuals go through life without planning their estates, leaving a burden on their loved ones. An oft repeated comment is that those who fail to plan, plan to fail.

Are you wondering why you should plan your estate? Hoping to gain an understanding of the benefits? Keep reading. This article provides information that will help you better understand the process and benefits of estate planning.

The Most Common Mistakes People Make When Creating a Trust

The Most Common Mistakes People Make When Creating a Trust

One of the smartest ways to pass your assets down to your loved ones is by creating a trust. By creating a trust, you can avoid many of the probate costs and delay to which assets are typically subjected.

However, while trusts have a number of different benefits, they're not all the same, and sometimes you get what you pay for. Often times, when individuals open trusts, they make mistakes that can negatively impact their respective estates.

How can you avoid these mistakes? By knowing what some mistakes are in the first place. Here are the most common mistakes people make when creating a trust.

Considerations for Establishing a Buy/Sell Agreement

Considerations for Establishing a Buy/Sell Agreement

If a business is operated by two or more owners, it's wise for those owners to establish a buy/sell agreement in order to officially establish what will happen to the business should an owner die, become disabled or otherwise decide to leave. Failure to establish such an agreement can have negative consequences when the event occurs, substantially harming both the business and the future prospects of its owners.

Are you interested in establishing a buy/sell agreement for your business? If so, there are a few different factors you should consider. They are as follows:

Five Common Small Business Tax Mistakes

Five Common Small Business Tax Mistakes

It doesn't matter who you are, taxes seem complicated. However, this is particularly true if you're a business owner.

There are numerous pitfalls that small business owners might fall into when handling their taxes. Some of these issues can cost them sizable amounts of money, and some can even lead to legal trouble.

Curious as to what these pitfalls are? Here are five common small business tax mistakes.

Four of the Most Common Retirement Mistakes

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If you want to retire at a reasonable age, you'll likely need to do some in-depth financial planning. Those who don't take great care and consideration when planning their retirement run the risk of either working until an advanced age, or struggling to get by financially during their twilight years, or worse yet, running out of money before your time comes.

Advantages and Disadvantages of Revocable Trusts

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When planning their estates, many individuals choose to utilize revocable trusts. A revocable trust is a separate legal entity that is controlled by its grantor until the grantor's death. He or she can put money in the trust and take money out whenever he or she pleases. And, during the grantor's lifetime, the revocable trust is transparent, i.e. ignored, for income tax purposes. But, after death, any remaining money will be legally transferred to his or her beneficiaries on the terms and conditions, and at the time specified in the trust by the grantor.

Understanding Donor Advised Funds

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If you're interested in giving substantial amounts of money to a charity, whether for a tax deduction now or because of detached generosity you might want to know about donor advised funds. A donor advised fund is an investment account into which a charitable donors can put money now, and get a federal income tax deduction now, but direct the distributions to charities of the donor's choice in future years. Many organizations sponsor these funds because they make charitable giving easier and more flexible for those who donate.

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