Address: 2700 S River Rd UNIT 115, Des Plaines, IL 60018, USA
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Bryan Walker
Great experience and very attentive. We were in the midst of a cross-country move when we decided to update our estate documents. Tony and his staff were very understanding of our delays and accommodating. Highly recommend them for their professionalism and accommodation!
MV Gabs
Anthony and his team are absolutely fantastic. They are very easy to work with, detailed, organized and do a great job of guiding you through the process. I'd highly recommend Anthony Madonia.
John Ricchio
Anthony and his team are a pleasure to deal with. I would recommend them for all your financial and estate planning.
Christine Bednarek
Really nice office staff especially the girl at the front desk!
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An S corporation is a way of forming a business so that it pays less tax than other types of corporations. This is done by letting shareholders file their taxes using the company’s income and losses as their own. An S corporation has to file as such with the IRS, but not every business qualifies and those that do must adhere to certain rules. For more details check out https://www.bankrate.com/glossary/s/s-corporation/
A testamentary will is a traditional will, aka last will and testament. It is a legal document that is used to transfer holdings in an estate to other people or organizations after the death of the person who makes the will, officially known as the testator. Testamentary wills are also used to appoint guardians for minor children, name the executors who carry out the will's directions, and set up trusts for beneficiaries. Any person over the age of majority who is of sound mind can legally draft a will.
A pass-through entity (also known as flow-through entity) is a business structure in which business income is treated as personal income of the owners. It is used to avoid double taxation, when business income is subject to corporate tax and then to the owner's personal income. In August 2021, Illinois enacted Public Act 102-0658 establishing an elective income tax regime for pass-through entities (PTEs). The PTE tax is intended to allow Illinois individual income taxpayers to deduct for federal tax purposes, Illinois taxes that are paid on PTE income and exceed the $10,000 annual limitation imposed by IRC Section 164(b)(6) (the SALT deduction limitation).
Most estate planning professionals suggest creating a health directive. A health directive allows you to express your preferences concerning medical treatment in an extreme medical situation when you cannot communicate, including at the end of your life. These legal documents are preferred physicians as they provide a written expression from you about your medical care. Additionally, a health directive as part of your estate planning expresses your wishes to your family so that they do not have to guess about what you would want.
Whether to use a will or a living trust to implement your estate plan is not a simple choice. The decision should be made by considering your assets and your estate plan. Out-of-state property, the possibility of a contest after death, the size of your probate estate, the complexity of your business affairs, your situation with creditors or potential creditors and other factors that are unique to you must be factored into your choice. The living trust causes you to act now on some of the things that otherwise await the probate process at your death. This can give you the satisfaction of knowing you are beginning to "put your house in order" or it can be an unnecessary nuisance.
A living will is a statement that details the author’s wishes regarding his or her medical treatment in the event that he or she is no longer able to communicate informed consent. An advance healthcare directive provides specific instructions to healthcare providers should a range of circumstances arise. In many cases, people use advanced healthcare directives to let their physicians know that they do not want any extraordinary life-saving measures used. One form of healthcare directive is called a power of attorney that allows you to appoint someone to make healthcare decisions for you in the event that you are unable to make them for yourself.
Whether you need an estate planning lawyer to help you draft a will generally depends on the extent and complexity of your assets. Many people will only use a will for the purpose of passing on things like a home or personal property to their loved ones. To prepare a will you must meet certain basic procedural requirements like making sure you have witnesses when you sign the necessary documents. However, with some careful reading and research, it is certainly possible to draft a valid will on your own -- if your estate is relatively simple. If your estate will be more complex and/or involves significant assets, it may be best to work with an attorney to ensure that your wishes are carried out with respect to the disposition of your property.
Assets that could make up an individual’s estate include houses, cars, stocks, artwork, life insurance, pensions, and debt. Individuals have various reasons for planning an estate, such as preserving family wealth, providing for a surviving spouse and children, funding children's or grandchildren’s education, or leaving their legacy behind to a charitable cause. Contact us at Madonia.com or (312) 578-9300 for help with estate planning.
No. There is no law requiring individuals to complete a will. However, it is a good idea to make some plan regarding the dispersal of your finances and property after you die. Creating a will allows you to control how your assets will be distributed after you die. If you pass without creating a will, you will not have any say in what happens to your personal property, real estate, and finances. A will allows you to determine who will receive your assets, or whether certain individuals should be prohibited from receiving any of your property. This is known as disinheriting an heir. Often, designating the individual who is responsible for winding up your affairs can make all the difference in how smoothly your estate is distributed and closed. Many people who make a will find peace of mind in knowing that they’ve selected someone they trust to see to their final affairs. Visit us at madonia.com or call (312) 578-9300 for help making a will.
A person who passes without a will is referred to as intestate. Each state has enacted a set of intestacy laws that make provisions for how a deceased individual’s assets should be distributed if they pass without a will. Since each state has the authority to create its own intestacy laws, the procedures that apply after an intestate individual passes vary greatly. In general, however, each state’s laws provide a list of the decedent’s next of kin in the order in which they will receive a portion of the decedent’s estate. For example, a state may specify that the decedent’s surviving spouse receives the decedent’s property, or that the decedent’s surviving spouse receives one-half of the estate and the decedent’s surviving children receive the other one-half of the estate in equal shares. These laws vary, particularly where the surviving children are from a previous marriage and unrelated to the surviving spouse. Call us at Madonia & Associates (312) 578-9300 for help.
Estate planning arranges for the transfer of an individual's property after death and may involve a will and/or trust, or the application of state intestacy laws. It allows an individual to decide exactly who will benefit from their estate, and to what extent. It also ensures that the estate will not be destroyed by taxes imposed on the transfer of assets at death. Call us at Madonia & Associates (312) 578-9300 for more information.
One alternative that also avoids probate is to own property in joint tenancy with rights of survivorship. Property held in joint tenancy automatically passes to the surviving owner upon the death of the first owner. Downfalls to titling property in joint tenancy include the possibility of an immediate and taxable gift, a potential future income tax liability to the recipient because the property will not receive a step-up in income tax basis, and the ability of the recipient’s creditors, such as a divorcing spouse, to reach the asset and potentially force the sale of the property. Another alternative is to designate a beneficiary on each asset by beneficiary designation or “pay on death” document. This option has many of the risks identified with joint tenancy. In summary, there is no substitute for a revocable trust.
Probate is the formal, court supervised procedure to identify all assets owned by a deceased person (a “decedent”), identify the decedent’s creditors and beneficiaries, and the distribution of assets accordingly. Probate is required whether you have a Last Will or not. Because probate is a formal court proceeding, with built-in waiting periods, a simple, uncontested probate can last 9-12 months or more and cost several thousands of dollars.
A health directive allows you to express your preferences concerning medical treatment in an extreme medical situation when you cannot communicate, including at the end of your life. By expressing such preferences in a written legal document, you are ensuring that your preferences are made known. Physicians prefer these documents because they provide a written expression from you as to your medical care and who is designated as contact concerning unanswered medical questions. These documents express your wishes to your family so that they do not have to guess about what you would want. Making your wishes known in advance prevents family members from making hard choices at what likely will be one of the most stressful times in their lives.
We have years of experience helping families with Special Needs Trusts. We understand that every person with special needs is different, which means that every special needs trust is going to be different as well. The only way to determine which special needs trust is right for your family is to meet with a qualified special needs planner to discuss your needs. As you can imagine, for such a delicate process it is very important to select professionals experienced in working with children and families of children with special needs. They should also have estate planning and tax experience. Contact us to set up an appointment or to ask additional questions, we would be glad to help.
We are happy to do either an in-person meeting or via a video call. Contact us to make whichever appointment you are comfortable with.
Family dynamics and unique assets can create a complex estate to manage. A solid estate plan minimizes tax obligations and allows your assets to be protected and your directives to be followed. When done correctly, planning for the future sets the stage for smooth transitions with minimal disruption, especially during difficult times. At Madonia & Associates, we offer many tools that support various life stages, as well as planning for the unexpected. These include: -Estate & Wealth Preservation Planning -Generational Asset Protection Planning -Elder Law Planning -Gift & Philanthropic Planning Let us help you protect your estate.
We have a strong focus on Business and Corporate Law, Business Startup Services, Litigation and Dispute Resolution, Taxation and Trust and Estate Planning. Contact us if you are have further questions about your specific situation. We look forward to helping you.
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