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Young adults should have the Power of attorney for healthcare

We have developed a teacher training curriculum and were able to host training sessions for teachers and educational WHY SHOULD A YOUNG ADULT HAVE A HEALTH CARE POWER OF ATTORNEY? Young adults often feel that they are “invincible”. This feeling gives them the courage to take on challenges and adventures that a more experienced adultContinue reading “Young adults should have the Power of attorney for healthcare”

Overview of advanced directives

What are they and do I need them? Illinois law allows you to make three types of Advance Directives: a Power of Attorney for Health Care, a Living Will and a Mental Health Treatment Declaration. You can also make a Do-Not-Resuscitate (DNR)/Practitioner Orders for Life-Sustaining Treatment (POLST). These orders are often referred to as anotherContinue reading “Overview of advanced directives”

Status update: Frozen at Conception

You may recall seeing our November, 2014 article about a custody battle over frozen embryos. At the time of the article the case had gone up to the Illinois appellate court for a second time. The appellate court recently found in favor of Karla, the woman seeking to use the frozen embryos to have aContinue reading “Status update: Frozen at Conception”

Question: Can a sale of real estate to a buyer in exchange for a note and mortgage be reported as an installment sale for tax purposes?

Answer: The answer to that question is “yes”, which may be surprising to some tax practitioners. Cash basis taxpayers recognize income when payment is received. Payment does not include evidences of indebtedness, such as a note, of the person acquiring the property (IRC 456(f)(3)). A note is an evidence of indebtedness. If the evidence ofContinue reading “Question: Can a sale of real estate to a buyer in exchange for a note and mortgage be reported as an installment sale for tax purposes?”

The New Illinois Power of Attorney for Healthcare

The first of January seems like the right date to unveil a makeover. Even a legislative one! The Illinois Power of Attorney for Health Care statute has been amended effective January 1, 2015. The idea behind the changes was to make the power of attorney form more “user friendly” and understandable to the average person.Continue reading “The New Illinois Power of Attorney for Healthcare”

Frozen at Conception: Will there be a happy ending?

To preserve the possibility of future progeny many couples are using in vitro fertilization to create embryos that are then frozen. Those frozen embryos can be implanted many years later. Freezing embryos is very popular. Those in the industry estimate that there are currently up to one million embryos in storage. The technology has allowedContinue reading “Frozen at Conception: Will there be a happy ending?”

Valar Morguhlis – All Men must die

Valar Morguhlis[i] “All Men Must Die”It’s true – each of us is mortal. Our mortality raises many questions. For some of us those concerns include questions about how to keep the assets that we worked hard to build from wasting away and how to continue to protect our children from outsiders and themselves. Often thoseContinue reading “Valar Morguhlis – All Men must die”

Use of a Charitable Remainder Trust to Minimize the Tax Impact of Inversion

An inversion occurs when there is a merger between a U. S. domestic corporation and a foreign corporation and the resulting corporation is a foreign corporation. One motivation for an inversion is the opportunity for the former U. S. corporation to avoid being taxed in the United States on income that was derived from salesContinue reading “Use of a Charitable Remainder Trust to Minimize the Tax Impact of Inversion”