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Archive for December, 2016

Intra-Family Loans Are Often An Effective Estate Planing Tool

Written by Charles Newland

hand holding Loans words, estate planningIntra-family loans are an excellent way for families to share the wealth without disrupting their estate and gift tax exemptions. These types of loans, however, aren’t always easy to structure.

While individuals can put intra-family loans together themselves, the services of an experienced estate planning attorney and possibly a tax advisor should be considered to avoid possible complications or having the loan contested by the IRS. Read More

Why Honesty Pays Off in Bankruptcy

Written by Charles Newland

A dummy in rain with insolvent words, bankrupcyPeople who choose to file for bankruptcy protection in Illinois must be honest, and if they are not, they could face criminal charges and have their bankruptcy petitions dismissed. While criminal charges are not always filed, bankruptcy courts may still impose other penalties against people who try to hide or conceal assets or who lie on their schedules. When a person is honest with his or her bankruptcy attorney and with the trustee, then it will pay off in the long run when the person obtains financial relief through his or her bankruptcy discharge. Read More

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