The ownership of life insurance is a much-needed component of business succession and personal financial plans. Life insurance needs vary from funding needed to purchase the ownership interest of a business partner upon death, creating liquidity for the family of a decedent for the payment of estate taxes or providing cash for surviving family members.
Contributors:Â Rich Goldwasser, Joan Berg
Question:       My husband and I recently won the grand prize from my State’s lottery. Can you provide some guidance on how we will be taxed on our lotto winnings?
Yesterday, U.S. Federal Trade Commission announced a proposed new regulation prohibiting non-compete agreements in the workplace and requiring employers to rescind non-compete agreements currently in place.Â
Question:Â Â Â Â Â Â Â I have a significant balance in my individual retirement account. Can I use my IRA to purchase real estate?
Answer:Â Â Â Â Â Â Â Â Â You can purchase real estate from your IRA. Various requirements must be satisfied to comply with IRA real estate purchases, however, and the failure to adhere to the requirements can be costly from a tax perspective.
Question: Â I am contemplating selling my vacation home which my family uses for personal purposes and also rents to third parties. If I purchase a new vacation home, can I defer the recognition of gain on the sale through a tax-deferred exchange?
Contributors:Â Jordan Melvin, Danielle Pearlman, Jason Newton
Question: Â Â Â Â Â Â One of my employees is leaving the company but will continue to render services for our business. Is there a problem if I treat the worker as an independent contractor?
Welcome to National Estate Planning Awareness Week! It arrives when studies show that nearly 67% of adults lack an up-to-date estate plan. At SFBBG, we are committed to addressing this dire situation.
Welcome to Q4 2022! We are wishing all of our SFBBG clients and friends a strong and successful close out to the year. As we look to the start of 2023, we would like to highlight a few significant new laws that take effect in Illinois effective January 1.