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Increasing Tax Basis on a Decedent’s Death

Increasing Tax Basis on a Decedent’s Death

Question:        My mother is terminally ill and holds a meaningful amount of property, including traditional Individual Retirement Accounts. Is there a basis step-up at her death on her IRAs and on any of my appreciated assets I may choose to transfer to her?

New Illinois Law Requires Employers to Provide Workers Up to 40 Hours of Paid Leave

New Illinois Law Requires Employers to Provide Workers Up to 40 Hours of Paid Leave

On March 13, 2023, Illinois Governor J.B. Pritzker signed new legislation requiring Illinois employers to provide employees up to 40 hours of paid leave within a 12-month period, which can be used for any reason.  The new legislation, referred to as The Paid Leave for All Workers Act — Public Act 102-1143 (referred to herein as the “IPLA”), goes into effect January 1, 2024.  Illinois employers should be aware of the IPLA’s application and requirements and take steps to develop or modify paid leave policies to conform to its requirements.  A brief summary of the key components of the IPLA is below.