Chamberlin Riechert Law Group, P.C.
ELIGIBLE WARTIME PERIODS FOR V.A. PENSION BENEFITS If you, or your deceased spouse, served during wartime you may be eligible to receive V.A. pension benefits or Spousal benefits. The V.A. recognizes the following wartime periods to determine eligibility for VA Pension benefits: World War I (April 6, 1916 – November 11, 1918) World War II…
read moreSENATE BILL TO REDUCE LLC FILING FEES IN ILLINOIS HOUSE FOR CONSIDERATION Currently Illinois LLC fees are among the highest in the nation. To address this, the Senate, on April 1, 2014 passed SB 2776 (the bill) with bi-partisan support and without opposition. The bill would amend the filing fees currently charged to LLCs pursuant…
read moreCLARK ET UX v. RAMEKER, TRUSTEE, ET AL., U.S. no. 13-299 In January 2014, we reported that the U.S. Supreme Court had granted certiorari to the United States Court of Appeals for the Seventh Circuit (the Circuit in which Illinois is located). In, Clark v. Rameker, U.S. no. 13- 99, the U.S. Supreme Court decided…
read moreU.S. Supreme Court To Consider Whether Inherited IRA is Creditor Protected In April 2010 we reported on the cases, In re Chilton, No. 08-43414 (Bankr. E. D. Tax. Mar. 5, 2010) and In re Nessa, No. BKY 09-60081 (Bankr. D. Minn. Jan 11, 2010). The Chilton court found that while an IRA is given creditor…
read moreIllinois Emergency Contact Database Did you know that you can sign up for the Illinois Emergency Contact Database free of charge? The database was established in 2009 and allows residents with a state license or ID to enter the name, address, and phone number of two emergency contacts. In the event of an…
read moreEstate Planning for Pet Owners Many pet owners consider their pet a beloved part of the family…and yet when they update their estate plan, they often forget to make provisions for these furry family members. The following is a brief summary of some helpful tools that may ensure your pets receive appropriate care in…
read more2014 Tax Update The American Taxpayer Relief Act, which was signed by President Obama on January 2, 2013, implemented those federal estate and gift tax laws that shall control during 2014. Under this law, the federal estate and gift tax exemption was indexed for inflation, and therefore increased from $5.25 million per person in…
read morePreventing Overmedicalization During End-Of-Life Care The Atlantic published an article in May 2013 by Jonathan Rauch entitled “How Not to Die,” which discussed the problem of over overmedicalization and proposed a solution using educational videos. According to the article, patients routinely receive unwanted care, especially when the patient is nearing his or her…
read moreRecord Keeping Many families are busy spring cleaning their homes this time of year, making it a great time to declutter those financial records by following these helpful guidelines: Records to keep for one year: Paycheck stubs Bank statements (including cancelled checks) Brokerage statements(keep longer for tax purposes if they show a gain or loss)…
read moreGift, Estate and Generation Skipping Tax After the American Taxpayer Relief Act of 2012 In 2012, there was a federal estate tax in effect, with a $5,120,000 exemption per person. This exemption was temporary and would have been reduced to $1,000,000 unless Congress took action on or before December 31, 2012 to extend, reduce or…
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