News

For the estate planning community, 2024 feels like the calm before the storm...

As with federal and Illinois tax and trust law, recent law changes related to special needs planning have been modest but important...

A federal court ruling and subsequent appeal have created uncertainty about the constitutionality of the Corporate Transparency Act, the federal statute that came into effect in 2024 with new reporting requirements for privately-held LLCs, corporations, and partnerships. While the appeal proceeds, the clock is ticking for such entities to either comply with the statute’s reporting requirements or potentially face stiff penalties...

This February marked the 25th anniversary of our practice. That milestone fills us with gratitude – for our incredible team, for the outstanding professional advisors with whom we have collaborated, and especially for the caring, thoughtful, and interesting individuals and families who have placed their trust in us...

Congressional Democrats are currently debating proposed legislation from the House Ways and Means Committee which, if enacted, would significantly impact estate planning.

We are proud to share the happy news that, this spring, we will be changing our firm name to Rivkin, Rivkin, & Kaplan, LLC to reflect the tremendous contributions of our longtime partner, Denise Kaplan.

From June 7 – July 19, Larry will be taking a short break from the practice of law and relocating to one of his favorite spots – Camp Nebagamon in Northern Wisconsin.

Unlike 2020, which brought the Illinois Trust Code, impacting the administration of trusts under Illinois law, and the SECURE Act, which substantially altered the distribution rules for IRAs and other retirement accounts (both as described in our law update last year), 2021 has not yet ushered in substantial estate and trust law changes.

2020 has ushered in a host of legal and tax changes. Below is a discussion of the changes that most impact estate planning. Significant Changes in IRA Distribution Rules In December, as part of the federal appropriations bill, Congress passed and the President signed the SECURE Act, which significantly changes the rules governing distributions from

Tax Law Impact on Estate Tax, ABLE Accounts, & 529 Plans Earlier today, the President signed the sweeping tax cut and reform package that Congress passed on Wednesday. Although the law addresses numerous individual and business income tax matters, we want to focus on changes impacting two areas of importance for our clients: (i) estate,