Chicago Accounting Articles

Estate and Trust Accounting Chicago Illinois

Updated July 21, 2015   Estate and Trust Accounting Chicago Illinois Almost twenty years ago, I picked up my first estate and trust accounting case. I went to a small private high school on Chicago’s North Side, and one of my friends father’s had just...

Estate and Trust Tax Rates Chicago Illinois

Updated July 24, 2015   Estate and Trust Tax Rates Chicago Illinois   Tax Rate Schedule for Trusts and Estates For Tax Years beginning in 2011 If Taxable Income is Over But Not Over The Tax Is Of The Amount Over $0$2,30015%$0 2,3005,450345 + 25%$2,300...

Estate Tax Credit Chicago Illinois

Updated July 24, 2015   Estate Tax Credit Chicago Illinois   What is the Estate Tax Credit?   The estate tax credit in 2014 is over $5,000,000. Estates valued under this amount are not required to file form 706, the estate tax return.   But it’s...

Charitable Trust Chicago Illinois

Updated July 22, 2015   Charitable Trust Chicago Illinois   Charitable Remainder Trusts exist whenever there is a noncharitable income beneficiary of a trust. The gifts of remainder interests will qualify for a charitable contribution deduction only if the...

What is a Trust Chicago Illinois

Updated July 22, 2015   What is a Trust Chicago Illinois   A trust is a living, breathing entity under the law which generally, holds title to an asset or group of assets.   The most difficult concept for most customers to understand is that you do not...