News & Insights2020-12-04T23:06:09+00:00

NEWS & INSIGHTS

The attorneys at Buckley Fine strive to provide their clients with cutting edge legal solutions. Use their blogs, videos, and podcasts to learn more about their legal services, current issues, and how Buckley Fine can help you accomplish your goals.

  • David Buckley Named to The Best Lawyers in America

Buckley Fine Law founder, David P. Buckley, Jr., Selected for Inclusion in the 27th Edition of The Best Lawyers in America©

Buckley Fine Law founder, David P. Buckley, Jr. was recently selected by his peers for inclusion in the 27th Edition of The Best Lawyers in America© in the practice area of Trusts and Estates. Attorneys recognized by Best Lawyers® are based wholly on peer review and a rigorous methodology process. Each year, the organization utilizes a “sophisticated, conscientious, rational, and transparent survey process” to assess the consensus of lawyers in a specific geographic region about the professional capabilities of their cohorts. “I’m honored to be recognized by the 27th Edition of The Best Lawyers in America©,” said Buckley. “Being an advocate for my clients, doing excellent work and exceeding client expectations drives me to go above and beyond every single day at Buckley Fine Law.” To learn more about David Buckley, please read his bio here.

December 4th, 2020|

IRS Clarifies Non-Deductibility of PPP-Funded Expenses

Late Wednesday, the IRS released Revenue Ruling 2020-27, which clarified its stance on the timing of Paycheck Protection Program (PPP) loan forgiveness and related tax implications. This much anticipated guidance arrived just in time for businesses to make any necessary adjustments before year end. When PPP loans were first issued, many believed the intent was to provide businesses with a forgivable loan that would be excluded from taxable income and ease the burden of continuing operations during the pandemic. However, back in May, the IRS issued Notice 2020-32, which informed taxpayers that “no deduction is allowed for an eligible expense that is otherwise deductible if the payment of the eligible expense results in forgiveness of the covered loan.” Many saw this ruling as a back-door way to convert the loans into taxable income. Even though the IRS was not directly taxing forgiven PPP loans, they were increasing taxable income by not allowing [...]

November 24th, 2020|
  • 2021 Federal Estate & Gift Tax Exemptions

2021 Federal Estate & Gift Tax Exemptions

While all eyes were on the election, the Internal Revenue Service announced the official estate and gift tax exemptions for 2021. The annual gift exclusion will remain the same, allowing individuals to give $15,000 to as many individuals as desired, each year. The federal estate tax exemption will increase from 2020’s $11.58 million to reach another record high at $11.7 million per person for 2021. This means an individual could shield $11.7 million from federal estate or gift taxes, and a married couple could safeguard $23.4 million with proper planning. While the IRS’s 2021 federal estate and gift tax exemption announcement was official, the exemption amount is far from certain. In 2026, the exemption is scheduled to revert to $5 million indexed for inflation. However, President Elect Joe Biden proposed reducing it even further to $3.5 million per person. With uncertainty still looming around Democratic or Republican control of the [...]

November 16th, 2020|

Utilize Estate Tax Exemptions with a Gift Trust

If you are thinking about gifting assets before year-end, consider creating an irrevocable trust to receive the gift. You can name the intended gift recipients as the trust beneficiaries, such as children, grandchildren, and even your spouse. With proper planning, your spouse can be both the primary beneficiary and trustee of the irrevocable trust, providing some control over the gifted assets. This is commonly known as a Spousal Lifetime Access Trust (SLAT). Children and grandchildren are typically included as secondary beneficiaries, so the trustee can distribute assets among your descendants too. SLAT planning offers a flexible way to provide for different generations of your family while removing assets from your taxable estate. Gifts to a SLAT will use your lifetime exemption from federal estate tax, but will allow the trust's assets to pass to your children estate tax free. If you apply the generation-skipping transfer tax (GST) exemption, the trust's assets will [...]

November 2nd, 2020|
  • Buckley Fine Law

It’s Official! Welcome to Buckley Fine, LLC

David Buckley and Linda Fine introduce you to Buckley Fine, LLC, a law firm comprised of 26 team members serving families and businesses in the Barrington, IL area concentrating on Estate Planning, Estate and Trust Administration, Business Law, Litigation, Employment Law, and Real Estate Law.

September 1st, 2020|
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