Welcome to DUGGAN BERTSCH, LLC — A law firm dedicated to thoughtful, innovative and uncompromising legal representation for the Private Client.

The needs of the private client are both pointed and diverse. While you require the advanced skills of a specialist, you also have diverse needs that must be understood and integrated by your lawyer. With its broad base of multi-degreed, multi-disciplinary attorneys, DUGGAN BERTSCH is uniquely positioned in the legal space to best serve the needs of Private Clients.

We look forward to showing you the DUGGAN BERTSCH difference.

 

News From DUGGAN BERTSCH

DB Alert – COVID-19 Legislative Update

As part of its initial response to the current and anticipated impact of COVID-19 on businesses across the nation, Congress has passed and the President has signed an $8.3 billion supplemental funding bill that includes authority for the Small Business Administration (SBA) to issue up to $7 billion in low-interest loans under its already existing Economic Injury Disaster Assistance Program (EIDL) to small businesses adversely impacted by the outbreak. The administration has announced its intention to ask Congress to increase SBA’s resources for small business disaster assistance related to COVID-19 to $50 billion. We expect funding amounts to increase and complementary initiatives to be implemented as the full economic impact of the outbreak makes itself felt.

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Firm Update – COVID-19

Dear Friends,

As the unprecedented events of this week have unfolded, and as the environment has become more unpredictable due to COVID-19, our goal at DUGGAN BERTSCH, LLC is to continue to be predictable, reliable, available, and responsive to your needs – legal, tax, or otherwise. Your health and well-being come first, and part of that well-being is the comfort of knowing your immediate concerns and legal needs are addressed.

Whether it is Coronavirus or any other exigent circumstance, rest assured we have plans, systems, and the technological infrastructure in place to ensure that you continue to receive uninterrupted and uncompromised services. While DB team members may work remotely in order for us to best protect their well-being, all are connected real-time with full functionality. At present, our building and office remain open if an in-person meeting is preferred or necessary, but this may of course be subject to change based on the changing building or city policies.

At moments like these, when your family, business, and personal planning are at risk, we are here to help you sort through the implications and provide solutions where necessary. Please feel free to contact us with any questions regarding our policies or to determine how your affairs may be currently impacted.

Like you, we will be doing our best to stay as healthy and positive as we can.

DUGGAN BERTSCH, LLC

Impact of the SECURE Act on Tax, Estate Planning and Retirement Planning for Individuals

Congress recently passed and the President signed into law, the Setting Every Community Up for Re- tirement Enhancement Act (the“SECURE Act”), landmark legislation that may affect how you plan for retirement. Most of the provisions were effective on January 1, 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation.

The following is a look at some of the key provisions of the SECURE Act affecting individuals.

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Illinois’ 2019 Tax Amnesty Program

The Illinois Department of Revenue recently announced that under the Illinois Tax Delinquency Amnesty Act (the "Act"), taxpayers are allowd to pay outstanding eligible tax liabilities and to have eligible penalties and interest forgiven on taxes that are paid pursuant to the Act. Below are the highlights of the program.

Amnesty Period

            Unpaid taxes that are collected by the Illinois Department of Revenue (“IDOR”) from periods after June 30, 2011, and prior to July 1, 2018 (“the Amnesty Period”) are the tax liabilities eligible for the Amnesty Program. If the required filing and payment is completed between October 1, 2019 and November 15, 2019 (“the Participation Period”), IDOR will waive all eligible penalties and interest. This program does not apply if only penalties and interest are owed...

Recent U.S. Supreme Court Case Impacts Trust Taxation

The U.S. Supreme Court recently issued its opinion on North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust, which addressed “….the limits of a State’s power to tax a trust.”  This is the first time in decades the Supreme Court has addressed this issue, and its decision could have significant implications for the private client.

Planning with trusts is a central component to any comprehensive wealth plan, and in addition to leveraging the estate, gift, and GST exemptions, consideration should be given to a trust’s income tax treatment.  And when a trust is structured as a “non-grantor” trust - meaning it is responsible for its own income tax burden - state law governs the state where a trust may be taxed.

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Article Written By:       

Jennifer A. Mendel, JD, and Michael H. Israel, MA, JD, LL.M.