William Dyrcz Attorney at Law

01/08/2018

Tax season is approaching. Do you understand the new changes for 2018? Let us help guide you through your business and personal tax needs.

02/08/2016

Real talk Monday..... Client A (a widow with children) has a $265,000 home with a $90,000 loan on it, 4 credit cards totaling $28,000 of debt, and one car loan totaling $23,000 with no formal estate plan in place. If client A were to pass away today, how much of that debt would her children be responsible for?

02/04/2016

No Illinois tax refunds until after March 1
http://wgntv.com/2016/01/05/no-illinois-tax-refunds-until-after-march-1/

SPRINGFIELD, Ill. — The Illinois Department of Revenue says taxpayers will have to wait until after March 1 to receive income tax refunds. The (Springfield) State Journal-Register reports the depar...

02/02/2016

Its tax time again! March for corporation returns and April for all other income tax returns. Call me if you don't care to be a do it yourselfer!

03/19/2015

Most parents give their children their inheritances directly. Others think multi-generationally. Instead of giving their wealth directly to their children, they give it in a Dynasty Trust.

A Dynasty Trust is a trust agreement that benefits one generation of family members after another without being taxed in any family member’s estate. Wealth that is never taxed grows far more than wealth that is taxed every generation, especially when that wealth is protected from creditors and predators.

In short, a Dynasty Trust gives your beneficiaries control and enjoyment of their inheritance without ownership. Why is this important? Because you cannot lose what you don’t own.

04/10/2014

Just imagine how a little bit of planning could have helped these folks and their families. Please don't make the same mistake.

02/20/2014

Accumulating wealth and holding on to it are two completely different strategies. The vast majority of us who reach age 65 will need long-term care services at some point in our lives, and the cost of care is tremendous. How does an $11,000 individual monthly healthcare bill fit into your wealth accumulation plan?
There are steps you can take now, while you are relatively healthy, to lessen the financial burden of long-term healthcare costs.

Do you know your options or will you wait until the Medicaid spend down is staring you in the face? Even if you have accumulated enough wealth to self-fund your long-term care, why would you? Wouldn’t you rather pass your wealth on to your loved ones or to your favorite charity?

There are options and solutions for everybody and all it takes is a conversation about what you want to accomplish to get the ball rolling. The discussion isn’t going to cost you a thing, so please get in touch via private message or at www.dyrczlaw.com.

09/10/2013

It is unfortunate that many people end up exhausting their assets on long-term care. But it doesn't have to be that way. The best time to plan for the possibility of nursing home care is when you're still healthy and financially strong. By doing so, you may be able to pay for your long-term care and protect assets for your loved ones. You worked hard all of your life to pay off your mortgage and build a retirement fund. You expected to live off your savings in the comfort of your own home, and you planned to leave something to your kids at the appropriate time. Suddenly, the unthinkable happens--you suffer a stroke at age 70 and must spend the rest of your years in a nursing home. What will happen to your life savings? How does a family plan to avoid depleting its assets? Through Medicaid planning?

If Medicaid is your plan then you are planning to be on Medicaid; relying on a public welfare program for the poor. Does your financial plan include you ending up being impoverished? I see others who choose to do long term care planning that does not include the Medicaid program. They made the smart choice. They are protecting their retirement savings with a long-term care insurance policy; helping them to relax so they can live life the way they had always planned. And that’s not the only benefit. By planning for long-term care, they are the ones who will pass on their legacy, whatever it may be, the way they intended to.

I understand that this is not an easy conversation to have. Unfortunately, it is one that MUST be had; especially with those of us who don't want to rely on our children to take care of us as we age. Do you suppose your relationship would change with your son or daughter if they had to care for you full time? Would they need to quit their job?

I am here to listen and suggest solutions based on your needs. A discussion about long term care planning isn't going to cost you anything but a few minutes of your time. Please do not hesitate to get in touch. This is important.

08/20/2013

If you have been a caregiver to an aging parent or other loved one, would you take a moment and share some of the issues you have faced while in that role?

07/29/2013

What kind of risk do you face? According to the U.S. Department of Health & Human services, 70 percent of people who reach age 65 will need long-term care services at some point in their lives. Compare that to a less than 18 percent chance you'll be in a severe car accident or a less than 3 percent chance you'll have a major house fire. I'm sure your house and car are insured, but what about your need for long term health care? Are you going to pay out of pocket or rely on Medicaid?

What if there was a way to transfer that risk? Would you be interested in learning more?

This is an extremely important discussion to have with your loved ones and I can certainly help you with that process. Even better, the information won't cost you anything but a few minutes of your time.

07/10/2013

Many people recognize the benefits of planning for the future. In doing so, unforeseen issues may be exposed, which can provide the proper motivation to make changes before it’s too late.
What about the unexpected? How would the lives of your loved ones be affected if you weren't here tomorrow? Are you prepared if someone you depend on suffers an untimely death?
I know it’s not an easy conversation to have, but delaying this part of your planning could have costly and unintended consequences. Is your plan ready?

06/05/2013

Unfortunately, many people do not have a will. For those who die intestate, which means they do not have a will, the state will decide how the decedent's assets get distributed. In addition, the courts help determine who is the most suitable guardian for minor children. This situation certainly doesn't seem desirable, especially having it happen while grieving the loss of a loved one.
At the very minimum, please talk to an attorney about a will, especially if you have minor children. Initial consultations are usually given at no cost, but you should ask to make sure. If there is a charge, find another attorney.