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 Irv Blackman is an experienced CPA and lawyer who specializes in estate planning, business succession and asset protection.. He is the founding partner of Blackman & Kallick, the largest independent CPA firm in Illinois. He is the founding Chairman of the Board of New Century Bank, Chicago. Irv has authored 8 books, and his articles Continue reading What is the Estate Tax Trap High Net Worth Individuals Fall into? January 11th, 2010 | Tags: Estate Planning, Estate Taxes, guest post | Category: Estate Planning | 7 comments
As we get into the holiday season people start to feel charitably inclined, and yes you could just drop some coins with the unenthusiastic guy with a bell, give a $20 spot at church, or write a check…but what if there was a bigger bang for your proverbial buck? Over the next couple weeks I will Continue reading Advanced Charitable Giving using Life Insurance December 8th, 2009 | Tags: charitable gifting, charity, Life Insurance | Category: Advanced Charitable Gifting | Leave a comment
 In a vote closer than I expected the house passed, an Estate Tax Bill! For all intents and purposes the bill freezes the Federal Estate Tax (Remember State Estate tax is different) so that every U.S. Citizen has a $3,500,000 exemption and anything above that amount is effectively taxed at 45%. The Bill passed 225 to 200, Continue reading The House Passes Estate Tax Bill to Freeze Current Exemptions and Rates 
Most people just assume they can give away whatever they want in any situation; that is just not true. Ignoring gifting laws and taxes can cost you and your family a lot of money! When gifting large sums of money there are federal tax implications one should keep in mind. Gift Tax Introduction Before getting Continue reading Gift Laws and Taxes Made Simple 
Even those with strong charitable intents (religious or otherwise), actually fail to provide for the charities of their choice at death. In essence their charitable intent is often ignored, and it is usually by mistake! I was reading a Last Will and Testament of a high net worth client the other day, and came across a Continue reading Don’t Accidently Forgo Your Charitable Intent at Death  Regardless of whether you know it or not you have a Will – the Will is called Intestate Distribution and is determined by the State Legislature. When one dies without a Will it is often said he or she died intestate, and their Will enters Intestacy. I am sure different parts of the country refer to Continue reading What is Intestacy? Don’t Let the State Determine Where your Assets Go! 
I truly believe that everyone needs a will and have provided reason after reason why you need to create a Last Will and Testament ASAP. These reasons include: Proper Distribution of Assets – Both in terms fo what you want and what is most efficient Continue reading Determining your Testamentary Intent and Avoiding Common Mistakes  Almost every single day, I have to explain the Federal Estate Tax. The people I have to explain the federal estate tax to are not tax professionals, they are either financial advisors, other attorneys, or successful business owners. So, needless to say, I better explain estate taxes from 30,000 feet above. The details do not Continue reading Forget the Federal Estate Tax, You May Need to Worry About State Estate Taxes! September 29th, 2009 | Tags: death tax, inheritance, state estate tax, Taxes | Category: Estate Taxes | 3 comments
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