2004 Articles

The 70-80 percent tax trap: How to help clients avoid the double taxation of money in their qualified plan or IRA By Roccy DeFrancesco February 2004 The 70-80 percent tax problem revolves around the topic of Income in Respect to Decedent(IRD). IRD includes any income an individual is entitled to but does not receive over his/her lifetime.

Advantageous uses of LLCs By Richard M. Colombik & Randall H. Borkus May 2004 Because of their flexibility and relative simplicity, the LLC is well-suited for both start-up businesses and more mature businesses.

Cash balance plans—An uncertain fate By Hugh F. Drake June 2004 Two recent federal court decisions and subsequent congressional action have cast doubt on the future of cash balance pension plans so popular among large businesses.

Checklist for financing sources By Gene A. Petersen February 2004 From time to time you may have a client who asks for your assistance in seeking financing sources for growth, a business buyout, or other business needs.

Commercial real estate contract preparation checklist By Herbert J. Klein October 2004 Following is a checklist in preparing or reviewing a commercial real estate contract:

Editor’s column By William T. Kaplan October 2004 We have run an unsuccessful campaign encouraging our readers to write letters to the editor on any subject matter.

Editor’s column By William T. Kaplan June 2004 In the past we have constantly urged all readers to submit comments for a "letters to the editor" column.

Editor’s notes February 2004 In our last newsletter, the Editor’s column spoke about the possibility of a “guest column” or “guest editorial” for insertion in the upcoming newsletter editions.

Employee termination By SueAnn Sage Billimack October 2004 Business lawyers are frequently called upon to advise their clients with respect to employment terminations.

Firing a family member By Bernard Kliska February 2004 If you think firing a long-time employee is difficult, try firing one who is a family member. As daunting the task, sometimes it’s necessary.

Illinois business law case update By Stephen D. Sayre October 2004 There were, a handful of noteworthy cases addressing issues of practical importance for business lawyers during the past year.

Mergers and acquisitions: a primer By Bart A. Basi & Marcus S. Renwick February 2004 Often when people think of mergers or acquisitions, thoughts of mega-mergers come to mind. The largest mergers in the history of the world happened within the past 10 years.

Recent developments in Family limited partnerships-Section 2036 By Leonard S. DeFranco June 2004 The proliferation of Family Limited Partnerships ("FLPs") with their attendant estate tax benefits has, for some time, raised the specter of a challenge from the Internal Revenue Service ("IRS").

Retirement plans, insurance and taxes May 2004 Publisher's note: In response to "The 70-80 percent tax trap: How to help clients avoid the double taxation of money in their qualified plan or IRA," which appeared in the last issue of The Counselor, a reader noted that the IRS has since issued guidance to shut down what it considers "abusive transactions" involving specially designed life insurance polices in retirement plans (so-called "section 412(i) plans").

State tax consequences for community college student housing By John Cummins October 2004 Recently community colleges in Illinois began exploring the possibilities of constructing housing facilities for their students.