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Statute of Limitations: Adequately Disclosing the Value of a Gift on a Gift Tax Return

by Beth Flowers, Associate

When a Gift (and Generation Skipping Transfer Tax) Return (Form 709) is filed and gift(s) are adequately disclosed, the statute of limitations (being 3 years after the return is filed) on the gifts begins to run. There are several requirements that must be met for the return to be considered complete (and the gifts adequately disclosed) so that the statute of limitations begins to run. One item that is required to be included for the gift to be considered adequately disclosed is the value of the gift. To adequately disclose the value of the gifted item, the donor should attach either a qualified appraisal or a detailed description of the method used to determine the fair market value of the gift.

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Bankrupt Homeowners Cannot Void Liens in Excess of the Value of Their Home

by Kevin Stine, Shareholder

Many times, homeowners are forced into bankruptcy because of dire financial conditions.  In the 1990’s and early 2000’s real estate values were constantly on the rise.  Many homeowners in financial difficulty used these rising values in their homes to obtain second, and even third mortgages to pay off credit cards and other debts.  Then, in the mid 2000’s the real estate values came crashing down to reality.  As a result, many homes became worth half of what they were two years before.

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Estate Planning: Disclaiming Gifts

by Rebecca K. Wohltman, Associate

Disclaimers are effective tools, but…

Disclaiming a gift can be beneficial for estate and tax planning purposes, but it does not defeat an IRS lien.

What is a disclaimer? A disclaimer is a function of state law wherein a person receiving a gift from an estate or a trust can decline to receive that gift. Although states have slightly different versions of laws governing disclaimer, in Illinois, the person disclaiming, or declining, the gift is treated as if he or she died before the event triggering the gift to the disclaimant. In most situations, a disclaimer means that the disclaimant is considered to have predeceased, or died before, the person whose trust or estate is being distributed.

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What is the Statute of Limitations for Car Accidents?

by Laura E. Shrick, Shareholder

Have you or a loved one been in a car accident? There is a limited amount of time to file a lawsuit to recover for your losses. That period of time is governed by a legal rule known as the “statute of limitations.” The statute of limitations varies depending on where the accident occurred and the nature of the claim.

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Employment Laws Protect Truck Drivers

by Mark S. Schuver, Shareholder

Employment Laws Protect Truck Drivers Who Report Safety Concerns or Who Refuse to Drive an Unsafe Truck

Many truck drivers are faced with the dilemma of violating hours of service rules or operating unsafe trucks out of fear that if the refuse to do so, they will lose their jobs.  However, most truck drivers are unaware that Federal and State laws exist that prohibit trucking companies and other employers from firing, demoting, or in any other way discriminating against an employee for refusing to violate a law related to safety.

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