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Blog Blog

Workers' Compensation Fatal Accidents: Employee’s Surviving Children Entitled to Receive Benefits?

by Natalie Lorenz, Associate

When a work accident leads to an employee’s death, the effects on the employee’s family can be devastating.  Though complex, the Illinois Workers’ Compensation Act (“WCA”) provides financial relief to certain family members of employees who suffered fatal work accidents, including the employees’ children.  The workers’ compensation attorneys at Mathis, Marifian & Richter are here to help explain whether such children may recover, and for how long.

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Illinois Mortgage Foreclosure Act Amended

by Sandra Tatoian, Shareholder

Lenders, attorneys and even title insurers can all breathe a little sigh of relief.  In case you missed that junior lienholder in your Illinois foreclosure action, regardless of the reason, there is now a procedure to extinguish that omitted lien.  On August 26, 2014, Illinois amended its Mortgage Foreclosure Law and added section 735 ILCS 5/15-1603.5 to address situations where a foreclosure sale occurred, but a junior lienholder was not named as a defendant in the foreclosure action. 

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Estate Tax Special Use Valuation for Farmland Part 2

by Beth Flowers, Associate

Part 2

As part of a IRC §2032A Special Use Valuation election, the applicable property must be used in a “qualified use” by the decedent or a member of the decedent’s family for five of the eight years preceding the decedent’s death.  The qualified use may be as a farm for farming business purposes but also includes use in a trade or business other than farming. The term “farm” includes stock, dairy, poultry, fruit, furbearing animal, and truck farms, plantations, ranches, nurseries, ranges, greenhouses or other similar structures used primarily for the raising of agricultural or horticultural commodities, and orchards and woodlands.

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Estate Tax Special Use Valuation for Farmland Part 1

by Beth Flowers, Associate

When an individual dies, the family of that individual often has concerns about the amount of estate (inheritance) tax that will be owed. That is especially true when a majority of an individual’s assets include farmland. The Internal Revenue Code (IRC) contains a special section (IRC §2032A) for valuation of farm property based upon its production capacity rather than fair market value, as a means of allowing farm families to pass such property to the next generation without being forced to sell the property to pay estatetax. This is known as Special Use Valuation. A Special Use Valuation election must be made on a timely filed Estate Tax Return (Federal Form 706).

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The Alternative Minimum Tax Part 1: Why do we have it?

by Rebecca K. Wohltman, Associate

The Alternative Minimum Tax has been a part of America’s tax system for more than 40 years. Its purpose was to ensure that the wealthiest Americans paid at least a minimum amount of tax. Originally enacted due to less than 200 taxpayers, more than 4 million taxpayers paid $32 billion as a result of the Alternative Minimum Tax in 2012, the latest year for which IRS published data. This series of blogs will start with an explanation of the reason the Alternative Minimum Tax exists, how Congress continues to alter the tax and what it means for taxpayers today.

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