Publications

Want $10 million of capital gains exclusion? How about $50 million?

For founders, investors and employees in certain emerging growth C-corp businesses that have experienced success, a hidden treasure lurks in the Internal Revenue Code. Section 1202 of the IRC allows investors to exclude some or all of the gain realized from the sale of qualified... (May, 2021)

Download

Now, amid COVID-19, is the time to review your estate plan.
Chicago Daily Law Bulletin

The COVID-19 pandemic has forever altered reality for individuals across the globe. The growing number of cases and deaths are reported hourly, and the stay-at-home orders have dramatically impacted every aspect of our daily lives — personally and professionally. This deadly disease has placed the harsh reality of our impermanence at the forefront of discussion and has caused countless clients to reach out, interested in getting their estates in order. (June, 2020)

Download

New trust code is yet another reason to review your estate plan.
Chicago Daily Law Bulletin

For the longest time, Illinois refrained from joining the other states that had converted to some form of the Uniform Trust Code, and Illinois stood fast for years with the Illinois Trusts and Trustees Act. However, in 2019, the legislature finally passed the new version of the act, and the new Illinois Trust Code implemented so many changes that the legislature even changed the name. (June, 2020)

Download

Estate planning in the era of the coronavirus.
Chicago Daily Law Bulletin

On March 9, Gov. J.B. Pritzker declared the state of Illinois as a disaster area, which was quickly followed with a March 20 announcement of a “stay-at-home” order. It was day three of the quarantine and my clients, John and Shirley, were anxious to sign their updated estate planning documents. (April, 2020)

Download

Annual gifts: An effective way to transfer wealth.
Chicago Daily Law Bulletin

With the federal estate tax rate at 40 percent, generous clients with taxable gross estates often look to make gifts to family members as a means to transfer wealth. The federal government allows for unlimited gifts to be made between spouses. However, for all others (family and friends), the government imposes limitations. (April, 2020)

Download

Funding the future: Grandparents have many ways to help loved ones.
Chicago Daily Law Bulletin

My family has had the pleasure of welcoming the next generation of Markuses. My 2-year-old niece, Lex, has enough personality and style to be nicknamed “Manhat t a n .” And my nephew, Nathan, just arrived on the scene. While his personality is still developing I’m thinking “Mr. Giggles” may be appropriate for this very happy 3- month- old. (April, 2020)

Download

Federal tax legislation lays out estate tax regime through 2025.
Chicago Daily Law Bulletin

The Tax Cuts and Jobs Act contained dramatic changes to many provisions of the tax code and has drastically changed the estate and gift tax climate from now through 2025. A closer examination highlights planning considerations in the estate and gift tax arena for 2019 and beyond. (April, 2020)

Download

Important reasons and tips to update an estate plan.
Chicago Daily Law Bulletin

TThe topic of death and taxes is not an uplifting discussion, but is a reality for everyone. Many individuals remark, “I will get an estate plan when I have an estate to plan!” The reality is that regardless of one’s net worth, everyone needs a proper estate plan. (April, 2020)

Download

New tax law bonus for some, but you must know the rules.
Chicago Daily Law Bulletin

Over the next five years we will see major changes in the estate tax climate. Under the Tax Cuts and Jobs Act, Congress doubled the amount which could be passed estate tax-free from $5 million, adjusted for inflation, to $10 million, adjusted for inflation. However, what many don’t recognize is that this adjustment is not permanent. (February, 2020)

Download

Estate planning basics something everyone should be familiar with.
Chicago Daily Law Bulletin

Time and again, I am surprised by how many clients do not have estate planning documents in place, and of those who do, many have not had them reviewed in decades. According to the National Association of Estate Planners & Councils, it is estimated that more than half of Americans do not have an up-to-date estate plan. (October, 2019)

Download

LINDSEY PAIGE MARKUS: Giving, Teaching and Estate Planning With Heart and Humanity

Torrential rain pounded relentlessly on the hood of the car in the driveway of the Highland Park home where Lindsey Paige Markus grew up. Inside the drenched vehicle sat one of her clients who needed to execute her will, trust and powers of attorney. A senior with limited mobility, the client could not make it downtown to Markus’ office at Chuhak & Tecson, P.C. and was unable to provide witnesses at her home. (October, 2019)

Download

Stay in front of the new tax act and give to charitable causes, Akron Legal News

A closer examination of the Tax Cuts and Jobs Act opens the door to strategically planned giving for charitable contributions. Under the new law for cash donations made from 2018 to 2025, the applicable charitable contribution limit is 60 percent of the donor’s contribution base. However, a taxpayer can carry forward any amount, which exceeds that threshold, for up to five years. (November, 2018)

Download

One way to stay in front of the new tax act and give to charitable causes.
Chicago Daily Law Bulletin

Download

Tax obligations for online retail sales not so easy to avoid anymore.
Chicago Daily Law Bulletin

Historically, if an out-ofstate retailer lacked physical presence in a particular state, the retailer was under no obligation to report sales. Earlier this year, however, the U.S. Supreme Court granted South Dakota the authority to impose sales tax obligations on out-ofstate retailers, or remote retailers, with no physical presence there. (October, 2018)

Download

Lower LLC filing fees opens up a number of business opportunities.
Chicago Daily Law Bulletin

As 2017 drew to a close, the changes to federal tax code took over news headlines and many missed a material change to Illinois filing fees when Gov. Bruce Rauner signed SB 867 into law. The bill slashed the filing fees charged by the state for limited liability companies or LLCs. (June, 2018)

Download

With reproductive tech advances, legislature recognizes posthumously conceived children.
Chicago Daily Law Bulletin

Recent malfunctions in fertility storage tanks have brought the topic of reproductive technology to the headlines of the news cycle. We recognize more and more how individuals have looked to Assisted Reproductive Technology, or ART, as a vehicle to help grow their families. But what are the implications of ART for inheritance purposes? (April, 2018)

Download

New act gives families way to provide health care for disabled loved ones.
Chicago Daily Law Bulletin

The creation of traditional 529 plans has made planning for the cost of college significantly easier for many American families. However, until recently, no 529 plan existed to help families of individuals with disabilities. (October, 2016)

Download

IRS regulations promise to shake things up.
Chicago Daily Law Bulletin

Early this month, the IRS released proposed regulations under Section 2704 of the Internal Revenue Code. If adopted, the proposed regulations will have far-reaching implications in the estate planning world. (August, 2016)

Download

Congressional change to IRA plans provides win-win for clients, charities.
Chicago Daily Law Bulletin

Philanthropic taxpayers age 70½ and older should stop and think before taking the required minimum distributions from their individual retirement accounts. (February, 2016)

Download

Estate planning for same-sex couples in light of Obergefell.
Chicago Daily Law Bulletin

On June 26, the U.S. Supreme Court announced its decision in Obergefell v. Hodges, granting same-sex couples throughout the country the right to marry. Specifically, the court held that the right to marriage is a fundamental right and that under the due process and equal protection clauses of the 14th Amendment, same-sex couples may not be deprived of that right. (October, 2015)

Download

New law aims to stop financial elder abuse from caregivers.
Chicago Daily Law Bulletin

When Ernie Banks died in January, there was tremendous publicity regarding the legendary athlete’s will and his relationship with his caretaker, Regina Rice. Just three months prior to his death, Banks signed estate-planning documents disinheriting his estranged wife and children and leaving all his assets to Rice. (July, 2015)

Download

The evolving same-sex marriage landscape.
Chicago Daily Law Bulletin

With 37 jurisdictions now recognizing same-sex marriage, it’s a historic time period for the LGBT community as marriage equality nationwide continues to i m p rove. (April, 2015)

Download

Updates to power of attorney for health-care issues in effect Jan. 1.
Chicago Daily Law Bulletin

Effective Jan. 1, the updated Illinois Power of Attorney Act brings about new changes in the execution and application of the power of attorney for health care. The last round of modifications to the act occurred in 2011 with Health Information Portability and Accountability Act (HIPAA) privacy language inserted to ensure that an agent will have access to the principal’s health-care records to make informed medical decisions. (November, 2014)

Download

Lindsey Paige Markus – The Three Principles of Estate Planning

No client or attorney can avoid death and taxes, but estate planning does not need to be overwhelming. Estate planning can be explained through three guiding principles: minimize estate and income tax consequences; avoid probate; and provide asset protection for beneficiaries. (December, 2014)

Download

The POLST form: Helping spell out the details of quality end-of-life care.
Chicago Daily Law Bulletin

Enacted in 2012, the Illinois Physician Orders for Life- Sustaining Treatment is designed to improve the quality of end-of-life care for patients. (October, 2014)

Download

Getting 501(c)(3) tax-exempt status gets EZ-er.
Chicago Daily Law Bulletin

Nonprofit organizations, also known as 501(c)(3) organizations, are growing in popularity. According to the National Center for Charitable Statistics, there were more than 1 million 501(c)(3) organizations in the United States as of last year, a nearly 20 percent increase since 2003. (September, 2014)

Download

Peace of mind: Buddhism and estate plans.
Chicago Daily Law Bulletin

In honor of Estate Planning Awareness Week (October 21 – 27, 2019), Lindsey reminds readers of the basic estate planning fundamentals for clients to minimize taxes, avoid the court system (avoid probate), and layer in asset protection for beneficiaries. In this article, Lindsey explains pour-over wills, revocable living trusts, powers of attorney for healthcare, and powers of attorney for property. (July, 2014)

Download

Not all LLCs are created equal, so make sure yours matches your needs

For decades, the limited liability company has been an attractive option for business owners who wish to avoid both double taxation and liability for the business’ debts. With the Illinois Appellate Court decision of Dass v. Yale, Illinois has made clear that personal... (June, 2014)

Download

A lurking federal tax law minefield.
Chicago Daily Law Bulletin

The American Taxpayer Relief Act of 2012 (ATRA) was signed into law on Jan. 2, 2013, making several of the Bush-era tax cuts permanent. At first glance, ATRA was considered taxpayerfriendly. But upon closer examination, a minefield lurks — not because of potential estate tax but, rather, income tax. (May, 2014)

Download

Options for transferring real estate properties at death.
Chicago Daily Law Bulletin

Owning property is full of challenges, few greater than the transfer of property at death. Absent proper planning, when a decedent dies with assets valued in excess of $100,000, a probate estate must be opened. (February, 2014)

Download

Estate Tax Relief, Income Tax Headache: Estate Planning and the American Taxpayer Relief Act

Thanks to the American Taxpayer Relief Act, a married couple with a properly structured estate can pass more than $10 million free of federal estate tax. But potential income taxes are daunting. Here’s how to avoid creating one big tax liability while reducing another. (February, 2014)

Download

WOMEN IN LAW | 2013

Attorney Lindsey Paige Markus has a knack for understanding and explaining estate planning and asset protection. Markus, a principal with the law firm Chuhak & Tecson, P.C., works closely with clients to formulate succession plans, advise on business formation, wealth preservation, and gift and estate taxation. (January, 2013)

Download

Assisted reproductive technology poses new estate-planning questions.
Chicago Daily Law Bulletin

Due to the deferral of pregnancy, environmental issues and a host of medical factors, infertility rates are on the rise. The Centers for Disease Control estimated that as many as 12 percent of U.S. women and their partners experience infertility, and experts posit that this statistic continues to rise. The increased prevalence and effectiveness of Assisted Reproductive Technology, or ART, creates myriad legal issues for individuals and couples to consider. (February, 2014)

Download

Same-sex marriage and estate planning.
Chicago Daily Law Bulletin

On Nov. 5, the Illinois General Assembly passed a bill legalizing same-sex marriage in Illinois, making it the 16th state to recognize same-sex marriages at the state level. The House of Representatives passed the Senate’s February 2013 bill, which sought “to provide samesex and different-sex couples and their children equal access to the status, benefits, protections, rights and responsibilities of civil marriage.” (December, 2013)

Download

Death, taxes and divorce: Why every ex-spouse needs a new estate plan.
Chicago Daily Law Bulletin

No one can escape the inevitable — death and taxes. And unfortunately, according to the U.S. Census Bureau nearly 50 percent of all marriages will end in divo rce. The divorce process is incredibly stressful. Clients are often so overwhelmed with emotional, financial and legal complexities, they fail to consider the estate planning implications of their separation and divorce. (November, 2013)

Download

Policy frees up snowbirds to give charitably.
Chicago Daily Law Bulletin

Effective April 19, the Illinois Department of Revenue adopted new regulations that provide guidance on residency for snowbirds. The amended regulations formally instruct the Illinois Department of Revenue to no longer consider a taxpayer’s charitable contribution to a notfor- profit 501(c)(3) organization as relevant and applicable in determinations of domicile. (September, 2013)

Download

Lindsey Paige Markus – Giving, Teaching and Estate Planning With Heart and Humanity.
Chicago Daily Law Bulletin

James Gandolfini has been gracing the headlines over the past few months. Surprisingly, the publicity surrounding the late television star’s death is not focused on his award-winning performance in “The Sopranos” or a Hollywood scandal — but rather his estate planning. (August, 2013)

Download

Estate planning implications after DOMA decision from high court.
Chicago Daily Law Bulletin

In a landmark ruling on June 26, the U.S. Supreme Court struck down the 1996 Defense of Marriage Act (DOMA) provision that defined marriage as between one man and one woman and left same-sex couples unable to receive federal marriage benefits. Now, in the 14 jurisdictions that recognize same-sex marriage, the ruling opens the door for couples to have access to the same federal benefits that heterosexual couples already receive. (july, 2013)

Download

Do inherited IRAs protect assets well?
Chicago Daily Law Bulletin

Whether a client has a complex or simple estate plan, failure to properly address a retirement plan (IRA) beneficiary designation may cause havoc. Regardless of what a client’s estate plan may say, the beneficiary designation under the client’s IRA governs. (July, 2013)

Download

Much to consider when estate plans involve individuals with special needs.
Chicago Daily Law Bulletin

We all want to make certain that, upon death, we provide assets for family members, friends and oftentimes charitable organizations. When a beneficiary has special needs, however, additional issues must be considered. This is because, unfortunately, most services for an individual with special needs are provided through federal, state and local programs and eligibility is often based by a “means test.” (April, 2013)

Download

How to up FDIC coverage of a trust account.
Chicago Daily Law Bulletin

The estate-planning process provides a unique opportunity for clients to review their investment portfolios and consolidate their asset holdings. Tony, a retired banker, refused to work with an adviser and maintained meticulous spreadsheets of more than a dozen cash accounts to maximize his Federal Deposit Insurance Corp. (March, 2013)

Download

New law will help retool outdated trusts.
Chicago Daily Law Bulletin

Effective Jan. 1, House Bill 4662 became law. The legislation amends the Illinois Trusts and Trustees Act to include a “decanting” statute. In the cocktail party context, decanting of wine refers to the pouring of the liquid from one vessel into another to aerate and remove unwanted sediment. (February, 2013)

Download

Several tax cuts now become permanent.
Chicago Daily Law Bulletin

The American Taxpayer Relief Act of 2012 (ATRA) was signed into law on Jan. 2, making several of the Bush-era tax cuts permanent. What does this mean for estate planning at the federal and state levels? Federal: Depending on the year of death, a decedent may pass a certain amount of assets free of estate tax (the estate tax exemption). (January, 2013)

Download

Ethical concerns may exist for lawyers who use social media.
Chicago Daily Law Bulletin

Social media is a growing business — and it isn't just the large chain retailers who are looking to get in on the action. More and more attorneys are looking to social media as a means to develop and maintain relationships with strategic partners and clients. In 2008, the An-merican Bar Association Legal Technology Research Center found that 15 percent of lawyers say they maintain a presence on an online social network. (December, 2012)

Download

QPRTs act as smart wealth-transfer tool.
Chicago Daily Law Bulletin

As discussed in my August column titled “Creative transfers of wealth may disappear by end of calendar year,” many changes are scheduled to take place in the new year as the Bush-era tax cuts are set to expire. Namely, the $5.12 million estate tax exemption and lifetime gift exemption is scheduled to drop to just $1 million. (November, 2012)

Download

Changes come to powers of attorney.
Chicago Daily Law Bulletin

Iam a member of the Advocate Charitable Foundation Gift Planning Advisory Committee and had the pleasure of being a panelist for the organization’s presentation on “High Stakes Planning: Advance Directives and the Issue of Mental Capacity.” (October, 2012)

Download

Process to become Florida resident involves variety of steps, reminders.
Chicago Daily Law Bulletin

lorida has become an attractive destination for Illinois residents, and they are not relocating for the oranges. The tax savings and asset protection opportunities are compelling incentives for Illinois res- idents with second homes in Florida to establish full-time residency in the Sunshine State. (September, 2012)

Download

Creative transfers of wealth may disappear by end of calendar year.
Chicago Daily Law Bulletin

Ticktock. Ticktock. A window of opportunity in the world of estate planning may be coming to a close. Summer is almost over and the end of the year will be here in a flash. As the calendar year ends, so too may incredible estate planning opportunities. This is no time to procrastinate! (August, 2012)

Download

Mediation encourages attorneys to step out of their 'zone of control'.
Chicago Daily Law Bulletin

When a client or family friend calls my office several times and won't specify what the issue is in a voice mail, 90 percent of the time they are looking for a referral to a divorce attorney. In my estate planning practice, I work with many clients (and friends) who are going through a divorce or who have just survived one. The more information I have about the divorce process, the better I can assist and support my clients. (July, 2012)

Download

Law clerks add value, need mentors too.
Chicago Daily Law Bulletin

At a recent charity benefit I ran into Rob, a man I had not seen in almost 15 years. He had little recollection of our previous meeting, but for me the memory was vivid. In my prior career in finance, we were introduced by a family friend for the purpose of an informational interview. (July, 2012)

Download

TBE ownership becomes more powerful.
Chicago Daily Law Bulletin

In today’s litigious society, clients routinely express an interest in protecting their most sacred possession — their homes. Although other assets may have greater economic value, one’s home symbolically represents security. In my wealth protection practice, I often advise married couples to hold title to their primary residence as “tenants by the entirety” (TBE) to reap asset protection benefits. However, changes in legislation have opened the doors to even more options. (June, 2012)

Download

Certain principles guide a person during estate planning.
Chicago Daily Law Bulletin

Estate planning attorneys hear this phrase all too often. The frustration, however, increases when we hear this from fellow licensed attorneys. We all are familiar with the old adage of the shoemaker whose son walks around barefoot. The legal arena is not the only practice plagued by this adage — but it may be time to say "enough!" (April, 2012)

Download

Planned giving permits larger donations.
Chicago Daily Law Bulletin

Charitable events are in full throttle this spring. With rampant federal funding cuts, current economics place a heavy toll on charitable organizations. Furthermore, as part of the 2013 budget cuts, there is a proposal to limit itemized deductions to reduce the value of the charitable deduction to 28 percent for families with incomes over $250,000. (March, 2012)

Download

Pet Trust Checklist: Issues to consider when creating a pet trust and providing instructions for the care of your furry friends

Do you live in a state that recognizes pet trusts? Forty states and the District of Columbia recognize pet trusts or other forms of trusts, which would allow for funds to be set aside for the care of a pet. A list of states can be found at ASPCA.org/pet-care/pet-care-tips/pet-trusts-laws.html. (August, 2009)

Download

Attorney-Client Relationships: Neuroscience to the Rescue

Headlines in the news focus on studies which identify the differences between the “male” brain and the “female” brain. Research which demonstrates differences between the sexes receives far more media coverage than studies that illustrate similarities in the male and female brains. Studies which uncover no statistical differences between men and women are simply not newsworthy.

Download

Balancing the Legal Mind

To an outsider looking in, the practice of law in twenty-first century America is a precarious balancing act. Perhaps that is why many television viewers find shows that feature characters as lawyers (L.A. Law, Law and Order, The Practice, etc.) or trained in law (The West Wing) so compelling. Dramatic tension is inherent to these shows. A cynic may write this fascination off as evidence that lawyers are people Americans love to hate, but I think the interest is genuine. (By Donalee Markus, Ph.D. & Lindsey Paige Markus, J.D., 2004)

Download

Why Smart People Do Dumb Things

When smart people make dumb mistakes, it usually isn't because of stupidity, ignorance or apathy — smart people make dumb mistakes because they've been seduced by their own success. The rewards of success help them develop expectations about how things are supposed to be. Smart people are supposed to be competent, confident and in control. (By Donalee Markus, Ph.D. & Lindsey Paige Markus, J.D., 2002)

Download