Heidi Scott is a longtime attorney in Mt. Sterling, Illinois, who delivers solutions in the tax and real estate law sphere. One area in which Heidi Scott has extensive knowledge is inheritance law. While Illinois does not have inheritance taxes, it does maintain estate taxes, which have a threshold of $4 million before they kick in.
From here a progressive estate tax rate is assessed that can reach as high as 16 percent for all assets above the $4 million mark. This exemption isn’t portable between spouses, meaning that when both partners die, it remains $4 million. In cases where there is no will, the state has specific rules defined in the laws of intestate succession. The surviving spouse generally receives 50 percent of the total, with the children receiving the remaining half divided equally, per stirpes. The latter term means that if one child is already deceased, the money passes on to his or her children (or the grandchildren of the decedent). Lacking spouse or children, surviving siblings and parents of the decedent receive equal shares, again per stirpes. Naturally, if the total amount of assets, with or without a will, exceed $4 million, a state estate tax is assessed. Because inheritance laws can be complex, it makes sense to consult with a qualified estate tax attorney in such matters.
0 Comments
CPA-lawyer Heidi Scott operates the Law Offices of Heidi Scott Mt. Sterling, Illinois. She is a general law practitioner focusing on tax law, estate planning, and real estate. She owns the Schuyler Brown Land Title, a real estate documentation services provider. Outside of work, Heidi Scott and her husband enjoy traveling. Together, they have traveled to many countries in Europe and Bali, Indonesia.
A study published in the American Journal of Epidemiology said that a lower incidence of heart attack might be attributed to regular vacations. Twenty female participants were monitored for 20 years. The result of the study revealed that the participants who traveled only once in six years had a 250 percent higher risk of having a heart attack than those who traveled at least once a year. In another research published in the Psychosomatic Medicine journal, male participants with a high risk of heart attacks were monitored for nine years. According to the result of the study, the participants who traveled at least once a year had a lower risk of dying of heart attack by nearly 30 percent. The Wisconsin Rural Women’s Health Study compared the psychological stress levels of rural women in central Wisconsin who took frequent vacations with their counterparts who did not. After the trial period, it was discovered that those who vacationed at least twice a year showed lesser symptoms of tension and depression compared with those who traveled only once in two to six years. An Illinois-based attorney and CPA, Heidi Scott oversees a land title company, and a law office focused on estate planning, tax law, and real estate. Outside of her professional activities in Illinois, she enjoys traveling worldwide. Also an accomplished musician, Heidi Scott plays the piano and the flute.
The flute is one of the oldest instruments in the world, and its history dates back to ancient times. The oldest flute ever found is between 35,000 and 43,000 years old. Made of vulture wing bone, the flute was found in Germany. Other early flutes were also made of bone and wood or reeds. Many ancient cultures used the flute in religious ceremonies and rituals. In the Middle East, the Arabic ney, a reed flute that has existed for thousands of years, was previously used for this purpose. The ancient Egyptians and ancient Greeks also used the flute during religious ceremonies. Native North and South Americans are other cultures with a long tradition of flute playing. Over the years, the flute evolved significantly from its ancient roots. The Renaissance and Baroque periods saw changes to the instrument's design, materials, and playing techniques. Changes to the instrument's range and technical abilities led to the modern flute, which musicians use to play many genres of music, from classical and jazz to pop and world music. Today, the flute is a featured solo instrument in orchestras, bands, and small ensembles. With a background in law and finance, Heidi Scott is an Illinois-based attorney and CPA who has dedicated her career to helping clients navigate complex legal issues. Heidi Scott leads her own law firm, the Law Offices of Heidi Scott, in Mt. Sterling, Illinois, where she specializes in estate planning, tax law, and real estate.
According to data from the Mainstreet Organization of Realtors, 35,741 single-family homes were sold in Illinois in 2022. This is a 22.5 percent drop in aggregate single-family home sales in the state in 2021. Low inventory was also recorded throughout 2021. The limited supply of homes contributed to the uptick in the 2022 median sale price for detached homes in Illinois, which is $343,000 (up 5.5 percent from $325,000 in 2021). While detached homes were in low supply, attached home sales also declined in 2022. In December 2022, 961 attached homes were sold, which is just 59 percent of the preceding year's aggregate December sales. The median price of attached homes for the month increased by 8.6 percent to $212,000. An attorney and CPA who has extensive experience as an Illinois Department of Revenue tax lawyer, Heidi Scott worked with state legislators in drafting bills to meet collection goals. Heidi Scott operates a law office in Mt. Sterling, Illinois, the Law Offices of Heidi Scott, which serves clients in matters related to estate planning, tax laws, and real estate laws.
A new law that protects against discrimination based on the source of income took effect in Illinois on January 1, 2023. The Illinois Human Rights Act was signed into law by Gov. JB Pritzker in May 2022. The law amended the Fair Housing Act of 1968 by adding “source of income” as a protected class. The new law defines “source of income” as any lawful means by which an “individual supports himself or herself and his or her dependents.” The law added that the source of income includes subsidies received through housing programs like the Department of Housing and Urban Development Section 8 Housing Choice Vouchers. The law protects tenants and prospective tenants from difficult landlords who discriminate or interfere with the Fair Housing Act and the Illinois Human Rights Acts. In addition to the source of income, the law also prohibits discrimination based on race, color, religion, sex, national origin, disability, family status, sexual orientation, ancestry, age, order of protection status, marital status, pregnancy, and unfavorable discharge from military service. Violations of the law carry severe civil penalties. An alumnus of Luther College and the Southern Illinois University School of Law, Heidi Scott is the owner of Schuyler Brown Land Title. In this capacity, she prepares real
estate deeds, related transfer documents, and title examinations. Illinois resident Heidi Scott is also an attorney at the Law Office of Heidi Scott, where she handles real estate, tax law, and estate planning. Estate planning involves preparing to manage an individual's assets in the event of incapacitation or death. This includes creating a will, establishing trusts or charities, and naming an executor. After incapacitation or death, the process of bequeathing the estate to heirs, charities, or other causes and settling estate taxes begins. To ensure compliance with estate planning laws and a proper understanding of the documentation, including legal jargon, it is recommended to seek the assistance of an estate law attorney. Assets that may be included in an estate can include houses, real estate, stocks, debt, pensions, and life insurance. There are several reasons why individuals may engage in estate planning. The primary reason is to preserve family wealth, but it can also provide for a surviving spouse and children and fund education for other family members. Estate planning can also help to prevent conflicts with other family members and protect the access of a spouse and children to the estate. The provisions in the final estate planning documents are legally binding and secure. Estate planning can also allow you to leave a legacy for a cause of your choosing, such as a former school, church, community organization, or nonprofit supporting a cause that you believe in. The beneficiaries of your estate are at your discretion. Maintaining a law practice in Mt. Sterling, Illinois, Heidi Scott provides knowledgeable real estate and tax law consulting services. Heidi Scott also guides Schuyler Brown Land Title and ensures property transfers and deeds comply with Illinois law.
Property transactions involve title transfers, and Illinois law allows for several options. New property owners can assign their names to the titles. Then, owners can transfer the property to beneficiaries through estate plans after they pass. Properties fall under court intestate succession rules when no trust or will exists. The law also applies to Tenants in Common arrangements, whereby each individual prepares to transfer their portion of jointly owned properties. Joint Tenancy arrangements allow pairs of individuals to take titles under their names and pass them to the surviving owner upon one member’s death. Tenancy agreements apply to tenants-in-common and joint tenants and help them define what happens if titleholders break up, pass on or experience adverse events. It benefits those who marry or become business associates and don’t want to lose their assets. Land Trusts help property owners keep their ownership confidential. It keeps names off the record at the public county recorder’s office. In addition, people can explore limited liability companies (LLCs) and other corporate entities to protect individual assets and increase financial flexibility.
I published An Overview of Defensive and Offensive Soccer Formations on Medium.
I published The Two Types of Freehold Estate Ownership on Medium.
I published Role of Personal Representatives When Dealing with Estate Law on Medium.
|
AuthorHeidi Scott - Community-Involved Illinois Attorney and CPA. Archives
February 2023
Categories |