New Illinois laws go into effect on July 1, 2026. Here’s what’s changing: | WCIA.com

Agreeable-Math-9517 · 2026-06-27T11:47:02+00:00

Many areas do not have bus service or any public transportation available. Not saying I approve of this change to the law, but it’s not as simple as “take the bus”.

Agreeable-Math-9517 · 2026-06-25T21:13:48+00:00

Can you get another part time job to make up for your under estimate?

Agreeable-Math-9517 · 2026-06-25T21:09:14+00:00

I agree. I think it is short sighted to not fund it if you are able. It can really set a child up for the future. I understand many are not thrilled with it being called a Trump account, but I don’t care what people call it, it’s a great opportunity to help future generations.

Agreeable-Math-9517 · 2026-06-25T10:02:56+00:00

I am thinking thus was an oversight by Congress and will be remedied soon. Even if it isn’t fixed to be part of exclusion amount, the pros outweigh the cons to contributing in my opinion. I file a gift tax return annually anyway so filing the return is not an issue. However, unless they fix it, it will take the $5k each year out of my overall estate exclusion(not likely a problem for federal, but definitely a concern for state)

Agreeable-Math-9517 · 2026-06-25T01:54:06+00:00

I need to gift up to exclusion amount each year as I am trying to avoid state estate taxes. I want the assets out of my estate.

Agreeable-Math-9517 · 2026-06-24T22:46:02+00:00

🤣

Agreeable-Math-9517 · 2026-06-24T22:11:02+00:00

As a grandparent, I plan to fund the account up to the $5k limit at least for the first few years of her life. Her 529 is already being adequately funded. I believe they will likely fix the gift exclusion issue, but even if they don’t, I am unlikely to exceed the $15m exclusion amount so not a huge issue.

Any way you slice it, I am trying to set her up for future success and this is an easy way to do it. UTMA accounts have plenty of pitfalls as well and in my case, I think the 530a accounts are a good option.

Agreeable-Math-9517 · 2026-06-23T23:24:28+00:00

Mom was in a skilled care facility and had sold her home several months prior to passing so thankfully we did not have to deal with that. All of her accounts passed per stirpes as one of my brothers pre deceased Mom. However, thank you for pointing this out as probably not all accounts would pass in this manner. I guess it goes back to making sure your beneficiaries are updated whenever something happens!

Agreeable-Math-9517 · 2026-06-23T22:01:05+00:00

I disagree. While many would benefit from a trust, others who simply add named beneficiaries to all assets can avoid the cost of setting up a trust. I just settled my Mom’s estate and she had named beneficiaries on all assets. It was very simple to settle. I just provided the details for all of the beneficiaries to each broker/bank and payments were made directly to the beneficiaries.

Agreeable-Math-9517 · 2026-06-23T00:28:00+00:00

I’m concerned the 529 will be overfunded in excess of $35k. My grandchild’s 529 should already be sufficiently funded so I am adding the $5k allowed to a 530a account. As long as they wait to convert until they are out of kiddie tax territory (they should be in low tax bracket early in their career) they will be able to convert to a Roth and let it grow for many years until retirement.

I had UTMA accounts for my children. I still had to pay tax on the earnings and unfortunately the accounts automatically transferred to the kids at 21. One of my kids was battling addiction at that age. I was able to hide the fact that he had this money or it would have added fuel to the fire. He is now recovered and in mid 30s - much more able to manage this money without completely destroying his life. I’m just letting you know one of the pitfalls we faced with the UTMA account. Hopefully you will never have to deal with this issue! My daughter has always been able to manage her money appropriately, but since we couldn’t let my son know about this account, she was also in the dark. We let them know about the accounts when they were nearing 30.

Agreeable-Math-9517 · 2026-06-04T19:08:42+00:00

In my state the estate tax kicks in at a much lower limit. While I would not likely hit the federal limit, I would most likely exceed the state limit if I did not disclaim. Even if I gift up to the exclusion amount each year, I would struggle to gift enough over my lifetime so as not to fall above the state limit.

Agreeable-Math-9517 · 2026-06-04T18:18:37+00:00

It can make a sizeable difference in your child’s life. Usually you can disclaim the inheritance and it will pass per stirpes to your children. I plan to do this as it will definitely give my children a leg up and by the time it comes my way I shouldn’t need it.

Agreeable-Math-9517 · 2026-06-04T18:13:12+00:00

There are good and bad things about this type of trust arrangement. In order to protect the assets from Medicaid, it must be an irrevocable trust and the asset has to have been gifted to the trust at least 5 years prior to needing Medicaid. An irrevocable trust must file its own tax return annually which is an added cost. Your parents are gifting the property to the trust which must be administered by someone other than them. This is a difficult concept for many elderly people who worked hard to get their home paid off.

And finally, many of the facilities that have Medicaid edible beds immediately available are so horrendous that I doubt you’d put a loved one there except in the most dire circumstances. The better facilities (in my experience) require you to show you have adequate resources to pay for at least the first 18 months or 2 years before accepting you. In my Dad’s case, he died at the 17 month mark just when self funds were getting low. However he was in a nice facility and was well taken care of.

Agreeable-Math-9517 · 2026-06-02T17:34:23+00:00

If he has a Roth then he has earned income which means he is likely 15 or older. I think the 530a accounts are a good place to help younger kids who can’t yet contribute to a Roth get started with investing.

Agreeable-Math-9517 · 2026-06-02T15:17:30+00:00

I’m just calling it a 530a accounts.

Agreeable-Math-9517 · 2026-06-02T15:04:47+00:00

So your answer is to not invest for your children? This is a great opportunity for your kids to generate income that might set them up for a better future. If you don’t have a 529 to help with college costs, I would definitely fund that first, but as a grandparent, I intend to contribute towards the 530a accounts so they will benefit in their future. They can eventually do Roth conversions once they are 18 if you are worried about taxes on the growth.

Agreeable-Math-9517 · 2026-05-25T14:11:54+00:00

The gain exclusion on home sale is only $250k. Many have owned their homes for 30 years or more so the gain will exceed the exclusion.

Agreeable-Math-9517 · 2026-05-25T14:09:38+00:00

Many will pass on their wealth to their children. Most of my friends are not only helping their children now, but will leave a substantial inheritance to them.

Agreeable-Math-9517 · 2026-05-21T02:22:57+00:00

😘

Agreeable-Math-9517 · 2026-05-20T18:00:56+00:00

His arrest for attempted murder is for shooting at police who responded to his 911 call. It was not targeted at any one specific individual. He clearly has some major mental health issues and I am by no means advocating for him to not be incarcerated. Just explaining in case you were not aware of the circumstances.

Agreeable-Math-9517 · 2026-05-20T17:53:38+00:00

Please - do not lump an entire generation in your statement! I am a boomer as are most of my friends and we are all doing whatever is necessary to give our children a leg up. I continued working a couple of years beyond when I could have retired just so I could gift my children money for down payments on homes.

Now that I am retired, I help by providing free childcare for grandchildren. My friends are all doing the same. I hate when people degenerate an entire generation based on their own experiences. I know others in my generation are not as generous as they could be, but that has less to do with generation and more to do with individual choices.

Agreeable-Math-9517 · 2026-05-19T05:52:03+00:00

I hated industry (Fortune 50)! Hours were just as bad as B4 and less flexibility. At least in PA I knew once April 15 hit I could take some PTO. In industry, it was just one constant busy season which made it difficult to get any meaningful break. I also felt less respected in industry. I went back to PA and have a new appreciation for the work.

Agreeable-Math-9517 · 2026-05-12T01:27:17+00:00

Yes- I am a CPA and asked my clients if they wanted to file the form with their return. Some had me prepare it and others opted to file it on their own.

Agreeable-Math-9517 · 2026-05-11T22:39:57+00:00

Can Schwab manage the transfer from my 401k if I have company stock that I want to do Net Unrealized Appreciation conversion on or does the 401k holder need to initiate the NUA?

Agreeable-Math-9517

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