An ILIT is a trust primarily set up to hold one or more life insurance policies. The main purpose of an ILIT is to avoid federal estate tax. If the trust is drafted and funded properly, your loved ones should receive all of your life insurance proceeds, undiminished by estate tax.
In 2019, the Oregon Legislature passed Senate Bill 1049 (SB1049). The bill makes some changes to the Oregon PERS calculations in their quest to help keep the PERS system funded for current and future beneficiaries. While the bill was passed in 2019, components of the bill take effect at various times throughout 2020. For the most part, it is active PERS members who will be impacted by these changes. It’s important, if you are an active PERS member, to understand how these changes may impact you.
Most are familiar with the old saying “never mix business with pleasure.” However, for business owners both large and small, keeping in mind the mantra to never mix business finances with personal finances will serve you well.
Moments of crisis are times for people to come together and help one another. However, with the rise of record unemployment levels, unemployment fraud has taken hold of vulnerable targets.