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Author Archives: Good Day Illinois
Supreme Court of the United States Rules Inherited IRA’s Are Not Retirement Funds!
In 2000 Ruth Heffron established a traditional IRA and named her daughter the beneficiary of the account. In 2001 Ms. Heffron died, and the account had a value of little over $450,000, and the daughter received the account electing to take monthly distributions. In 2010 the daughter filed a bankruptcy petition listing the inherited IRA as an exempt asset worth about $300,000. The bankruptcy trustee objected to the characterization as an exempt asset on the grounds the funds in the inherited IRA were not “retirement funds.” The case went through the appeal process and now the Supreme Court of the United States has ruled on June 12, 2014 that an inherited IRA is not an exempt asset.
This decision is important to anyone with substantial funds in an IRA. You die, and your child could lose the whole inherited IRA if the child has financial problems. Some states do exempt inherited IRA’s, and more states will probably consider exempting them in light of this decision. In the meantime one should review beneficiary designations on their retirement accounts. Beneficiaries should even consider taking lump sum distributions paying the tax, and investing in exempt assets!
Read the case at
Freeport City Council Meets Monday, June 16 – Watch Alderman Shawn Boldt in Action -A Real Leader – That Is a Leader for Higher Taxes!
At the June 2 Freeport Council meeting there was the first reading of the new Comcast (cable) franchise agreement. As is usual with this Council, there was little constructive discussion except for Alderman Shawn Boldt who wondered if the 5% franchise fee (basically a tax of 5% on your cable bill) could be increased. He was advised that the FCC set the maximum which is 5%. It’s good to know that Alderman Boldt is looking for ways to increase our taxes. He must be auditioning for a job with Governor Quinn and his tax and spend friends in Springfield.
The meeting will begin at 6:00 pm in the City Council Chambers at 524 West Stephenson Street, 3rd Floor. If you have Comcast Cable, go to channel 17 to watch live.
Some items of interest on the agenda:
Proclamation of Mayor proclaiming June 19 – 22 Juneteenth Day, read it at http://www.cityoffreeport.org/OrdRes/PROCL%20JUNETEENTH_20140616.pdf
Memo on monthly garbage rate increase starting July 1 from $12.02 to $12.25 per month
2nd reading of Ordinance approving Comcast Franchise Agreement
2nd reading of Ordinance amending Residential Rental Property Regulations
Various Resolutions pertaining to county-wide transportation program to be run by Senior Resource Center in Freeport
Appointment of James Brown, Community Development Director, to the Board of Directors of the Jane Addams Trail Commission and the Pecatonica Prairie Path Commission, with Shaun Gallagher, City Engineer, as an alternate Board member for each Commission.
Acceptance of low bid and Contract for Mill and Overly Program to Civil Constructors, Inc. for $292,567.20
To read the complete agenda, go to http://www.ci.freeport.il.us/citygovernment/Agendas/A20140616.pdf
Black Bears Invade Northwest Illinois – Governor Quinn Blames Wisconsin!
Black bears have been spotted in Freeport, Stockton, and now Rockford, Illinois. The bears are migrating from our northern neighbor, Wisconsin. There have not been any black bears in Illinois since 1870. Do you really believe that they decided to come to Illinois on their own? The answer is a resounding NO. Wisconsin Governor Walker and his Republican friends to the north by their tax policies gave the State of Wisconsin a decisive tax advantage over their high tax friends to the south. To further drive residents and businesses out of Illinois, Wisconsin has been secretly forcing black bears south into Illinois.
Mayor Morrissey of Rockford, Illinois stated – “It’s difficult enough to attract residents and businesses to Rockford when you look at the economic policies of this state, and now you cannot even go out at night without the threat of black bears attacking you.” Governor Quinn to his credit did say that if there are any bear attacks in the area, he would consider mobilizing the National Guard. Bruce Rauner, his Republican opponent in this fall’s election, stated that in order to encourage economic development he would recommend tax credits for bear processing plants if they would relocate to northwest Illinois.
For more information provided by the Wisconsin Department of Natural Resources, go to
If You Live in Freeport and Stephenson County, Your 1st Installment of Real Estate Taxes Is Due Friday, June 6. Freeport Rates Up Over 10% in Two Years!
Don’t let those taxing bodies fool you. Every taxing body in the City of Freeport has increased their tax rates for 2013 led by the Freeport School District which has the capacity by itself to bankrupt this community. The total tax rate for those living in Freeport has increased over 10% in two years, and this is a fact. If this rate increase continues at 5% per year, it would be up 25% in five years. If you work in the private sector, has your income gone up over 10% in last two years? If you are retired without a public pension, has your social security gone up 10% in the last two years? When will the taxpayers in Freeport say enough is enough? The answer is clear – only after it is too late, and we are close to that point.
New Fire Chief as One of His First Acts Submits New Fire Works Ordinance to Freeport City Council – Forget Private Fireworks Displays in Freeport!
Freeport City Council Meeting Monday, June 2, 2014, 6:00 pm
City Council Chambers at 524 West Stephenson Street, 3rd Floor
If you have Comcast Cable, go to channel 17 to watch live.
Some items of interest on the agenda:
Mayor will give his annual State of City speech.
Life Saving Award for Freeport Police Officers
Resolution Honoring Retiring City Accountant Duane Price
Resolution Honoring Gene Plum for service on Water and Sewer Commission
1st Reading of Ordinance to approve Comcast (cable) Franchise Agreement with City – City gets 5 per cent of gross revenue for Franchise Fee. No wonder City Administration likes high Comcast Fees since they receive more money to spend!
PRIZE ORDINANCE OF THE MONTH!!!
1st Reading of new Fireworks Ordinance. Let’s forget the 4th of July this year and save some money! The requirements of this ordinance will make most private displays impossible unless you have unlimited funds like the City and Freeport School District which can tax their way to compliance! Among pages of requirements for the approval of a display is the requirement that fire protection on site consist of one fire engine and one ambulance. Too bad most of us do not have a private fire department so we can get a fireworks permit. Big brother and big bureaucracy in action. An example of what is wrong with America!!!
Now that Freeport has solved its crime problem with the new rental ordinance, the enlarged police department can devote its attention to fireworks violations!
The mayor when asked by a little girl whether she could have sparklers on the 4th replied – Sure you can – just get a fire engine and ambulance in your back yard!
To read this ordinance and its requirements for a permit go to
Click to access Fireworks%20Ordinance%2020140602.pdf
The complete agenda for the June 2 meeting is available at
Another Year of Farmers Markets in Northwest Illinois – Enjoy Them Because the Summer Goes Fast!
Stephenson County Farmers Market, Tuesday (12 – 4 pm) and Saturday (8 am to 1 pm) until October 28, 1805 S. West Avenue (Logan’s Bar & Grill Parking Lot), Freeport.
Freeport Farmers Market, Saturdays 7 to 11 am until October 4, 721 W. South Street (CVS Parking Lot), Freeport.
Highland Farmers Market, Wednesdays 3 to 6 pm, June 4 – October 1, Highland Community College, Parking Lot C, 2998 W. Pearl City Road, Freeport.
Lena Farmers Market, Saturdays 8 to 11 am, June 7 – October 4, 100 W. Main, Lena.
Lest We Forget Memorial Day – Monday May 26
The Flower of Remembrance
In Flanders Fields
By: Lieutenant Colonel John McCrae, MD (1872-1918)
Canadian Army
In Flanders Fields the poppies blow
Between the crosses row on row,
That mark our place; and in the sky
The larks, still bravely singing, fly
Scarce heard amid the guns below.
We are the Dead. Short days ago
We lived, felt dawn, saw sunset glow,
Loved and were loved, and now we lie
In Flanders fields.
Take up our quarrel with the foe:
To you from failing hands we throw
The torch; be yours to hold it high.
If ye break faith with us who die
We shall not sleep, though poppies grow
In Flanders fields.
Freeport Mayor Praises Governor Quinn in Recent Column – How Soon We Forget! Freeport’s New Slogan – Give Us A Crumb and We Will Support You Forever!
Mayor Jim Gitz of Freeport in his weekly column in the Journal Standard thanked Governor Quinn for repairs to West Street and Park Boulevard. Mr. Gitz must have a short memory. This Governor has done little for Freeport and Northwest Illinois west of Rockford. Thank the Governor for a 67% income tax increase, thank the Governor for doing nothing on a four lane US 20, thank the Governor for the train from Rockford to Chicago (If you live in Freeport, you can take the bike path to Rockford to catch the train.), thank the Governor for creating a business environment in this state that drives existing businesses out of the state such as MetLife, thank the Governor for destroying existing businesses in this state that cannot afford to leave, and thank the Governor for destroying the lives of many citizens of this state who have lost jobs, homes, and families as a result of his destructive policies. Yes, this Governor has created quite a legacy!
More TIF’s, New City Attorney, New Finance Director, and Public Transit for Stephenson County on Freeport Council Agenda for May 19!
Freeport City Council Meeting Monday, May 19, 2014, 6:00 pm
City Council Chambers at 524 West Stephenson Street, 3rd Floor
If you have Comcast Cable, go to channel 17 to watch live.
Some items of interest on the agenda:
There will be a Public Hearing on Expansion of Public Transit to Stephenson County. The new service will start on July 1, 2014 with the Stephenson County Senior Resource Center becoming the provider for county-wide service. The fares will be as follows: regular fare $3.00, children’s fare $2.00 (7-11), and no fare for seniors. Read the full memo at http://www.cityoffreeport.org/OrdRes/Council%20Memo_Transit%20Agenda%2020140519.pdf
Resolution for Retiring City Attorney John Mitchell – a city attorney who prosecuted seat belt violations and minor traffic tickets like murder cases!
Appointment of Cynthia Haggard as Finance Director effective June 5.
1st reading of Ordinance for Meadows TIF. This TIF must cover Meadows Shopping Center with the former Kmart store on the south side of Freeport. See previous comments on the excessive use of TIF’s in Freeport and the shifting of the real estate tax burden to homeowners and small businesses.
Resolution to approve Tony Coon as City Attorney with compensation of $2,500.00 per month. The agreement with Mr. Coon states that he will provide traffic, code, and ordinance prosecution for the City of Freeport. The Agreement does not specify how much he will be working each week. It could be less than an hour a week or maybe an hour a month!
Don’t forget that Freeport already has a full time corporation counsel. 40 years ago when Freeport was larger than it is today, the job of corporation counsel was a part time job!
For the Agreement with Mr. Coon go to http://www.cityoffreeport.org/OrdRes/Council%20Memo_Transit%20Agenda%2020140519.pdf
The complete agenda is available at http://www.ci.freeport.il.us/citygovernment/Agendas/A20140519.pdf
Good Day Illinois - Happenings in Northwest Illinois 