IRS inflation adjustments for 2017By Jennifer BunkerTrusts and Estates, January 2017The Internal Revenue Service has announced its annual inflation adjustments for tax year 2017.
Proposed 2704 changes meet stiff resistance at IRS hearingBy Bruce A. JohnsonTrusts and Estates, January 2017Since the tax court decision of Kerr v. Commissioner, the IRS has been concerned that certain loopholes exist in IRC 2704 that allow taxpayers to gift interests to family members in entities that have no business purpose and allow the transfer of wealth without due consideration of the value to the transferor.
No common law rights for unmarried cohabitantsBy Gary R. GehlbachTrusts and Estates, December 2016In a recent Illinois Supreme Court decision, Blumenthal v. Brewer, the court ruled that to afford unmarried partners the right to enforce mutual property rights under common law would be tantamount to recognizing common law marriage.
Proposed 2704 changes meet stiff resistance at IRS hearingBy Bruce A. JohnsonBusiness Advice and Financial Planning, December 2016Since the tax court decision of Kerr v. Commissioner, the IRS has been concerned that certain loopholes exist in IRC 2704 that allow taxpayers to gift interests to family members in entities that have no business purpose and allow the transfer of wealth without due consideration of the value to the transferor.
In re Estate of AginBy Mary Anne Spellman GerstnerTrusts and Estates, November 2016The opinion in this case demonstrates the importance of a clear expression of the settlor’s intent in the trust language itself, the meaning of the term per stirpes, and reflects the impediments which exist to presenting extrinsic evidence in interpreting a trust.
Release and indemnification of a trustee: Best practice recommendations for practitionersBy Anthony L. Engel & Kelli Chase PlotzTrusts and Estates, October 2016Acting as Trustee can be a risky endeavor. Practitioners can help protect Trustees (and encourage qualified parties to act as Trustee) by explicitly authorizing a Trustee to request a release and indemnification in their trust documents. Some statutory changes could be helpful, as well.
Transfers into trust: A new reality?By Robert W. KaufmannTrusts and Estates, September 2016New legislation appears to be an overreaction to the Estate of Diane Mendelson v. Michael Mendelson case.
Drafting an all-star lineup of co-trustees for trust managementBy Neil T. Goltermann & Daniel S. PorterTrusts and Estates, July 2016While appointing a team of co-trustees is a great way to take care of each phase of trust management, the following cases provide some specific things to watch out for when drafting the players for the trust management lineup.
Protective trusts without compressed tax brackets for trust managementBy Curt W. FergusonTrusts and Estates, July 2016Has your estate planning business suffered since the American Taxpayer Relief Act of 2012 and the increase in the Illinois estate tax exemption to $4,000,000? Do you find that most people just don’t think there is much of anything they can gain from your counsel?
Flinn Report Summary – April 15, 2016 through May 13, 2016By Joseph P. O’KeefeTrusts and Estates, June 2016A summary of regulatory decisions of Illinois agencies reported in the Flinn Report that are related to trust and estate practices.
Legislative updateBy Justin KarubasTrusts and Estates, June 2016A non-exhaustive list of bills that passed both houses that impact the trusts and estates practice.
Section 529A ABLE accounts opening throughout the United StatesBy Adam M. AnsariTrusts and Estates, June 2016According to the National Disability Institute, there are 58 million individuals with disabilities in the United States and at least 10% of these individuals would qualify for the creation of an ABLE Account under the current eligibility requirements.
Stepped-up basis for credit shelter trusts using PEG powers under Illinois lawBy Robert J. KolasaTrusts and Estates, April 2016This article discusses how a surviving spouse may in some scenarios exercise a testamentary special pwer of appointment to create a new (i.e., appointive) trust for remainder CST beneficiaries.
Trustee’s fees: What is “reasonable” compensation?By James M. LestikowTrusts and Estates, April 2016The Illinois Trusts and Trustees Act merely states that Trustees are entitled to “reasonable compensation for services rendered.”
A baker’s dozen considerations before probating small or insolvent decedents’ estatesBy Colleen L. SahlasTrusts and Estates, March 2016This article addresses those cases where probate is optional, and offers a number of factors for you to consider as you and your client determine whether or not probate is the most prudent course of action for a certain insolvent or small estate.
Drafting a deed in trust without destroying tenancy by the entiretyBy Frank GreenfieldTrusts and Estates, March 2016A recent Illinois case illustrates how to maintain the protection of tenancy by the entirety when funding a revocable living trust with the marital home.
Illinois’ new small estate affidavitBy Lauren Evans DeJongGeneral Practice, Solo, and Small Firm, March 2016A small estate affidavit allows for the administration of small estates (in Illinois, personal assets valued under $100,000) without the necessity of court proceedings.
Heckerling 2016 reviewedBy Timothy S. MiduraTrusts and Estates, February 2016An overview of the recent Heckerling conference.
2016 estate tax summaryBy Jeffrey R. GottliebTrusts and Estates, January 2016An executive summary of the current Federal and Illinois estate, gift and generation skipping tax exemptions and rates for 2016.
Proposed legislation: Illinois Trust CodeBy Susan T. BartTrusts and Estates, January 2016The ITC will provide practicing attorneys, trustees, trust beneficiaries and other parties dealing with trusts clear, expansive, and easily accessible guidance on trust law questions.
Caselaw updateBy Raymond W. PratherTrusts and Estates, December 2015Three recent cases of interest to trusts & estates practitioners.
