The newsletter of the ISBA’s Section on Trusts & Estates
Browse articles by year: 2014 (16)
Newsletter articles from 2008
An ancillary lesson
A hypothetical scenario illustrating potential estate administrative expenses in several states.
Deducting administration expenses at the first death
If an estate elects to deduct its administration expenses on the estate tax return and those administration expenses exceed the amounts deducted, then the excess amounts can be deducted on the estate’s income tax return. However, a statement must accompany the estate’s income tax return notifying the IRS that the administration expenses exceed those deducted on the estate tax return and that the estate waives its right to deduct the excess expenses on the estate tax return.
FDIC protection for trust accounts
This article is designed as a comprehensive guide for counsel and clients regarding the significant FDIC protection available for bank accounts owned by revocable and irrevocable trusts as well as pay-on-death accounts and in trust for accounts.
A political question
The movement to eliminate the estate tax came to a head in 2001, when an unprecedented tax cutting regime was enacted to repeal the estate tax in 2010 and reinstate it in 2011.
Push comes to shove
The efforts of the ISBA Trusts & Estates Council were realized on March 11, 2008 when the ISBA Board approved the Council’s proposal to amend 35 ILCS 405/2 of the Illinois Compiled Statutes.
Rollover – We mean it!
On March 12, 2008 the House of Representatives passed a bill that corrected and clarified the Pension Protection Act of 2006 (“PPA”) as it relates to non-spouse beneficiaries of qualified plan participants (H.R. 3361).
Tax tips for estate planners
At the helm of another tax season lie opportunities for calmer seas. The following are some areas in which estate planners may find some navigation tips.
Time-out for Talty
In Talty v. Talty, decided in October of 2007, the Third District Appellate Court delivered a forceful message to self-interested fiduciaries.