The newsletter of the ISBA’s Section on Trusts & Estates
Browse articles by year: 2014 (15)
Newsletter articles from 2010
Awarding attorney fees in fiduciary duty cases
Illinois courts have made clear that they will enter an award against a person who breaches his fiduciary duty when that person benefits from the breach and causes harm to the party or parties to which they owe a fiduciary duty.
Congress may be frozen, but the Supreme Court is acting!
Normally, the activity of the United States Supreme Court and the Illinois Supreme Court has little effect on the work of trust and estate lawyers. In 2009, however, there were three decisions of note: one by the U.S. Supreme Court and two by the Illinois Supreme Court that are of significance and importance to trust and estate lawyers.
Estate plan prepared by guardian not ripe for challenge
In October 2009, the First District dismissed the appeal of the former caretaker and nephew-in-law of a disabled person (both of whom were named in the disabled person’s prior estate planning documents) of the dismissal of their challenge to the corporate guardian’s new estate plan for the disabled person for lack of standing.
George Steinbrenner’s estate tax homerun
Since Mr. Steinbrenner died in 2010 (a year in which there may be no federal estate taxes), his heirs pitched the proverbial perfect game and escaped with a zero estate tax bill.
Not just a bill
HB 6477, which revises the Illinois Power of Attorney Act to minimize abuses, has passed the Illinois General Assembly and is ready for the Governor to sign.
Note from the Editor
Where do you believe estate law is headed? E-mail your thoughts to newsletter editor Katarinna McBride.
A question of health
Suggested language to add to a statutory form so that medical information can be released to a designated person other than the primary Health Care Agent.
Say bye-bye to passive activity losses: A possible past-time for LLCs and LLPs
Limited liability companies (LLCs) and limited liability partnerships (LLPs) are well ingrained as two of the preferred techniques used by estate planning professionals. Both LLCs and LLPs offer significant advantages that many other techniques do not: valuation discounts, retention of control, and tax efficiency. To the delight of those individuals who use LLCs and LLPs in their estate planning work, the perceived tax efficiency of these methods has improved through two recent court cases.
Terms of engagement
If using an engagement letter is a foreign concept to you, then you will benefit from reviewing this article, which summarizes a couple of the new Rules of Professional Conduct adopted by the Illinois Supreme Court that became effective January 1, 2010