The newsletter of the ISBA’s Section on Trusts & Estates
Browse articles by year: 2013 (62)
Newsletter articles from 2013
The IRS will be closed…
All IRS offices, including all toll-free hotlines, the Taxpayer Advocate Service and the agency’s nearly 400 taxpayer assistance centers nationwide, will be closed on July 5, July 22 and Aug. 30, 2013.
Is an Illinois resident’s inherited IRA protected from bankruptcy creditors?
There is a split in the circuits regarding whether or not inherited IRAs are protected from bankruptcy creditors. The Fifth Circuit has held that a Texas resident’s inherited IRA is protected from bankruptcy creditors. The Seventh Circuit has held that a Wisconsin resident’s inherited IRA is not protected from bankruptcy creditors. Both Wisconsin and Texas have not opted out of the bankruptcy exemptions. Therefore, federal bankruptcy exemptions apply.
Legal shield to the rescue?
An overview of Legal Shield, which is essentially a form of prepaid legal plan or legal insurance.
Luccio, Intentional Interference w/ an Expectancy & the six-month non-claim statute
Where a trust contest under 8-1(f) is unavailable to a potential plaintiff because of the plaintiff’s lack of awareness, the plaintiff may proceed with an intentional interference claim after the six-month limitation period has run. How much awareness or lack thereof will courts require to determine whether a party is getting a second bite at the apple?
Practice tip—Estate tax return audits
According to the “2012 Internal Revenue Service Data Book” issued March 25, 2013, the IRS scrutinized estate tax returns more than any category of individual tax returns in tax year 2011 at close to a 30 percent rate of examination.
Real estate in Israel—Prepare for probate
A look at the Israeli laws and procedures relating to a U.S. citizen who dies leaving real estate in Israel, and practical advice to those who currently hold real estate in Israel to ease the property's future transfer.
Reasonable attorney fees & ISBA Advisory Opinion No. 13-01
For those of you who represent representatives of decedent’s estates, the ISBA Advisory Committee Opinion No. 13-01 issued January 2013, is a must-read. This is part I of a two-part article looking at the opinion and its ramifications.
Reflections on National Network membership
The National Network of Estate Planning Attorneys helped the author and his business shift from a low-margin transactional approach to a relationship-based, counseling-oriented process that is very rewarding both personally and professionally.
Snowbirds fly free of Illinois tax
In a surprisingly taxpayer-friendly decision, Cain v. Hamer provides a judicial road map for Illinois residents who spend a portion of the year out of state.
Taking the plunge with WealthCounsel
This article outlines the author's initial impressions of WealthCounsel, an estate planning system, and he will follow-up in a few months with an update.
Tips from Heckerling 2013 and beyond
The author shares what he learned from Heckerling and in the months since the conference in light of the new American Taxpayer Relief Act of 2012.