QTIP trust legislation signed
Governor Quinn signed the QTIP trust legislation into law yesterday to take effect immediately. It may be found at the General Assembly website under Senate Bill 2115 or Public Act 96-789. by clicking here. Public Act 96-789 creates QTIP trust legislation for an Illinois surviving spouse if the other spouse dies in 2009. It addresses the issues caused by the decoupling of federal and Illinois exemptions for estate taxes for 2009.