Financial exploitation of the elderly is a growing social concern. Estate planners should examine issues involved in the exploitation of the elderly and consider provisions that may protect their clients.
Federal income taxes owed by a decedent's estate may take priority over other claims and expenses, especially when the estate is insolvent. Understanding how and when to pay an estate's taxes in relation to the estate's other obligations is critical.
Bitcoin's wild fluctuation in value has put cryptocurrency in the news. Whether or not digital currency becomes the exchange medium of the future, estate planners need to consider the special issues it raises.
Residential condominium units as well as parking units or units specified by a declaration to be allocated to a specific residential condominium unit now fall under the penumbra of "residential real estate" in the Illinois Residential Real Property Transfer on Death Instrument Act.