On Aug. 31, 2020, the Third District of the Illinois Appellate Court held that a trustee’s distribution of a trust’s income and principal to only one of the beneficiaries did not constitute unjust enrichment.
On Dec. 26, 2019, the First District Appellate Court found that a claimant in a probate case had not demonstrated by clear and convincing evidence that the transfers he made to his son and daughter-in-law were loans rather than gifts.
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.