Effective January 1, 2005, the Illinois Trust and Trustees Act will acknowledge the validity of a trust for the care of one or more designated domestic or pet animals.
On November 27, 2002, the Appellate Court of Illinois, First District, affirmed the order of the Circuit Court of Cook County granting the husband's motion to dismiss the wife's petition for injunctive relief for failure to state a cause of action.
SB 1697, now awaiting Gov. Ryan's signature, will make it easier for trustees of certain commonly used trusts to invest the principal so as to benefit both income and remainder beneficiaries.
Dynasty trusts can be just the estate planning device your client needs, but take care not to run afoul of rule against perpetuities and the Internal Revenue Code.
Do your clients know they can use trusts to encourage good behavior by trust beneficiaries? This questionnaire can help you help them do value-based estate planning.
