Section Newsletters

Articles on Trusts & Estates

Special trusts By Michael C. Wiedel Trusts and Estates, April 2002 In estate planning as well as asset management, the dilemma of the adult disabled child often presents itself.
Strategies for estate planning: A summary of EGTRRA 2001 provisions with immediate effect on planning By James M. Lestikow Trusts and Estates, April 2002 After all the rhetoric in Congress, and by the President, on the need to do away with "death taxes," the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) was enacted.
Chasing custodial claims By Malcolm L. Morris Trusts and Estates, November 2001 No doubt many an attorney has heard a tale of woe from a disappointed client who was unexpectedly excluded from a will notwithstanding the testator's promise to the contrary.
A fiduciary relationship may exist based on a reposition of trust By Shannon DeLaMar Trusts and Estates, November 2001 Is a fiduciary relationship created only when the ink dries on a power of attorney or upon the filing of an acceptance of the office of executor?
From the editors Trusts and Estates, November 2001 Several contributors have provided insights into various areas of our practice. Shannon DeLaMar discusses some of the circumstances in which a fiduciary relationship may be formed by a reposition of trust.
Recent decisions By James K. Say Trusts and Estates, November 2001 In re Estate of Budris Andernovics, Il. Sup. Ct., September 20, 2001. In February 1989, plaintiff Peggy Parrish filed a complaint against the estate of Budris Andernovics, claiming that Andernovics had breached an oral agreement to make specific provisions in his will.
Something old, something new, something borrowed, something blue dealing with the changing tax laws and repeal By Paul A. Meints Trusts and Estates, November 2001 Pending issues--revenue estimates--new demands for funding. Budgetary problems at both the national and state levels in the past, and perhaps (probably?) again in the future (the CBO's latest "on-budget" estimate is a $9 billion deficit in 2001, exclusive of social security which is "off-budget") make it difficult to predict what will happen in the future.
Uses of the Irrevocable Insurance Trust By Jay S. Goldberg Trusts and Estates, June 2001 The ILIT (Irrevocable Life Insurance Trust) has become a standard tool of estate planning, as common as the Marital Deduction and the Credit Shelter Trust (CST).
Calling all government attorneys Trusts and Estates, February 2001 The ISBA's Standing Committee on Government Lawyers wants to include you in its constituency.
Certification: the future ain’t what it used to be By Fred H. Dickson Trusts and Estates, February 2001 In 1999, the Trust and Estates section council asked the Board of Governors of the ISBA to consider a voluntary program for certification of trust and estate planning lawyers in Illinois.
Powers of attorney in light of the Fort Dearborn case By Thorpe Facer Trusts and Estates, February 2001 Fort Dearborn Life Insurance Company v. Holcomb, No. 1-99-3627 (2000 WL 1218507), decided by the First District on August 28, 2000, gives us some interesting facts, a few pointers on using the statutory short form power of attorney for property, and a reminder of the steps we must take with every client to ensure proper planning.
Down and dirty—a non-comprehensive list of 48 (oh-so-easy) ways to sabotage an estate plan Trusts and Estates, November 2000 1. Create a general power when you want to create a special power, or vice-versa ­ and not knowing the difference.
Here’s your inheritance, but pay the tax before you leave By Malcolm L. Morris Trusts and Estates, November 2000 "You inherit $100," is one of the better cards to draw in Monopoly. Learning of an inheritance is not a bad piece of news in the real world either--or is it?
Recent decisions Trusts and Estates, November 2000 In re Estate of Lind, No. 3-99-0708, decided July 13, 2000, by the Third District poses the question as to whether a college can be forced to give up a bequest that reaches probate after a decision was made to close the school.
Estate planning in the new millenium By Jerry Miller Trusts and Estates, August 2000 Marketing a law practice in the first decade of the 21st Century is going to be vastly different than in the previous decade, or any before.
From the editor Trusts and Estates, August 2000 This is the first newsletter following the annual meeting in Lake Geneva. I personally thank the retiring chair, Walt Zukowski, for his help and encouragement this past year.
Non-“trust”worthy expenses By Malcolm L. Morris Trusts and Estates, August 2000 As more and more clients create trusts, the number of trust-oriented disputes will increase. Such is the nature of things.
Recent decisions Trusts and Estates, August 2000 The Estate of Rebecca A. Wineman, T. C. Memo. 2000-1993, filed by the Tax Court on June 28, 2000, gives the taxpayer additional ammunition in making special use valuation elections under Code sec. 2032A.
For what its worth By Mark E. Zumdahl Trusts and Estates, May 2000 This newsletter is a grab bag of recent decisions of interest to those of us in the estate planning area and a short article from Thorpe Facer.
Trustee powers By Thorpe Facer Trusts and Estates, May 2000 Many of our clients have accounts with Merrill Lynch. When creating revocable living trusts for these clients, be aware that Merrill Lynch can require specific language be included with respect to a trustee's power.
A conversation with a client By Thomas A. Polachek Trusts and Estates, September 1999 A. The short answer is that I cannot answer until I know more about your family and financial circumstances, although I will say that you should at least have a simple will (everything to spouse, if she/he survives, otherwise to children) and if you have minor children, you want to name who will be responsible for them ("guardians") in your will. More importantly, you may need an estate plan.
Estate, gift and GST tax reform: The “Taxpayer Refund and Relief Act of 1999” By David A. Berek Trusts and Estates, September 1999 The "Taxpayer Refund and Relief Act of 1999" (hereinafter the "Act") was approved by both houses of Congress on August 5th, 1999.
Get the most from your section membership: join the Trusts & Estates Section e-mail discussion By Mark Mathewson Trusts and Estates, September 1999 Have you ever needed a quick curbside from a colleague but couldn't find one, or a quick answer about, say, a new piece of legislation but didn't know whom to ask? If so ­ and who hasn't? ­
Chicago’s Business Taxpayers Assistance Ordinance: Chicago enacts its version of a Taxpayer Bill of Rights By Stanley R. Kaminski State and Local Taxation, July 1999 On May 12, 1999, the Chicago Business Taxpayers Assistance Ordinance was passed by the Chicago City Council.
Estate and gift tax update By Alfred Sanders Federal Taxation, June 1999 In the past when multiple interests in the same asset have been included in a decedent's gross estate the multiple interests have been aggregated in order to determine their value.
Recent estate and gift tax cases, rulings and regulations—the stuff that there was not enough time in the day to read By Michael L. English Trusts and Estates, April 1999 Letter Ruling 9842003 continues the recent Service assault on valuation discounts for transfers to family limited partnerships which are created or funded shortly prior to death.
Helpful aides to the practitioner preparing estate and gift tax returns By Donald A. LoBue General Practice, Solo, and Small Firm, March 1999 I recommend two publications and CCH's Performance Plus II to those general practitioners who do not prepare estate and gift tax returns on a regular basis.

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