Section Newsletters

Articles on Trusts and Estates

Intestate transfer does not satisfy “otherwise given” for purposes of stock purchase agreement Trusts and Estates, October 2004 The issue decided in Opiela v. Roth was whether intestate succession equated to the term in the Agreement “otherwise given,” or whether intestate succession essentially was analogous to a failure to act.
Overdue for a raise—Small estate affidavit limit increased to $100,000 By Katarinna McBride Trusts and Estates, October 2004 The highly-anticipated and widely followed Senate Bill SB2630, which raised the gross value permitted for a Small Estate Affidavit to $100,000, was signed into law by the Governor on August 6.
Revenue Ruling 2004-64 provides guidance on the grantor’s payment of income taxes for irrevocable trust By Justin J. Karubas Trusts and Estates, October 2004 On July 6, 2004, the Service issued Revenue Ruling 200464 providing that for gift tax purposes, there will be no gift when grantor pays income taxes, but depending on how those payments are reimbursed there may be estate tax inclusion.
Total Return technical amendments By Lyman W. Welch Trusts and Estates, October 2004 Technical amendments to the Illinois Total Return Trust Law became effective August 23, 2004 when HR 1080 became Public Act 930991.
Intestate transfer does not satisfy “otherwise given” for purposes of stock purchase agreement By Christopher M. Tietz & David A. Berek Trusts and Estates, September 2004 In Opiela v. Roth, decided June 17, 2004, the Illinois Supreme Court held that stock of a closely held company which was subject to a Stock Purchase Agreement (“the Agreement”) between the company and a decedent, was not given by the decedent on his death to his descendants through intestate succession, but rather remained subject to the Agreement, and accordingly the company was entitled to purchase the shares.
The alternate valuation date By Alexander Denenberg Trusts and Estates, June 2004 In the Private Letter Ruling 2003-43-002 (June 11, 2003), the Internal Revenue Service addressed the issue of whether the earnings of a corporation during the six-month period after decedent's death that were not distributed to the decedent's estate should be treated as "included property" or "excluded property" for purposes of Code § 2032.
Appraisal update By Carol Klima Martin Trusts and Estates, June 2004 On occasion, trust and estate attorneys must evaluate or sell interests in real property. Attorneys who deal with clients' real property need to know that both Federal and Illinois laws concerning appraisers have changed.
Did you ever wonder…? By Philip E. Koenig Trusts and Estates, June 2004 Did you ever wonder why most standard will and trust clauses direct an executor to pay all of the Decedent's debts "except those debts which are secured by an interest in real estate, beneficial interest in a land trust, a cooperative or by an assignment of a life insurance policy?"
Estate planning for income in respect of a decedent (IRD) from QRPs and IRAs By Richard P. Miller Trusts and Estates, June 2004 Income in respect of a decedent is a right to income that was substantially earned before the decedent's death, but that was not payable to him until after death.
Recent decisions By James K. Say Trusts and Estates, June 2004 In re Estate of Schlenker, Docket No. 96402 (Ill. Sup. Ct. April 1, 2004). Levi Schlenker had executed four wills before his death in July of 2001, of which only three were found.
Recent developments in Family limited partnerships-Section 2036 By Leonard S. DeFranco Business Advice and Financial Planning, June 2004 The proliferation of Family Limited Partnerships ("FLPs") with their attendant estate tax benefits has, for some time, raised the specter of a challenge from the Internal Revenue Service ("IRS").
Trusts for companion animals By Lin Hanson General Practice, Solo, and Small Firm, June 2004 Pet animals are a very important part of the lives of many people. Companion animals significantly improve the lives of individuals with disabilities, such as "seeing eye" dogs for the visually impaired, and dogs used to "fetch" for physically challenged and chair-bound people.
Using the irrevocable insurance trust By Jay S. Goldberg Trusts and Estates, June 2004 Many of us are familiar with the Irrevocable Insurance Trust ("ILIT") as a direct means of leaving tax-free benefits to the family. This article will discuss other uses of the tool.
What can Kansas teach us? Casenote-Beware of spousal marital rights of election By Greg Johnson Elder Law, June 2004 Testamentary trust principal can easily be considered an available asset to a Medicaid applicant if the Medicaid applicant is considered to have access to the principal because of a failure to elect a marital share.
Considerations to be made with respect to advance directives By Franklin M. Hartzell Trusts and Estates, February 2004 In the preparation of estate plans for clients, most lawyers draft Advance Directives.
Grantor retained annuity trusts: The ideal estate planning vehicle for your clients? By Susan Kubar Trusts and Estates, February 2004 If you believe you have clients who would be interested in transferring assets to their children at a reduced tax cost, a grantor retained annuity trust, called a GRAT, is an ideal vehicle for you to recommend in today's low interest rate environment.
Illinois decisions By Mark E. Zumdahl Trusts and Estates, February 2004 In re Estate of Madison Rae Pool was first noted in the June 2002 newsletter when the Third District Appellate Court reversed the decision of the circuit court of Putnam County, denying Petitioner Randy Pool's Petition to Revoke Letters of Administration issued to Debra Jean Clausen.
529 college plans: An estate planning and education planning tool By Gregg A. Garofalo Young Lawyers Division, December 2003 Over the past 10 years, the cost of a college education has grown dramatically and there is little sign of that trend slowing over the next 10 years.
The abatement and apportionment of estate expenses By Donald A. LoBue General Practice, Solo, and Small Firm, December 2003 How are estate taxes and the expenses of administration to be paid and apportioned between the various beneficiaries? The recent case of Estate of William L. Henry, Jr. v. St. Peter’s Evangelical Church, 337 Ill. App. 3d 246, 785 N.E. 2d 1049 (2003), is an example of some of the rules which apply.
Coping with declining health and finances: Ideas, thoughts, and suggestions for your Powers of Attorney By Paul A. Meints Trusts and Estates, December 2003 The following items are some thoughts and suggestions, including sample drafting, for keeping your documents current.
An idea in response to Hackl issues By Philip E. Koenig Trusts and Estates, December 2003 The following was a drafting idea submitted to the editors in response to the Hackl v. Commissioner case, 118 T.C. No. 14 (Mar. 27, 2002).
Planning pointer By Paul A. Meints Trusts and Estates, December 2003 On November 7, 2003, the U.S. Tax Court issued its 114-page opinion on the Estate of Eugene Stone's five family limited partnerships.
Recent decisions By James K. Say Trusts and Estates, December 2003 In re Estate of Georgia A. Muldrow, No. 1-02-1825, 2003 Ill. App. ____, (Ill. App. 1st Dist. October 10, 2003). Georgia Muldrow died on November 10, 2001.
How to tackle Hackl: Turning future gifts into present interests By James M. Lestikow Trusts and Estates, August 2003 The annual exclusion from federal gift tax has been in the Internal Revenue Code (IRC) since 1932, allowing relatively small gifts to go unreported. IRC §2503(b).
Illinois amends the estate tax to offset EGTRRA reductions in state death tax credit By David A. Berek Trusts and Estates, August 2003 On June 20th Governor Blagojevich signed into law legislation amending the Illinois Estate and Generation-Skipping Transfer Tax Act under 35 ILCS 405 applicable to decedents estates for deaths occurring on or after January 1, 2003.
Odds and ends Trusts and Estates, August 2003 We have all encountered the frustrating delays in having employer identification numbers assigned for our estates and trusts. A more streamlined method is now available.
Practical checklist for the estate planning practitioner By Deborah B. Cole Trusts and Estates, August 2003 Errors in estate planning are one of the most common types of legal malpractice.
Recent decisions By Mark E. Zumdahl Trusts and Estates, August 2003 If one has been in practice any length of time, the thorny issue of compensating family members for prior services rendered to a decedent has been encountered.
Is it time to modify the Small Estate Affidavit Act? By Daniel C. Hawkins Elder Law, June 2003 Under Illinois law, the beneficiaries of a decedent's estate can avoid probate and use small estate affidavit to transfer assets provided the gross value of the decedent's entire personal estate, including the value of all property passing to any party, either by intestacy or under a will does not exceed $50,000.
A potpourri of estate planning and investment management reminders By Gary F. Gehm Trusts and Estates, May 2003 Because assets in joint tenancy carry rights of survivorship, these assets are not controlled by a will; therefore, to ensure a well-coordinated estate plan and to minimize gift and estate taxation, you should carefully consider the placement of assets into joint tenancy.

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