Section Newsletters

Articles on Trusts and Estates

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.
Recent Illinois decisions By Mark E. Zumdahl Trusts and Estates, May 2003 The case of The Estate of William Henry v. St. Peter's Evangelical Church, 271 Ill. Dec. 855, decided by the Third Appellate District, is a case of first impression interpreting §15(b) of the Principal and Income Act. 760 ILCS 15/15.
Seventh Circuit holds beneficiary designation of group term life insurance controls over marital settlement agreement By Philip E. Koenig Trusts and Estates, May 2003 On April 8, 2003, the Seventh Circuit Court of Appeals, in the case of Melton v. Melton, held that the provisions of a beneficiary designation form control over conflicting provisions of a marital settlement agreement in determining the beneficiary of group term life insurance benefits.
Trustee, or not trustee? Aye, there’s the rub By Dennis A. Norden Trusts and Estates, May 2003 With all due apologies to Mr. Shakespeare, his executors or successor trustee, as the case may be, the purpose of this not-so-scholarly article is to address one of the most confounding dilemmas facing estate planning attorneys today--selection of a trustee.
Notice of appointment of counsel By William A. Peithmann & Thomas G. Hattery Trusts and Estates, March 2003 Given the increasing awareness of privacy rights, more and more financial service firms and other providers are reluctant to discuss a client's affairs with counsel.
OBRA 93 pay back trusts By Michael C. Wiedel Trusts and Estates, March 2003 The Fall 2002 Law Ed Presentation of the Trusts and Estates Section contained a segment on Special Needs Trusts and other devices that allow a needs-based recipient of Medicaid, SSI and other programs to receive the aid and still have the benefits of the provisions of these arrangements.
Personal real estate and its uses in saving taxes By Robert Weber Trusts and Estates, March 2003 Which asset is usually the single highest valued asset in a person's estate? Real estate; that is, the taxpayer's residence
Practice tips By Paul A. Meints Trusts and Estates, March 2003 The U.S. Department of Health and Human Services, through its Lawyer Education Project of the Division of Transplantation, is asking bar association leaders to inform members of the need for organ donations and tissue transplants.
Protecting charitable gifts—A provision By Joseph Schuman Trusts and Estates, March 2003 The U.S. Department of Health and Human Services, through its Lawyer Education Project of the Division of Transplantation, is asking bar association leaders to inform members of the need for organ donations and tissue transplants.
Recent decisions By James K. Say Trusts and Estates, March 2003 Recent cases of interest to practitioners.
Practical checklist for the estate planning practitioner By Deborah B. Cole Young Lawyers Division, February 2003 Errors in estate planning are one of the most common types of legal malpractice.
FDIC insurance coverage for estates and revocable trusts By Mike Drone Agricultural Law, January 2003 Just as grain elevators can fail, so can banks. If you represent the executor of an estate or the trustee of a revocable trust, it is important to understand how FDIC insurance applies to estate or trust bank deposits
Drafting ideas for pet care By Paul A. Meints Family Law, November 2002 To many of your clients, pets are an important part of life. The level of emotional involvement (generally directly proportional to the amount of money the client is willing to spend on the pet's care) tends to vary from client to client.
Where section 3-1 is applicable to one decedent, courts must apply that section to the estate of all individuals determined to have died simultaneously By Nigel Smith Trusts and Estates, November 2002 As we face uncertain times during which the unwelcome subject of death may invade our collective thoughts more frequently, the question of how courts distribute the property of decedents who die simultaneously may also arise.
Drafting ideas for pet care By Paul A. Meints Traffic Laws and Courts, September 2002 To many of your clients, pets are an important part of life.
Current developments in income taxation of trusts and estates By Mike Drone Agricultural Law, July 2002 The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) brought major tax relief for individuals both in the income and estate tax areas.
Internal Revenue Service adopts final minimum distribution regulations By Philip E. Koenig Trusts and Estates, June 2002 On April 17, 2002, the Internal Revenue Service adopted final regulations relating to minimum distributions from qualified retirement accounts and IRA accounts.
From the editors Trusts and Estates, June 2001 We begin with a feature article from Jay Goldenberg on various uses of the irrevocable insurance trust.
Recent decisions Trusts and Estates, June 2001 Estate of Floy M. Christensen, Deceased, Carl Stewart Christensen, Personal Representative v. Commissioner of Internal Revenue, T.C. Memo 2000-368, December 6, 2000.

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