From the editorsDecember 2003Included in this issue is a report from a Trusts and Estates Section Council committee headed by Jay Goldenberg on the new Illinois Estate Tax revisions.
From the editorsAugust 2003This issue has three articles of extreme interest. The first article by David Berek of Chicago discusses recently signed legislation which de-couples the Illinois estate tax from the allowable federal estate tax death credit.
From the editorsMay 2003This issue has three very practical articles giving advice for the estate planner. The first article is by Gary F. Gehm, associated with Northern Trust, dealing with estate planning issues common to all practitioners.
From the editorsMarch 2003We begin by including a comment by one of our readers, Joseph Schuman of Chicago, in response to an article in the November newsletter.
Historical perspectiveDecember 2003For many years, Illinois, like many states, had its own death tax system. In the case of Illinois, this was an inheritance tax (varying according to the relationship of the recipient to the deceased).
An idea in response to Hackl issuesBy Philip E. KoenigDecember 2003The 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).
Notice of appointment of counselBy William A. Peithmann & Thomas G. HatteryMarch 2003Given 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 trustsBy Michael C. WiedelMarch 2003The 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.
Odds and endsAugust 2003We have all encountered the frustrating delays in having employer identification numbers assigned for our estates and trusts. A more streamlined method is now available.
Planning pointerBy Paul A. MeintsDecember 2003On November 7, 2003, the U.S. Tax Court issued its 114-page opinion on the Estate of Eugene Stone's five family limited partnerships.
A potpourri of estate planning and investment management remindersBy Gary F. GehmMay 2003Because 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.
Practice tipsBy Paul A. MeintsMarch 2003The 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 provisionBy Joseph SchumanMarch 2003The 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 decisionsBy James K. SayDecember 2003In 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.
Recent decisionsBy Mark E. ZumdahlAugust 2003If 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.
Recent decisionsBy James K. SayMarch 2003Recent cases of interest to practitioners.
Recent Illinois decisionsBy Mark E. ZumdahlMay 2003The 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.
Tax rulings and decisionsBy Mark E. ZumdahlMay 2003The Tax Court case of Ralph H. Davis v. Commissioner, T.C. Memo 2003-55, reminds us of the danger of placing limitations on the right of a surviving spouse to trust income if a marital deduction is desired.
Trustee, or not trustee? Aye, there’s the rubBy Dennis A. NordenMay 2003With 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.
What powers?By Franklin M. HartzellMay 2003The Illinois General Assembly, in adopting and further amending the statute on Durable Powers of Attorney (755 ILCS 45/2-1) et. sq., made findings with respect to modern financial needs and advances in medical science, which among other things, expanded the application of the Financial Power of Attorney and the permissible scope of the agent's authority.