An ancillary lessonBy Darrell DiesFebruary 2008A hypothetical scenario illustrating potential estate administrative expenses in several states.
Deducting administration expenses at the first deathBy Jason S. Ornduff & Georgia Loukas DemerosAugust 2008If an estate elects to deduct its administration expenses on the estate tax return and those administration expenses exceed the amounts deducted, then the excess amounts can be deducted on the estate’s income tax return. However, a statement must accompany the estate’s income tax return notifying the IRS that the administration expenses exceed those deducted on the estate tax return and that the estate waives its right to deduct the excess expenses on the estate tax return.
FDIC protection for trust accountsBy Katarinna McBrideAugust 2008This article is designed as a comprehensive guide for counsel and clients regarding the significant FDIC protection available for bank accounts owned by revocable and irrevocable trusts as well as pay-on-death accounts and in trust for accounts.
A political questionBy Katarinna McBrideAugust 2008The movement to eliminate the estate tax came to a head in 2001, when an unprecedented tax cutting regime was enacted to repeal the estate tax in 2010 and reinstate it in 2011.
Push comes to shoveBy Robert IversonApril 2008The efforts of the ISBA Trusts & Estates Council were realized on March 11, 2008 when the ISBA Board approved the Council’s proposal to amend 35 ILCS 405/2 of the Illinois Compiled Statutes.
Rollover – We mean it!By Katarinna McBrideApril 2008On March 12, 2008 the House of Representatives passed a bill that corrected and clarified the Pension Protection Act of 2006 (“PPA”) as it relates to non-spouse beneficiaries of qualified plan participants (H.R. 3361).
Tax tips for estate plannersBy Julie HendricksApril 2008At the helm of another tax season lie opportunities for calmer seas. The following are some areas in which estate planners may find some navigation tips.
Time-out for TaltyBy Robert IversonFebruary 2008In Talty v. Talty, decided in October of 2007, the Third District Appellate Court delivered a forceful message to self-interested fiduciaries.