2014 year in review— Income tax changes (Part 2)By Paul A. MeintsFebruary 2015On December 19, 2014 the United States Congress passed and the President signed the “Tax Increase Prevention Act of 2014” that is often referred to as an “extenders bill.” This article provides some thoughts to keep in mind related to the above referenced tax legislation.
2014 year in review—Income tax changes (Part 1)By Paul A. MeintsJanuary 2015On December 19, 2014 the United States Congress passed and the President signed the “Tax Increase Prevention Act of 2014” that is often referred to as an “extenders bill.” That is the good news. The bad news is that the extended provisions have already expired, ending December 31, 2014. All efforts at extending for two years failed. This article addresses some of the high points.
Amendments to the Illinois Virtual Representation StatuteBy Susan T. BartJanuary 2015The 2015 amendments to the Illinois virtual representation statute make significant improvements to the statute, particularly by permitting beneficiaries to be represented by parents or agents under a power of attorney, and by clarifying the matters that may be resolved by a nonjudicial settlement agreement.
Become More Efficient by Using a Probate ChecklistBy Colleen L. SahlasSeptember 2015This checklist is designed specifically for uncontested, testate estates in Independent Administration in Cook County, Illinois. With a little tweaking, it can also be used for other counties in Illinois.
Estate income tax fiscal year election tips and trapsBy Steven E. Siebers & Emily Schuering JonesJanuary 2015If you are involved from time to time in estates that are administered for more than 12 months after death, you should be aware of taxpayer-friendly rules for electing a fiscal year that could minimize income tax liability.
Estate tax return changesBy Gary R. GehlbachNovember 2015On June 16, 2015, the IRS announced that it would no longer automatically issue estate tax closing letters for estates filed after May 31, 2015.
Gun trusts…By Darrell DiesJune 2015With the recent adoption of the right-to-carry in Illinois under the Firearm Concealed Carry Act, an Illinois attorney might be confronted with a client that wants and/or believes there is a need for a gun trust.
How do you trust?By Amanda B. Puplava & Robert W. KaufmanOctober 2015When the Second District Appellate Court released its opinion in the Estate of Diane Mendelson v. Michael Mendelson, it was probably unaware that the decision would spark the highest level of volume on any issue to date on the ISBA's Trusts & Estates Section Discussion Group, with wide-ranging comments regarding the underlying premise for the decision, and whether or not it established new law in Illinois.