Business Advice and Financial Planning

(Welch, D-Westchester; Harmon, D-Oak Park) provides that if the property is an interest in real property, a bona fide purchaser or mortgagee for value shall take the subject property free and clear of the action challenging the transfer instrument if the transfer to the bona fide purchaser or mortgagee for value occurs before the recordation of a lis pendens for an action challenging the transfer. Sets forth conditions under which a financial institution or similar entity is not liable for distributing or releasing property before the transfer is challenged.

Effective August 24, 2018. 

(Halpin, D-Rock Island; Mulroe, D-Chicago) creates the Uniform Power of Appointment Act that adopts the Uniform Law Commission model act but makes it consistent with Illinois law. Effective January 1, 2019.

(Scott Bennett, D-Champaign; Breen, R-Lombard) provides that on the death of a designated beneficiary, proceeds from an ABLE account may be transferred to the estate of a designated beneficiary; or to an account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary. Amends the Trusts and Trustees Act to provide that the court or a person with a disability may irrevocably assign resources of that person to either or both of: (1) an ABLE account; or (2) a discretionary trust that complies with the Medicaid reimbursement requirements of federal law. Provides that a court may reserve the right to determine the amount, duration, or enforcement of the irrevocable assignment. Effective immediately.

(Althoff, R-Crystal Lake; Martwick, D-Chicago) provides that the notice of tax lien must also include the county or counties where the real property of the debtor to which the lien will attach is located. Provides that a tax lien that is filed in the registry must be attached to all of the existing and after-acquired real and personal property of the debtor. Passed both chambers.

(Olsen, R-Downers Grove; Syverson, R-Rockford) provides that the court may not appoint an individual as the guardian of the person or estate of an adult with disabilities before the individual has disclosed to the court the number of adults with disabilities to which the individual is currently appointed as guardian. If the court determines that an individual is appointed guardian to more than five adults with disabilities, then then circuit court clerk must notify the Guardianship and Advocacy no later than seven days after the entry of the order. Exempts the Office of the State Guardian and public guardians from the new provisions. Passed both chambers. 

(Scott Bennett, D-Champaign; Kelly Burke, D-Oak Lawn) adds funds invested in an ABLE Account as defined by Section 529 of the Internal Revenue Code to the list of personal property that is exempt from judgment, attachment, or distress for rent. Passed both chambers. 

(Welch, D-Westchester; Harmon, D-Oak Park) provides that if the property is an interest in real property, a bona fide purchaser or mortgagee for value shall take the subject property free and clear of the action challenging the transfer instrument if the transfer to the bona fide purchaser or mortgagee for value occurs before the recordation of a lis pendens for an action challenging the transfer. Sets forth conditions under which a financial institution or similar entity is not liable for distributing or releasing property the transfer is challenged. Passed both chambers.