Business Advice and Financial Planning

(Silverstein, D-Chicago; Feigenholtz, D-Chicago) creates a $100 fee to open a decedent's estate to fund the State Guardianship and Advocacy Commission. It exempts indigents, the State Guardian, any state agency, any local public guardian, and any state's attorney. It is unknown whether this violates the constitutional nexus between a fee and a service or whether this starts a new trend in financing state government. If constitutional, what's to prevent a new fee next year on all family law litigants to fund DCFS? (2) It also allows the court to appoint a limited guardian for a disabled adult who lacks some but not all of the required capacity. If the court finds that the ward is totally without the required capacity, it may appoint a plenary guardian. (3) It adds criteria for the termination of the guardianship or modification of the guardian's duties. Effective January 1, 2013.

(Silverstein, D-Chicago; Feigenholtz, D-Chicago) creates a $100 fee to open a decedent's estate to fund the State Guardianship and Advocacy Commission. It exempts indigents, the State Guardian, any state agency, any local public guardian, and any state's attorney. (2) It also allows the court to appoint a limited guardian for a disabled adult who lacks some but not all of the required capacity. If the court finds that the ward is totally without the required capacity, it may appoint a plenary guardian. (3) It adds criteria for the termination of the guardianship or modification of the guardian's duties. Effective January 1, 2013.

(Harmon, D-Oak Park; Zalewski, D-Chicago) conforms Article 9 of the Uniform Commercial Code to the 2010 amendments as proposed by the Uniform Law Commission. (See the June Illinois Bar Journal article by Michelle Nijm that discusses this bill in more detail.) Effective July 1, 2013.

(McAsey, D-Lockport; Silverstein, D-Chicago) Public Act 97-921 adds flexibility to Illinois estate planning and administration of trusts by the use of "directed trusts." Directed trusts allow a settlor to establish a trust and separate the administrative authority between a trustee and another person or entity acting as a fiduciary, such as an investment advisor, distribution advisor, or trust protector. It is modeled after Delaware law, and more than 30 states already allow for directed trusts in some form. Effective January 1, 2013.

(McAsey, D-Lockport; Dillard, R-Hinsdale) modernizes Illinois trust law by allowing "decanting" of trusts. Public Act 97-920 allows an irrevocable trust to evolve to meet a family's changing needs without court involvement. It is modeled after the laws of Delaware and New York. Effective January 1, 2013.

(Steans, D-Chicago; Gabel, D-Evanston) deems as an "employer" under the Act any officer of the corporation or agent of the employer who willfully and knowingly permits the employer to evade a final judgment or final award under this Act. Effective January 1, 2013.

(Frerichs, D-Champaign; Feigenholtz, D-Chicago) creates the Benefit Corporation Act to allow a corporation to be formed as benefit corporation for any purposes authorized under the current Business Corporation Act, for any specific purpose set forth in its articles of incorporation, or for the purpose of creating general public benefit. Effective January 1, 2013.