Illinois requirements for the Form 700 estate tax returns needed for qualified terminable interest property (QTIP) have been updated. Estates claiming a QTIP election must report the total value of property on the estate tax return and produce a detailed schedule of all property and assets subject to the QTIP election.
On June 30, 2023, the First District of the Illinois Appellate Court held that an irrevocable trust may be modified if the changes are consistent with the trust’s material purpose.
The amended Transfer on Death Instrument Act adds options for clients seeking cost-effective and straightforward ways to transfer real property at death.
On Oct. 20, 2020, the First District of the Illinois Appellate Court held that settlement agreements for trusts must be signed by a trustee to be enforceable because the trustee is a necessary party.
On Aug. 31, 2020, the Third District of the Illinois Appellate Court held that a trustee’s distribution of a trust’s income and principal to only one of the beneficiaries did not constitute unjust enrichment.
A husband executed a trust that gave his wife a power of appointment that was exercisable during her lifetime and allowed appointment to persons other than herself.
On Dec. 26, 2019, the First District Appellate Court found that a claimant in a probate case had not demonstrated by clear and convincing evidence that the transfers he made to his son and daughter-in-law were loans rather than gifts.
Determining whether a person or trust is an “Illinois resident” for income- and estate-tax purposes requires understanding the differences and similarities between “domicile” and “resident.
Financial exploitation of the elderly is a growing social concern. Estate planners should examine issues involved in the exploitation of the elderly and consider provisions that may protect their clients.
Federal income taxes owed by a decedent's estate may take priority over other claims and expenses, especially when the estate is insolvent. Understanding how and when to pay an estate's taxes in relation to the estate's other obligations is critical.
