Beginning this year, the gap between the Illinois and federal estate tax widens. This article discusses the implications and makes the case for an Illinois QTIP.
The Deficit Reduction Act of 2005 requires estate planners to devise new ways to protect the assets of clients who face long nursing-home stays. Illinois hasn't implemented the law, but it will.
Casting a shadow over a popular tax avoidance device, a recent case disallowed an estate tax break for a decedent who maintained too much control over the business he transferred to his family limited partnership.
