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.
Demographic trends and tax-law changes may generate some short-term business, but they'll mean less work for estate-planning lawyers in the long run. Are you ready to adjust your practice?