Section Newsletters

Articles on Estate Tax

The Illinois Estate Tax: The surprises continue By Robert W. Kaufman Trusts and Estates, February 2018 Author Robert Kaufman revisits the Illinois estate tax in light of the recently increased federal transfer tax exemptions.
Should Illinois estate tax always be paid under protest? By John R. Simpson Trusts and Estates, May 2017 In two recent circuit court cases, the Attorney General's office has argued that “Illinois law does not recognize a suit to determine Illinois estate tax as an independent cause of action.” Such an assertion goes against a century of practice and precedent.
IRS provides extension for small estates that want portability Trusts and Estates, February 2014 A reminder about the deadline to file a form 706 for portability purposes with respect to decedent’s death in 2013.
Estate- and income tax-related numbers for 2014 Trusts and Estates, January 2014 A summary of important estate and income tax rates that may have relevance for the estate and trust practitioner.
A comment on the “Snowbirds Fly Free of Illinois Tax” article By Donald L. Shriver Elder Law, September 2013 A reader suggests that as estate planners and advisers for clients who are former Illinois “residents,” it is necessary to be careful of other matters related to estate planning documents.
A comment on the “Snowbirds Fly Free of Illinois Tax” article By Donald L. Shriver Trusts and Estates, April 2013 A reader suggests that as estate planners and advisers for clients who are former Illinois “residents,” it is necessary to be careful of other matters related to estate planning documents.
Lifetime gifts and the Illinois Estate Tax By Matthew L. Brown Trusts and Estates, April 2013 The author explains the computation of the Illinois estate tax and provides some practical guidance for evaluating a client’s estate tax exposure.
2 comments (Most recent January 18, 2018)
Practice tip—Estate tax return audits By Paul A. Meints Trusts and Estates, April 2013 According to the “2012 Internal Revenue Service Data Book” issued March 25, 2013, the IRS scrutinized estate tax returns more than any category of individual tax returns in tax year 2011 at close to a 30 percent rate of examination.
IRS proposes new regulations under Code § 2032—Alternate Valuation for Estate Tax Purposes By Hugh F. Drake Business Advice and Financial Planning, May 2012 Under the IRS' recent revisions, post-mortem changes will affect the federal estate tax value of assets only if they are attributable to 1) economic or market conditions or 2) uncompensated theft or casualty losses that are not deducted under Code §2054.
The Illinois estate tax: A few surprises, perhaps? By Robert W. Kaufman Trusts and Estates, October 2011 Using examples for 2011 decedents found on the Illinois Attorney General's Web site, the author finds that the regressive nature of the Illinois estate tax has dramatic results.
1 comment (Most recent October 19, 2011)
Estate and gift tax update By James C. Krupp Federal Taxation, April 2011 A summary of recent cases.
Summary of the Estate, Gift, and Generation-Skipping Transfer Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 By Ryan A. Walsh Federal Taxation, February 2011 A look at transfer taxes under the new Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
The Road Less Traveled: IRC 1022 legal considerations in 2010 By Alan E. Stumpf Agricultural Law, January 2010 We have been failed by Congress and are forced to take the road less traveled. Congress has decided that we can travel the known estate planning road on another day, January 1, 2011, and opted for the new path and to make all the difference on the road of carryover income tax basis. On December 31, 2009, no regulations for this path have been promulgated by the Internal Revenue Service. To serve our clients better we need to be thinking and counseling about a number of transaction and taxation concepts.
Estate and gift tax: Recent cases and rulings By Joseph P. O’Keefe & Elizabeth C. Hesselbach Federal Taxation, March 2008 Until recently, the IRS had required any estate making a §6166 election to post a surety bond or grant the IRS a special extended tax lien.
Proposed regulations limiting estate tax deductions for uncertain claims against decedents and other administration expenses under §2053 By Steve R. Akers Trusts and Estates, September 2007 The IRS has issued proposed regulations dealing primarily with the deductibility of claims against a decedent’s estate that are uncertain in amount at the date of death.
Legislative agenda item: Estate Tax Repeal Federal Taxation, September 2006 DISCLAIMER: The following Comments are the individual views of the members of the Federal Taxation Section Council of the Illinois State Bar Association and do not represent the position of the Illinois State Bar Association.
Estate tax legislation scheduled for Senate debate in May 2006 By Michael Cyrs Trusts and Estates, May 2006 Senate Majority Leader Bill Frist (R-TN) has scheduled permanent estate tax repeal legislation for debate in May of this year.
Which beneficiaries pay estate taxes? By Donald A. LoBue General Practice, Solo, and Small Firm, August 2002 Do beneficiaries share the cost of estate taxes in amounts proportionate to their share of an estate? According to a recent third district opinion, In Re: Estate of Robert L. Maierhofer, deceased, Case No. 3-01-0428, this is frequently not the case.
Estate tax malpractice—PART II By Robert Feinschreiber & Margaret Kent Trusts and Estates, November 1999 The diversity of malpractice claims includes loss of the marital deduction, loss of the alternative valuation option, loss of "less than fair value" valuation, failure of life insurance trusts, inadequacy of disclaimers, late payments, erroneous tax returns, inheritance tax returns, misapplied Clifford trusts, misuse of QTIP trusts, erroneous fiduciary income tax returns, and the like.
Estate tax malpractice—PART I By Robert Feinschreiber & Margaret Ken Trusts and Estates, October 1999 Executors are increasingly willing to pursue malpractice claims against estate tax professionals, as witnessed by two recent cases, Stevenson v. Severs, 82 AFTR2d. Par. 98-6912 (D.C. 1998), and Johnson v. Sandler, Balkin, Hellman & Weinstein, 958 S.W.2d 42 (Mo.App.1998).

Select a Different Subject