Big bank versus little client: How to deal with unreasonable requests and demandsBy Michael J. FleckTrusts and Estates, August 2018It is commonplace for larger multi-state banks to give their customer the runaround when engaging in transactions involving powers of attorney, trust certifications, and small estate affidavits. As attorneys, we want these transactions to go as smoothly as possible without additional and unnecessary steps, forms, and costs.
Who’s the client?By Sherwin D. AbramsTrusts and Estates, May 2018In Estate of Hudson v. Tibble, the court considers whether counsel for the administrator of a decedent’s estate owes a duty to the estate.
Webinar opportunity: After the Fiscal Cliff – Roller Coaster or Merry Go Round?By Tracy S. DaltonTrusts and Estates, January 2013Following a hectic time in Washington, Congress passed the “American Taxpayer Relief Act” on January 1, 2013. The Act prevents many of the tax increases that were scheduled to go into effect this year and retains many favorable tax breaks that were scheduled to expire. The Act also increases income taxes for certain high-income individuals as well as makes changes to the transfer tax system. The question remains as to whether or not major fiscal issues have been resolved since the Act extends sequestration until March 1st.
Do-It-Yourself Will kit—For a few dollars moreBy William L. CleaverElder Law, April 2003Call me a glutton for punishment, but when I saw the ad in a recent Sunday news magazine for the Do-It-Yourself Will kit, I was sure that with the passage of time to further research and develop, the gaps I had found in past publications would have been filled in.
The IDIT—What, why, howBy Jay S. GoldbergTrusts and Estates, November 2002In our world of acronyms, this has come to refer to the Intentionally Defective Irrevocable Trust--a trust so designed that it is excluded from the estate of the grantor but the grantor is, under the grantor trust rules, treated as the "substantial owner" and taxable on the income.
Odds and endsBy Mark E. ZumdahlTrusts and Estates, November 2002Private Letter Ruling 200234019 is a taxpayer friendly ruling which could apply in a future estate you handle.
Protecting charitable giftsBy Marilyn RatayTrusts and Estates, November 2002In In re Estate of Lind, 734 N.E. 2d 47 (Ill. App. 2000), the Illinois appellate court protected a charitable devise from failing.
Recent developments in estate and gift taxBy Michael L. EnglishTrusts and Estates, November 2002The tax court, in Christine M. Hackl, 118 T.C. No.14, ruled that gifts of ownership interests in a limited liability company did not qualify for the section 2503(b) annual gift tax exclusion where the ownership interests failed to confer substantial present economic benefits to the recipients.
Alternatives in administering a decedent’s assetsBy Jane Hartley PrattTrusts and Estates, September 2002Traditional estate administration includes either administration fully supervised by the court or the minimally supervised "independent administration."
Practice pointersBy James K. SayTrusts and Estates, September 2002Readers are advised that an excellent summary exists at the FDIC Web site, (www.fdic.gov), for avoiding mistakes in FDIC insurance coverage.
Recent decisionsBy James K. SayTrusts and Estates, September 2002In re Estate of John R. Lundahl, Docket No. 2-01-0508, 2002 Ill. App. ___, July, 2002. A claimant to the estate, Elizabeth Gabel, had pursued payment arising from a 1990 agreed order.
From the editorsTrusts and Estates, June 2002We have three excellent articles authored by section council members. The first, by Franklin M. Hartzell, examines the details and requirements for the execution of estate planning documents.
Innocent spouse relief updateBy Robert WeberTrusts and Estates, June 2002One would think that with the Tax Relief Credit issues, and the relief to victims of the September 11th terrorist acts, the IRS wouldn't have time to do much with respect to Innocent Spouse Relief, but they still managed to have a "full plate."
Practical considerations in the execution of estate planning documents—beware of the bombBy Franklin M. HartzellTrusts and Estates, June 2002In the execution of estate planning documents, whether you believe the execution to be such that the instrument or instruments are contest proof or you have concern that the documents might be contested, certain safeguards should be established.
Recent decisionsBy Mark E. ZumdahlTrusts and Estates, June 2002Hurst v. Hurst, decided by the Fourth District Appellate Court under Case No. 4-01-0528, gives us a little bit of everything. Chuck Hurst died in June, 1998. He had two children by his prior marriage, Lori and Todd.
From the editorsTrusts and Estates, April 2002We begin with an article by section council member Thorpe Facer on the Garrett case, which was reviewed in the prior newsletter.
Garrett revisitedBy Thorpe FacerTrusts and Estates, April 2002In Re Estate of Pearl Garrett, No. 3-01-0066, (2001 Ill. App. Lexis 748), decided by the Third District on September 21, 2001, and briefly summarized in a previous newsletter, is interesting enough to examine in more detail.
Practice tipsBy James K. SayTrusts and Estates, April 2002The Victims of Terrorism tax Relief Act (P.L. 107-134) was signed into law by President Bush on Jan. 23, 2002. The Act provides income and estate tax benefits to victims of the Oklahoma City bombing, the September 11 attacks, and the anthrax attacks.
Recent decisionsBy James K. SayTrusts and Estates, April 2002The Society of Lloyd's v. Estate of John William McMurray & Harris Trust and Savings Bank, ___ F. 3rd ___, No. 01-1965, 7th Cir, December 11, 2001. McMurray was one of the individual underwriting members of Lloyd's, also known as "Names."
Recent developments in estate and gift taxBy Michael L. EnglishTrusts and Estates, April 2002The Chief Counsel's Office in Legal Memorandum 200141013 addressed the issue of a refund of estimated estate tax paid with a request for an extension of time to file a federal estate tax return.
Special trustsBy Michael C. WiedelTrusts and Estates, April 2002In estate planning as well as asset management, the dilemma of the adult disabled child often presents itself.