Chasing custodial claimsBy Malcolm L. MorrisTrusts and Estates, November 2001No doubt many an attorney has heard a tale of woe from a disappointed client who was unexpectedly excluded from a will notwithstanding the testator's promise to the contrary.
A fiduciary relationship may exist based on a reposition of trustBy Shannon DeLaMarTrusts and Estates, November 2001Is a fiduciary relationship created only when the ink dries on a power of attorney or upon the filing of an acceptance of the office of executor?
From the editorsTrusts and Estates, November 2001Several contributors have provided insights into various areas of our practice. Shannon DeLaMar discusses some of the circumstances in which a fiduciary relationship may be formed by a reposition of trust.
Recent decisionsBy James K. SayTrusts and Estates, November 2001In re Estate of Budris Andernovics, Il. Sup. Ct., September 20, 2001. In February 1989, plaintiff Peggy Parrish filed a complaint against the estate of Budris Andernovics, claiming that Andernovics had breached an oral agreement to make specific provisions in his will.
Something old, something new, something borrowed, something blue dealing with the changing tax laws and repealBy Paul A. MeintsTrusts and Estates, November 2001Pending issues--revenue estimates--new demands for funding. Budgetary problems at both the national and state levels in the past, and perhaps (probably?) again in the future (the CBO's latest "on-budget" estimate is a $9 billion deficit in 2001, exclusive of social security which is "off-budget") make it difficult to predict what will happen in the future.
Uses of the Irrevocable Insurance TrustBy Jay S. GoldbergTrusts and Estates, June 2001The ILIT (Irrevocable Life Insurance Trust) has become a standard tool of estate planning, as common as the Marital Deduction and the Credit Shelter Trust (CST).
Calling all government attorneysTrusts and Estates, February 2001The ISBA's Standing Committee on Government Lawyers wants to include you in its constituency.
Certification: the future ain’t what it used to beBy Fred H. DicksonTrusts and Estates, February 2001In 1999, the Trust and Estates section council asked the Board of Governors of the ISBA to consider a voluntary program for certification of trust and estate planning lawyers in Illinois.
Powers of attorney in light of the Fort Dearborn caseBy Thorpe FacerTrusts and Estates, February 2001Fort Dearborn Life Insurance Company v. Holcomb, No. 1-99-3627 (2000 WL 1218507), decided by the First District on August 28, 2000, gives us some interesting facts, a few pointers on using the statutory short form power of attorney for property, and a reminder of the steps we must take with every client to ensure proper planning.
Here’s your inheritance, but pay the tax before you leaveBy Malcolm L. MorrisTrusts and Estates, November 2000"You inherit $100," is one of the better cards to draw in Monopoly. Learning of an inheritance is not a bad piece of news in the real world either--or is it?
Recent decisionsTrusts and Estates, November 2000In re Estate of Lind, No. 3-99-0708, decided July 13, 2000, by the Third District poses the question as to whether a college can be forced to give up a bequest that reaches probate after a decision was made to close the school.
Estate planning in the new milleniumBy Jerry MillerTrusts and Estates, August 2000Marketing a law practice in the first decade of the 21st Century is going to be vastly different than in the previous decade, or any before.
From the editorTrusts and Estates, August 2000This is the first newsletter following the annual meeting in Lake Geneva. I personally thank the retiring chair, Walt Zukowski, for his help and encouragement this past year.
Non-“trust”worthy expensesBy Malcolm L. MorrisTrusts and Estates, August 2000As more and more clients create trusts, the number of trust-oriented disputes will increase. Such is the nature of things.
Recent decisionsTrusts and Estates, August 2000The Estate of Rebecca A. Wineman, T. C. Memo. 2000-1993, filed by the Tax Court on June 28, 2000, gives the taxpayer additional ammunition in making special use valuation elections under Code sec. 2032A.
For what its worthBy Mark E. ZumdahlTrusts and Estates, May 2000This newsletter is a grab bag of recent decisions of interest to those of us in the estate planning area and a short article from Thorpe Facer.
Trustee powersBy Thorpe FacerTrusts and Estates, May 2000Many of our clients have accounts with Merrill Lynch. When creating revocable living trusts for these clients, be aware that Merrill Lynch can require specific language be included with respect to a trustee's power.
A conversation with a clientBy Thomas A. PolachekTrusts and Estates, September 1999A. The short answer is that I cannot answer until I know more about your family and financial circumstances, although I will say that you should at least have a simple will (everything to spouse, if she/he survives, otherwise to children) and if you have minor children, you want to name who will be responsible for them ("guardians") in your will. More importantly, you may need an estate plan.
Estate and gift tax updateBy Alfred SandersFederal Taxation, June 1999In the past when multiple interests in the same asset have been included in a decedent's gross estate the multiple interests have been aggregated in order to determine their value.
Helpful aides to the practitioner preparing estate and gift tax returnsBy Donald A. LoBueGeneral Practice, Solo, and Small Firm, March 1999I recommend two publications and CCH's Performance Plus II to those general practitioners who do not prepare estate and gift tax returns on a regular basis.