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.
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.
