Trustee’s acceptance of a deed in trustBy John J. HoreledSenior Lawyers, October 2017A new statute requires a written acceptance of a conveyance of real estate by the grantee/trustee.
Survival of claims—Renunciation of willsBy Patrick M. KinnallyCivil Practice and Procedure, September 2017What happens if the surviving spouse dies before a renunciation is filed? Can the executor of the surviving spouse file a renunciation of the will during the seven-month period? The answer appears to be “no."
Estate planning during dissolution proceedingsBy Lauren Evans DeJongGeneral Practice, Solo, and Small Firm, August 2017There is no limit to the estate planning vehicles that can be used during the pendency of dissolution proceedings.
Mom had a life insurance policy, but we can’t find it!By Michael J. MaslankaTrusts and Estates, August 2017If the client indicates that he or she cannot find any information about a life insurance policy, but knows that one existed, you can suggest that the client utilize the Illinois Life Policy Locator Service through the Illinois Department of Insurance.
Case law updateBy Raymond W. PratherTrusts and Estates, April 2017These cases were discussed by the ISBA's Trusts & Estates Section Council at its December and February meetings.
The obsolescence of the full power deed in trustBy Gary R. GehlbachTrusts and Estates, March 2017Author Gary Gehlbach considers whether the 'full power' provisions of a trust continue to be necessary.
IRS inflation adjustments for 2017By Jennifer BunkerTrusts and Estates, January 2017The Internal Revenue Service has announced its annual inflation adjustments for tax year 2017.
Proposed 2704 changes meet stiff resistance at IRS hearingBy Bruce A. JohnsonTrusts and Estates, January 2017Since the tax court decision of Kerr v. Commissioner, the IRS has been concerned that certain loopholes exist in IRC 2704 that allow taxpayers to gift interests to family members in entities that have no business purpose and allow the transfer of wealth without due consideration of the value to the transferor.
No common law rights for unmarried cohabitantsBy Gary R. GehlbachTrusts and Estates, December 2016In a recent Illinois Supreme Court decision, Blumenthal v. Brewer, the court ruled that to afford unmarried partners the right to enforce mutual property rights under common law would be tantamount to recognizing common law marriage.
Proposed 2704 changes meet stiff resistance at IRS hearingBy Bruce A. JohnsonBusiness Advice and Financial Planning, December 2016Since the tax court decision of Kerr v. Commissioner, the IRS has been concerned that certain loopholes exist in IRC 2704 that allow taxpayers to gift interests to family members in entities that have no business purpose and allow the transfer of wealth without due consideration of the value to the transferor.
In re Estate of AginBy Mary Anne Spellman GerstnerTrusts and Estates, November 2016The opinion in this case demonstrates the importance of a clear expression of the settlor’s intent in the trust language itself, the meaning of the term per stirpes, and reflects the impediments which exist to presenting extrinsic evidence in interpreting a trust.
Release and indemnification of a trustee: Best practice recommendations for practitionersBy Anthony L. Engel & Kelli Chase PlotzTrusts and Estates, October 2016Acting as Trustee can be a risky endeavor. Practitioners can help protect Trustees (and encourage qualified parties to act as Trustee) by explicitly authorizing a Trustee to request a release and indemnification in their trust documents. Some statutory changes could be helpful, as well.
Transfers into trust: A new reality?By Robert W. KaufmannTrusts and Estates, September 2016New legislation appears to be an overreaction to the Estate of Diane Mendelson v. Michael Mendelson case.
Drafting an all-star lineup of co-trustees for trust managementBy Neil T. Goltermann & Daniel S. PorterTrusts and Estates, July 2016While appointing a team of co-trustees is a great way to take care of each phase of trust management, the following cases provide some specific things to watch out for when drafting the players for the trust management lineup.
Protective trusts without compressed tax brackets for trust managementBy Curt W. FergusonTrusts and Estates, July 2016Has your estate planning business suffered since the American Taxpayer Relief Act of 2012 and the increase in the Illinois estate tax exemption to $4,000,000? Do you find that most people just don’t think there is much of anything they can gain from your counsel?
Flinn Report Summary – April 15, 2016 through May 13, 2016By Joseph P. O’KeefeTrusts and Estates, June 2016A summary of regulatory decisions of Illinois agencies reported in the Flinn Report that are related to trust and estate practices.
Legislative updateBy Justin KarubasTrusts and Estates, June 2016A non-exhaustive list of bills that passed both houses that impact the trusts and estates practice.
Section 529A ABLE accounts opening throughout the United StatesBy Adam M. AnsariTrusts and Estates, June 2016According to the National Disability Institute, there are 58 million individuals with disabilities in the United States and at least 10% of these individuals would qualify for the creation of an ABLE Account under the current eligibility requirements.
Stepped-up basis for credit shelter trusts using PEG powers under Illinois lawBy Robert J. KolasaTrusts and Estates, April 2016This article discusses how a surviving spouse may in some scenarios exercise a testamentary special pwer of appointment to create a new (i.e., appointive) trust for remainder CST beneficiaries.
