Section Newsletters

Articles on Trusts and Estates

Legislation Committee Report—99th General Assembly By Justin J. Karubas Trusts and Estates, February 2015 A list of the bills the Trusts & Estates Section's Legislation Committee is monitoring during this session of the Illinois General Assembly.
Stepping up the Basis on Credit Shelter Trust Assets: Having your cake and eating it too By Curt W. Ferguson Trusts and Estates, February 2015 The Basis Bump Trust™ is one new tool for the new environment: estate tax avoidance if the clients need it, but capital gain step up to the extent they could still have it.
1 comment (Most recent February 19, 2015)
Flinn Report summary—September 9, 2014 through December 12, 2014 By Joseph P. O’Keefe Trusts and Estates, January 2015 A summary of regulatory decisions of Illinois agencies reported in the Flinn Report that are related to trust and estate practices.
Case law update By Ray Prather & Heather McPherson Trusts and Estates, December 2014 Recent cases of interest to trusts & estates practitioners.
Flinn Report summary By Joseph P. O’Keefe Trusts and Estates, December 2014 A summary of regulatory decisions of Illinois agencies reported in the Flinn Report that are related to trust and estate practices.
Someday all this will be yours: A history of inheritance and old age By Juan C. Antúnez Trusts and Estates, December 2014 The author discusses a Princeton history professor's fascinating study of more than 200 New Jersey appellate opinions involving estate disputes from 1840 to 1940.
Why do clients engage estate planners? By Alan R. Press Trusts and Estates, November 2014 Earlier this year, Wealth Counsel and Wealth Management.com released their 7th Annual Industry Trends survey. View some of the highlights here.
Are electronic wills coming to a state near you? By Darrell Dies Trusts and Estates, October 2014 Although electronic Wills have some practical appeal for the tech-savvy generation, given the security, privacy and authenticity concerns, they are not likely to pick up steam in the near future. However, don’t count them out.
Errata By Gary R. Gehlbach Trusts and Estates, October 2014 Gary Gehlbach provides a revision to his article that appeared in the June 2014 issue of this newsletter.
Legislation Committee report By Justin J. Karubas Trusts and Estates, October 2014 A summary of recent statutory changes in Illinois law of interest to trusts and estates practitioners.
Consider drafting from a trustee’s perspective—Practice tip By Tracy S. Dalton Trusts and Estates, September 2014 Some advice for drafting a trust agreement.
Flinn Report summary By Joseph P. O’Keefe Trusts and Estates, September 2014 A summary of regulatory decisions of Illinois agencies reported in the Flinn Report that are related to trust and estate practices.
Legislation Committee report By Robert W. Kaufman Trusts and Estates, September 2014 An update to the Committee's July report.
Small estate agreement—Practice tip By Gary R. Gehlbach Trusts and Estates, September 2014 The author shares his sample agreement, which is typically coupled with a small estate affidavit.
2 comments (Most recent September 9, 2014)
Spendthrift Trust beneficiary checkmated by Bankruptcy Code 548(e) in Castellano By Jay Adkisson Trusts and Estates, September 2014 If the Court’s rationale is followed in future cases, millions of existing trusts may be defective as to the operation of their Spendthrift Clause, if the Trust may be deemed to terminate immediately upon the death of the Settlor.
Flinn Report summary—July 2014 By Joseph P. O’Keefe Trusts and Estates, July 2014 A summary of regulatory decisions of Illinois agencies of interest to trust and estate practitioners.
Proposed regulations affecting the uniform basis rule as applied to charitable remainder trusts By Ray Prather Trusts and Estates, July 2014 On January 17, 2014, the IRS issued proposed regulations on uniform basis for charitable remainder trusts.
Small estate administration primer By Gary R. Gehlbach Trusts and Estates, June 2014 While administering a decedent’s estate can be quite simple at times, often the attorney will find that there are nuances that require thought and skills that can be utilized to benefit the client.
The accountant-client privilege By Matthew A. Nelson Trusts and Estates, May 2014 The 4th District Appellate Court recently established an exception to the accountant-client privilege in the case of Brunton v. Kruger.
Ethics corner: Identity fraud in estate planning By Deborah B. Cole Trusts and Estates, April 2014 In light of the increased risk of identity theft, this might be a good time to update your client intake procedures and make sure that your staff is instructed to check for identification before notarizing documents or giving out information.
Probate estate engagement letters and petition for attorney fees in probate court By Richard P. Miller Trusts and Estates, April 2014 A comprehensive engagement letter to the estate’s representative minimizes the possibility of misunderstanding regarding attorney’s fees.
1 comment (Most recent April 24, 2014)
Estate planning, trusts and estates potpourri for 2014 By Dennis J. Jacknewitz Trusts and Estates, March 2014 The author shares some items of interest.
Residency of Grantor is irrelevant in determining whether Illinois may tax income of inter vivos trusts pursuant to recent Fourth District Appellate Court ruling in Linn v. The Department of Revenue By Jennifer Bunker Trusts and Estates, March 2014 The Fourth District Appellate Court, in Linn v. Dep’t of Revenue recently held that the residency of an inter vivos trust’s grantor in the State of Illinois is insufficient to satisfy due process for income from that Trust to be taxable by the State of Illinois.
Estate planning of the rich and famous By Timothy Rtchey Young Lawyers Division, February 2014 A reminder that even young attorneys should have their estate planning documents in place.
1 comment (Most recent February 12, 2014)
Heckerling reflections By Timothy S. Midura Trusts and Estates, February 2014 The author shares his 'global take-aways' from the January 2014 Heckerling Institute in Orlando.
Pour me another trust By Heather McPherson Elder Law, November 2013 Decanting is a great tool for practitioners to use in one’s estate, trust, and elder law practice, because it allows trusts that could otherwise not be changed to be rewritten to adjust to changed circumstances, as well as for corrections to trusts that were poorly drafted.
Practice Tip—Dealing with beneficiary election in your trusts By Paul A. Meints & Darrell Dies Trusts and Estates, November 2013 Some helpful language that an estate planner might utilize in the client’s inter vivos trust instrument to attempt to deal with the doctrine of election.
Conveying farmland subject to CRP contracts By Gary R. Gehlbach Trusts and Estates, September 2013 Farms that include land subject to one or more Conservation Reserve Program contracts are routinely bought and sold. Accompanying this article is a form that the author routinely uses, with appropriate modifications depending on the transaction, for the assignment of a CRP contract.
DiMatteo case clarifies requirements for pleading a cause of action for will contest/tortious interference with testamentary expectancy By Edward J. Jarot Trusts and Estates, September 2013 The recent decision in In re Estate of Richard DiMatteo has clarified the requirements to successfully plead a cause of action for invalidating a last will and testament.
Essential estate planning for business owners By Michael C. Foltz Business Advice and Financial Planning, September 2013 The conventional estate plan addresses the disposition of assets and mitigation of taxes, while business owners require estate planning and business succession documents that compliment one another.

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