Should your client consider a change of residency to avoid state estate taxes?By Margot GordonTrusts and Estates, February 2012To avoid state estate and income taxes, individuals who own homes in more than one state may be considering changing their residency to a state other than Illinois. Before one of your clients makes this decision, you will want to make sure that your client understands that changing his or her state residency can be fairly complicated.
Trust protectorsBy Thayer J. HerteTrusts and Estates, February 2012How can the grantor ensure that after their death, their irrevocable trust is not modified in a way that totally turns on end or completely overrides their original intent? One option that has recently gained much attention is to name someone to be a “Trust Protector.”
2012 Estate/gift/income tax pointersBy Paul A. MeintsTrusts and Estates, January 2012A comprehensive guide to the tax-related questions and issues that may arise in the coming year.
The Illinois gift tax and a planning opportunity, perhaps?By Gary R. GehlbachTrusts and Estates, December 2011With the $5 million federal gift and estate tax exemption and the $2 million Illinois estate tax exemption, a popular planning technique is to have clients make substantial lifetime gifts, using some or all of their $5 million federal gift tax exemption.
Child as trustee: A per se conflict?By Gary R. GehlbachTrusts and Estates, November 2011Is it permissible for a child of the settlor to act as a trustee of the settlor’s revocable living trust or of a testamentary trust created by the settlor, if the child-trustee is also a contingent remainder beneficiary?
The new Civil Union Act and its effect on the Illinois Probate ActBy Joanna M. LekkasTrusts and Estates, November 2011While intestacy laws may protect surviving spouses who are parties to a civil union, it is important to keep in mind that only six states recognize these unions. Therefore, estate planning for disability and death remain important tools for same-sex couples.
Using a probate citation for recovering real estate & more…By Philip E. KoenigTrusts and Estates, October 2011An overview of Citations for Recovery of property, who may bring a citation proceeding and what property may be recovered in such a proceeding, as well as some sample pleadings.
“Sorry, my mistake”: Correcting putative testamentary errorsBy Malcolm L. MorrisTrusts and Estates, September 2011Upon application of any interested person, the court may reform the terms of a will, even if unambiguous, to conform the terms to the testator’s intent if it is proved by clear and convincing evidence that both the accomplishment of the testator’s intent and the terms of the will were affected by a mistake of fact or law, whether in expression or inducement.
Poruba v. Poruba: Partitioning a life estate from a remainder interestBy Michael R. LucasElder Law, June 2011In Poruba v. Poruba, the Appellate Court affirmed the trial court’s dismissal of the plaintiff’s action finding that a single life tenant has no authority to force a partition upon a single remainderman.
Estate and Gift Tax recent cases and rulingsBy Joseph P. O’Keefe, Elizabeth C. Hesselbach, & Paul A. FagyalFederal Taxation, February 2011A summary of recent cases from the past year.
2010 year-end estate planning: Navigating the uncertaintyBy Gregg M. SimonTrusts and Estates, December 2010While many of the usual planning techniques remain viable, the current state of the transfer tax laws provides for additional opportunities but makes 2010 year-end planning a bigger challenge than in past years.
Record low interest rates mean good times for estate planningBy Gregg M. SimonTrusts and Estates, December 2010The current economic environment presents significant opportunities for leveraging tax savings and transferring wealth to descendants on a tax-advantaged basis.
Billion dollar baby: The Supreme Court will once again review Anna Nicole Smith caseBy Katarinna McBrideTrusts and Estates, November 2010The Court will now review if Ms. Smith (or Ms. Smith’s estate) received a proper hearing in federal courts (a procedural question), and whether state probate courts (Texas) should be the proper venue for hearing such cases.
Estate planning by guardians: The next generationBy Robert W. KaufmanTrusts and Estates, November 2010Although guardianship law has come a long way over the years, recent cases demonstrate there is still conflicting authority on these matters.
A question of healthBy Jay S. GoldenbergTrusts and Estates, November 2010Suggested language to add to a statutory form so that medical information can be released to a designated person other than the primary Health Care Agent.
George Steinbrenner’s estate tax homerunBy Robert J. KolasaTrusts and Estates, October 2010Since Mr. Steinbrenner died in 2010 (a year in which there may be no federal estate taxes), his heirs pitched the proverbial perfect game and escaped with a zero estate tax bill.
Trust TBE Creditor Protection—A bonanza or a boondoggle?By Gregg M. SimonTrusts and Estates, September 2010Because of uncertainty as to how the Illinois tenancy by the entirety statute may be applied, until clarified by remedial legislation, case law or otherwise, utilization of this statute may not be prudent.
Life insurance litigation post-divorce: Easy to avoid, commonly neglectedBy Lauren J. Wolven & Ashley CrettolTrusts and Estates, August 2010Even if a valid waiver is included in the divorce decree, practitioners should also impress upon their clients the importance of changing their beneficiary designations.
The DOs and DON’Ts when seeking fees in probateBy Martin W. SiemerElder Law, June 2010A recent decision handed down by the First District Appellate Court, In re Estate of Bitoy, provides a good review of fee issues in probate estates.
