“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.
New senior minefield: The DRA comes to IllinoisElder Law, June 2010The Federal Deficit Reduction Act of 2005 imposes harsh penalties against seniors who gift money to family members and charities.
Not just a billBy Mary CascinoElder Law, June 2010HB 6477, which revises the Illinois Power of Attorney Act to minimize abuses, has passed the Illinois General Assembly and is ready for the Governor to sign.
2010 Bank Convenience Accounts: An exciting new tool?By Graham Boardman SchmidtTrusts and Estates, May 2010Many bank customers may find it useful to establish an account that grants possession, but not title, of funds to another individual.
Basis adjustments for 2010 estates: A navigation system for unknown routesBy Alan E. StumpfTrusts and Estates, April 2010In 2010, the basis of property acquired from a decedent is no longer automatically stepped-up. Rather, the basis is the decedent’s adjusted basis in that property or the fair market value of the property on the date of death, whichever is less.
Congress may be frozen, but the Supreme Court is acting!By Philip E. KoenigTrusts and Estates, February 2010Normally, the activity of the United States Supreme Court and the Illinois Supreme Court has little effect on the work of trust and estate lawyers. In 2009, however, there were three decisions of note: one by the U.S. Supreme Court and two by the Illinois Supreme Court that are of significance and importance to trust and estate lawyers.
Estate tax or not: Reasons your clients still need estate planningBy Jodie E. Distler HanzlikTrusts and Estates, February 2010The 2010 estate tax “repeal” has not gone unnoticed by most attorneys and certainly has been the subject of intense scrutiny, dialogue and debate among tax planning professionals.
Estate plan prepared by guardian not ripe for challengeBy Margot GordonTrusts and Estates, January 2010In October 2009, the First District dismissed the appeal of the former caretaker and nephew-in-law of a disabled person (both of whom were named in the disabled person’s prior estate planning documents) of the dismissal of their challenge to the corporate guardian’s new estate plan for the disabled person for lack of standing.
Say bye-bye to passive activity losses: A possible past-time for LLCs and LLPsBy Jesse T. CoyleTrusts and Estates, January 2010Limited liability companies (LLCs) and limited liability partnerships (LLPs) are well ingrained as two of the preferred techniques used by estate planning professionals. Both LLCs and LLPs offer significant advantages that many other techniques do not: valuation discounts, retention of control, and tax efficiency. To the delight of those individuals who use LLCs and LLPs in their estate planning work, the perceived tax efficiency of these methods has improved through two recent court cases.
