Illinois requirements for the Form 700 estate tax returns needed for qualified terminable interest property (QTIP) have been updated. Estates claiming a QTIP election must report the total value of property on the estate tax return and produce a detailed schedule of all property and assets subject to the QTIP election.
On June 30, 2023, the First District of the Illinois Appellate Court held that an irrevocable trust may be modified if the changes are consistent with the trust’s material purpose.
On June 12, 2019, the Third District affirmed the trial court’s grant of the defendants’ motion for summary judgment, thereby rejecting a claim by relatives seeking to recover a farm that was not included in a testator’s will closed 52 years earlier.
Financial exploitation of the elderly is a growing social concern. Estate planners should examine issues involved in the exploitation of the elderly and consider provisions that may protect their clients.
Trust protectors, increasingly popular in Illinois, enable trusts to more readily adapt to changing laws and circumstances. But to what extent may the settlor limit the fiduciary duties of trust protectors?
Q. My client's estranged wife refuses to let him see the kids. Does that constitute "concealment," thereby justifying an order of protection against her?
Under the new Land Trust Beneficiary Rights Act, the rights of land trust beneficial owner(s) shall not be impaired by the change of trustee if beneficial owner(s) remain the same.
Proposed legislation would amend the Trusts and Trustees Act to require that all transfers of property into a trust be evidenced by a written conveyance and acceptance by the trustee.
The Illinois Supreme Court found the doctrine irrelevant to the facts of In re Estate of Boyar, leaving the question of whether it applies to trusts as well as wills for another day.
The ruling barred a decedent from using a spendthrift trust to effectively revoke his irrevocable gift to Rush Medical Center. Leading ISBA lawyers think it's time for the legislature to clarify Illinois trust laws.
Among other changes, the legislation would make nonjudicial trust modifications easier and limit the risk of liability for fiduciaries who handle specific trust-related tasks.
