Trusts & Estates

The newsletter of the ISBA’s Section on Trusts & Estates

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2003 Articles

Coping with declining health and finances: Ideas, thoughts, and suggestions for your Powers of Attorney By Paul A. Meints December 2003 The following items are some thoughts and suggestions, including sample drafting, for keeping your documents current.
From the editors December 2003 Included in this issue is a report from a Trusts and Estates Section Council committee headed by Jay Goldenberg on the new Illinois Estate Tax revisions.
From the editors August 2003 This issue has three articles of extreme interest. The first article by David Berek of Chicago discusses recently signed legislation which de-couples the Illinois estate tax from the allowable federal estate tax death credit.
From the editors May 2003 This issue has three very practical articles giving advice for the estate planner. The first article is by Gary F. Gehm, associated with Northern Trust, dealing with estate planning issues common to all practitioners.
From the editors March 2003 We begin by including a comment by one of our readers, Joseph Schuman of Chicago, in response to an article in the November newsletter.
Historical perspective December 2003 For many years, Illinois, like many states, had its own death tax system. In the case of Illinois, this was an inheritance tax (varying according to the relationship of the recipient to the deceased).
How to tackle Hackl: Turning future gifts into present interests By James M. Lestikow August 2003 The annual exclusion from federal gift tax has been in the Internal Revenue Code (IRC) since 1932, allowing relatively small gifts to go unreported. IRC §2503(b).
An idea in response to Hackl issues By Philip E. Koenig December 2003 The following was a drafting idea submitted to the editors in response to the Hackl v. Commissioner case, 118 T.C. No. 14 (Mar. 27, 2002).
Illinois amends the estate tax to offset EGTRRA reductions in state death tax credit By David A. Berek August 2003 On June 20th Governor Blagojevich signed into law legislation amending the Illinois Estate and Generation-Skipping Transfer Tax Act under 35 ILCS 405 applicable to decedents estates for deaths occurring on or after January 1, 2003.
Notice of appointment of counsel By William A. Peithmann & Thomas G. Hattery March 2003 Given the increasing awareness of privacy rights, more and more financial service firms and other providers are reluctant to discuss a client's affairs with counsel.
OBRA 93 pay back trusts By Michael C. Wiedel March 2003 The Fall 2002 Law Ed Presentation of the Trusts and Estates Section contained a segment on Special Needs Trusts and other devices that allow a needs-based recipient of Medicaid, SSI and other programs to receive the aid and still have the benefits of the provisions of these arrangements.
Odds and ends August 2003 We have all encountered the frustrating delays in having employer identification numbers assigned for our estates and trusts. A more streamlined method is now available.
Personal real estate and its uses in saving taxes By Robert Weber March 2003 Which asset is usually the single highest valued asset in a person's estate? Real estate; that is, the taxpayer's residence
Planning pointer By Paul A. Meints December 2003 On November 7, 2003, the U.S. Tax Court issued its 114-page opinion on the Estate of Eugene Stone's five family limited partnerships.
A potpourri of estate planning and investment management reminders By Gary F. Gehm May 2003 Because assets in joint tenancy carry rights of survivorship, these assets are not controlled by a will; therefore, to ensure a well-coordinated estate plan and to minimize gift and estate taxation, you should carefully consider the placement of assets into joint tenancy.
Practical checklist for the estate planning practitioner By Deborah B. Cole August 2003 Errors in estate planning are one of the most common types of legal malpractice.
Practice tips By Paul A. Meints March 2003 The U.S. Department of Health and Human Services, through its Lawyer Education Project of the Division of Transplantation, is asking bar association leaders to inform members of the need for organ donations and tissue transplants.
Protecting charitable gifts—A provision By Joseph Schuman March 2003 The U.S. Department of Health and Human Services, through its Lawyer Education Project of the Division of Transplantation, is asking bar association leaders to inform members of the need for organ donations and tissue transplants.
Recent decisions By James K. Say December 2003 In re Estate of Georgia A. Muldrow, No. 1-02-1825, 2003 Ill. App. ____, (Ill. App. 1st Dist. October 10, 2003). Georgia Muldrow died on November 10, 2001.
Recent decisions By Mark E. Zumdahl August 2003 If one has been in practice any length of time, the thorny issue of compensating family members for prior services rendered to a decedent has been encountered.
Recent decisions By James K. Say March 2003 Recent cases of interest to practitioners.
Recent Illinois decisions By Mark E. Zumdahl May 2003 The case of The Estate of William Henry v. St. Peter's Evangelical Church, 271 Ill. Dec. 855, decided by the Third Appellate District, is a case of first impression interpreting §15(b) of the Principal and Income Act. 760 ILCS 15/15.
Seventh Circuit holds beneficiary designation of group term life insurance controls over marital settlement agreement By Philip E. Koenig May 2003 On April 8, 2003, the Seventh Circuit Court of Appeals, in the case of Melton v. Melton, held that the provisions of a beneficiary designation form control over conflicting provisions of a marital settlement agreement in determining the beneficiary of group term life insurance benefits.
Tax rulings and decisions By Mark E. Zumdahl May 2003 The Tax Court case of Ralph H. Davis v. Commissioner, T.C. Memo 2003-55, reminds us of the danger of placing limitations on the right of a surviving spouse to trust income if a marital deduction is desired.
Trustee, or not trustee? Aye, there’s the rub By Dennis A. Norden May 2003 With all due apologies to Mr. Shakespeare, his executors or successor trustee, as the case may be, the purpose of this not-so-scholarly article is to address one of the most confounding dilemmas facing estate planning attorneys today--selection of a trustee.
What powers? By Franklin M. Hartzell May 2003 The Illinois General Assembly, in adopting and further amending the statute on Durable Powers of Attorney (755 ILCS 45/2-1) et. sq., made findings with respect to modern financial needs and advances in medical science, which among other things, expanded the application of the Financial Power of Attorney and the permissible scope of the agent's authority.