Trusts & Estates

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

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2006 Articles

Building your estate practice through legal service plans By Carol Klima Martin December 2006 If you are looking to hang a new shingle or build a practice, affiliating with a legal service plan can fit the bill.
Editor’s comments By Philip E. Koenig November 2006 This issue of the newsletter shows the broad range of topics that can confront the trusts and estates practitioner.
Editor’s comments By Philip E. Koenig May 2006 In this issue of the Trust and Estate Law newsletter, we have several small articles covering a wide variety of topics.
The effects of the Debt Reduction Act on Medicaid By Michael C. Wiedel November 2006 In an effort to save a little money, comparatively speaking, the U.S. Congress has sacrificed the interests of the disabled and elderly poor for more exciting ventures.
Estate planning with the increasing exclusion amount By David A. Berek December 2006 Who would have thought we’d hear discussions around the water cooler about changes to the estate tax law?
Estate tax legislation scheduled for Senate debate in May 2006 By Michael Cyrs May 2006 Senate Majority Leader Bill Frist (R-TN) has scheduled permanent estate tax repeal legislation for debate in May of this year.
The “five and five”—Why and alternatives By Jay S. Goldenberg May 2006 The “five and five” is a frequently used tool. One often finds that a trust beneficiary (whether spouse or child) has been granted such a power.
From the Editor’s Chair By Katarinna McBride December 2006 In response to the dwindling number of estate tax returns being filed the IRS is reducing its audit staff, according to Kyle Martin, an estate tax attorney with the Internal Revenue Service.
Hines v. Department. of Public Aid By Philip E. Koenig November 2006 Beverly Tutinas died in 2001, leaving a house and an automobile.
In Terrorem Clauses—Bark but no bite By Seth A. Kaplan December 2006 It is the duty of the courts to carry out the wishes of testators and settlors, and the duty of lawyers representing those testators and settlors to advise them as to the best chance of their directives being followed.
Inflation Adjustments: 2007 and before By Gregg M. Simon December 2006 On November 9, 2006 the IRS released its official inflation adjustments for 2007. The following tables show the 2007 adjusted items that relate to estate taxes:
REV. RUL. 2006-34 defines when real estate ownership constitutes closely held business for Section 6166 purposes By Charles G. Brown November 2006 In recent Revenue Ruling 2006-34, 2006-26 I.R.B 1171, the Service provides clarification as to when the ownership of real estate constitutes a closely held business for purposes of the installment payment of estate taxes under Section 6166 of the Internal Revenue Code, as amended.
Sample year-end letter December 2006 There are several estate tax issues which are critical for us to review the upcoming year.
A season for giving: Organ donation in Illinois By Justin J. Karubas December 2006 There is a need for greater awareness about organ donation. People die waiting for donations and people die without donating.
Selected developments in income, estate, gift & generation-skipping transfer tax By David A. Berek December 2006 Consistent with the holding in O’Neill, the Second Circuit affirmed the Tax Court in Rudkin v. United States, 124 TC No. 19 (June 27, 2005) that investment advisory fees paid by a trust are deductible only to the extent those fees exceed 2 percent of the trusts adjusted gross income.
US Supreme Court defines the “probate exception” to limits on federal jurisdiction By Philip E. Koenig May 2006 It is not very often that probate law, a Hollywood figure and the United States Supreme Court converge upon one another.
Yet another joint tenancy case… By Philip E. Koenig May 2006 The Second District Appellate Court recently decided another case, In re Estate of Shea, resolving ownership of joint tenancy bank accounts established by a decedent during his lifetime.