2008 Articles

An ancillary lesson By Darrell Dies February 2008 A hypothetical scenario illustrating potential estate administrative expenses in several states.

Deducting administration expenses at the first death By Jason S. Ornduff & Georgia Loukas Demeros August 2008 If an estate elects to deduct its administration expenses on the estate tax return and those administration expenses exceed the amounts deducted, then the excess amounts can be deducted on the estate’s income tax return. However, a statement must accompany the estate’s income tax return notifying the IRS that the administration expenses exceed those deducted on the estate tax return and that the estate waives its right to deduct the excess expenses on the estate tax return.

FDIC protection for trust accounts By Katarinna McBride August 2008 This article is designed as a comprehensive guide for counsel and clients regarding the significant FDIC protection available for bank accounts owned by revocable and irrevocable trusts as well as pay-on-death accounts and in trust for accounts.

A happy marriage: Divorce and estate planning By Katarinna McBride October 2008 Upon divorce, it is common for one spouse to pay alimony, modernly referred to as spousal support, to the other spouse.

Keeping score: New reporting requirements for capital gains By Robert Weber February 2008 According to the IRS, incorrect reporting of capital gains accounts for nearly $345 billion per year in unpaid taxes.

A political question By Katarinna McBride August 2008 The movement to eliminate the estate tax came to a head in 2001, when an unprecedented tax cutting regime was enacted to repeal the estate tax in 2010 and reinstate it in 2011.

Preferred Partnership Interest Sale To Grantor Trust By Stephen M. Margolin October 2008 This article discusses the benefits of recapitalizing a partnership with preferred interests, and the sale of those interests to a grantor trust.

Push comes to shove By Robert Iverson April 2008 The efforts of the ISBA Trusts & Estates Council were realized on March 11, 2008 when the ISBA Board approved the Council’s proposal to amend 35 ILCS 405/2 of the Illinois Compiled Statutes.

Return Preparer Accuracy Standards under 6694 now applicable to estate and gift tax returns By David A. Berek February 2008 Just in time for tax return season, Congress and Treasury recently revised the preparer accuracy standards that govern the preparation of tax returns.

Rollover – We mean it! By Katarinna McBride April 2008 On March 12, 2008 the House of Representatives passed a bill that corrected and clarified the Pension Protection Act of 2006 (“PPA”) as it relates to non-spouse beneficiaries of qualified plan participants (H.R. 3361).

A short note on the market of opportunities By Katarinna McBride October 2008 With stock prices bottoming out, this may be a great opportunity to make annual exclusion gifts of publicly traded stock.

Tax tips for estate planners By Julie Hendricks April 2008 At the helm of another tax season lie opportunities for calmer seas. The following are some areas in which estate planners may find some navigation tips.

Time-out for Talty By Robert Iverson February 2008 In Talty v. Talty, decided in October of 2007, the Third District Appellate Court delivered a forceful message to self-interested fiduciaries.

Trusts and Estates Section Council legislative update By Ray J. Koenig, III & Amy Jo Smith April 2008 An important duty of the Trusts and Estates Section Council is to monitor and advocate for legislation impacting our areas of practice.