1st Jun 2010

On April 29th, both Illinois houses passed a bill that amends the state’s joint tenancy provisions to permit revocable trusts to hold homestead property in tenancy by the entirety (see below for a brief discussion of “tenancy by the entirety”). … more

In mid-May, Congress Daily reported that Congress was nearing a resolution on the estate tax debate, stating that an agreement between Senate Minority Whip Jon Kyl (R-AZ), Senate Finance Chairman Max Baucus (D-MT), Sen. Charles Grassley (D-IA) and Senate Agriculture … more

1st May 2010

According to Bloomberg Business Week, the House Ways and Means Committee planned to begin work in April to retroactively reinstate the federal estate tax on multimillion-dollar estates that expired on December 31, 2009.  The legislation would likely extend the 2009 … more

Illinois pet owners are allowed to set aside funds and name caretakers for their pets by establishing a trust specifically for the benefit of one or more pets.  A Pet Trust allows the owner to provide for the pet’s care … more