by Manish C. Bhatia | Aug 1, 2010 | News + Trends
An individual who dies without a Will is referred to as dying intestate. Each state provides its own intestate succession law, which determines how the assets of a decedent who dies intestate will be distributed. Under Illinois’ intestate succession law (“Descent and...
by Manish C. Bhatia | Aug 1, 2010 | News + Trends
On July 2nd, President Obama signed into law a bill that extends the original homebuyer’s credit deadline for closing a sale. Previously, the law stated that the contract had to be entered into by the end of April 30th with the closing to take place by June 30, 2010. ...
by Manish C. Bhatia | Aug 1, 2010 | News + Trends
With the Federal estate tax legislation stalled, Senator Robert Casey (D-PA) has added a provision to the “Extend COBRA Premium Assistance Program Act of 2010” to require a minimum 10-year term for Grantor Retained Annuity Trusts (GRATs). The bill was referred to the...
by Manish C. Bhatia | Aug 1, 2010 | News + Trends
On July 13, 2010, former New York Yankees owner, George M. Steinbrenner III, passed away, leaving behind his wife, four children and an estate estimated to be worth $1.1 billion (Forbes). Based on this estimate, Steinbrenner’s estate is potentially saving...
by Manish C. Bhatia | Jul 1, 2010 | News + Trends
A Pourover Will is a document that pours all of the creator’s assets into his or her Trust at death. The Trust document then controls the distribution of the assets. Proper funding of a Revocable Living Trust during the individual’s life is important, but the...
