by Manish C. Bhatia | Jul 1, 2010 | News + Trends
Senator Bernie Sanders (I-VT) introduced an Estate Tax bill on Thursday, June 24, with a new twist: the Billionaire’s Surtax. The bill, which is co-sponsored by Senators Sheldon Whitehouse (D-RI), Tom Harkin (D-IA) and Sherrod Brown (D-OH) and would be retroactive to...
by Manish C. Bhatia | Jun 1, 2010 | News + Trends
It is common practice for one spouse to name the other as his or her agent for health care and property, but what happens to those Powers of Attorney if the couple gets divorced? The Illinois legislature has provided a direct answer for this situation. Section 2-6(b)...
by Manish C. Bhatia | Jun 1, 2010 | News + Trends
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”). When creating dual...
by Manish C. Bhatia | Jun 1, 2010 | News + Trends
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...
by Manish C. Bhatia | May 1, 2010 | News + Trends
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...
