by Manish C. Bhatia | Oct 31, 2012 | News + Trends
On August 10, 2012, Governor Pat Quinn signed the Illinois Directed Trust Statute (HB 4663) into law. It will become effective on January 1, 2013. Generally, a trustee of an Illinois trust is personally liable for any loss due to a violation of his or her duties,...
by Manish C. Bhatia | Oct 31, 2012 | News + Trends
A trust provision that typically grabs a client’s attention is the one that entitles trustees to be compensated for their service. Often, the reader will imagine the trust being drained by trustee fees, leaving nothing for the beneficiaries. However, removing the...
by Manish C. Bhatia | Sep 30, 2012 | News + Trends
The annual gift tax exclusion is an amount that an individual can give to as many other individuals as he or she desires in a given year without incurring any gift tax liability.1 On January 1st, the exclusion resets and the individual can make additional gifts. The...
by Manish C. Bhatia | Sep 30, 2012 | News + Trends
The Will of Sherman Hemsley, who played George Jefferson on the pioneering sitcom The Jeffersons from 1975 to 1985, is being contested in a Texas probate court. Hemsley, who had been battling lung cancer, died at his home in El Paso, Texas, on July 24, 2012. On June...
by Manish C. Bhatia | Sep 30, 2012 | News + Trends
Vince Young has quite the college and professional football resume. A Rose Bowl victory and BCS championship with the Texas Longhorns and a Heisman Trophy resulted in Young becoming the third overall draft pick in the 2006 NFL draft. From there, Young earned...
by Manish C. Bhatia | Sep 3, 2012 | News + Trends
The question of when and how often estate planning documents should be reviewed is a very common and important one to ask your estate planning attorney. As discussed in the October 2010 Newsletter (“Reviewing Your Existing Estate Planning Documents”), any significant...
