by Manish C. Bhatia | Jul 1, 2011 | News + Trends
An issue that arises when gifting specific property by Will or Trust is whether the beneficiary is entitled to anything if the property is sold prior to the giftor’s death. The doctrine of “ademption” provides that a bequest may only be satisfied with the specific...
by Manish C. Bhatia | Jul 1, 2011 | News + Trends
As discussed in the January 2011 Newsletter, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”) applies to the estates of decedents through 2012. As a first step towards progress beyond 2012, President Obama’s proposed...
by Manish C. Bhatia | May 31, 2011 | News + Trends
One of the most important features of Estate Planning is to give individuals of your choosing the power to make decisions for the benefit of yourself and your loved ones if or when you are unable to do so. The alternative to such planning is to allow the courts to...
by Manish C. Bhatia | May 31, 2011 | News + Trends
As of June 1, 2011, Illinois recognizes civil unions. As discussed in the March 2011 Newsletter, the Illinois Religious Freedom Protection and Civil Union Act recognizes the members of a civil union in Illinois as having the same rights as the members of a “spousal...
by Manish C. Bhatia | May 31, 2011 | News + Trends
Beginning on July 1st, Illinois’ new Powers of Attorney laws will go into effect. Any Powers of Attorney executed in Illinois on or after July 1 must use forms updated to reflect the changes required by the new law.
by Manish C. Bhatia | Apr 28, 2011 | News + Trends
An outright bequest made either through a Will, Revocable Living Trust or intestacy allows the beneficiary to directly inherit the assets—as long as he or she has reached the age of 18 in Illinois—and do with it as he or she may please. However, there are many...
