The 2011 Estate, Gift & GST Taxes

With the new year, we have new legislation providing updated Estate, Gift and Generation Skipping Transfer Tax provisions affecting decedents dying between January 1, 2010, and December 31, 2012.  Congress has finally given us a long-awaited answer to the question of...

The Notice Requirement for Gifts in Trust

One of the primary techniques used to reduce a person’s taxable estate is for him or her to make gifts during life to other individuals, usually children or grandchildren, using the annual gift tax exemption ($14,000 in 2014).  An individual can make a gift of up to...

Fisher II: Bona Fide Business

As reported in Newsletter #1, in John W. Fisher and Janice B. Fisher v. United States of America (March 11, 2010), the U.S. District Court of Indiana held that the interests in Good Harbor Partners, LLC, the Fisher’s limited liability company, gifted by the Fishers to...

Protecting Inheritances from Divorce

Divorce is a reality that is difficult to anticipate, but one that can be planned for through proper Estate Planning.  The Illinois Marriage and Dissolution of Marriage Act (the “Act”) provides that although property acquired by gift, legacy or descent is considered...