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...
by Manish C. Bhatia | May 1, 2010 | News + Trends
Illinois pet owners are allowed to set aside funds and name caretakers for their pets by establishing a trust specifically for the benefit of one or more pets. A Pet Trust allows the owner to provide for the pet’s care in case of the owners disability or death. In...
by Manish C. Bhatia | May 1, 2010 | News + Trends
– The Indiana District Court has provided another nugget of guidance regarding the organization and operation of a Family Limited Partnership (FLP). In John W. Fisher and Janice B. Fisher v. United States of America (March 11, 2010), the court held that the FLP...
by Manish C. Bhatia | May 1, 2010 | News + Trends
Dear colleagues and friends, welcome to the first newsletter from my desk. I have recently launched my own solo practice focusing on estate planning, beginning with the core documents consisting of a Will, Revocable Living Trust and Powers of Attorney, as well as...
