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...
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...
