1st Jul 2010

A Pourover Will is a document that pours all of the creator’s assets into his or her Trust at death.  The Trust document then controls the distribution of the assets.  Proper funding of a Revocable Living Trust during the individual’s … more

On March 18, President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act into law, which includes several unrelated provisions intended to generate revenue.  Consistent with the increased scrutiny on foreign investments that we saw in 2009, the HIRE … more

Senator Bernie Sanders (I-VT) introduced an Estate Tax bill on Thursday, June 24, with a new twist: the Billionaire’s Surtax. The bill, which is co-sponsored by Senators Sheldon Whitehouse (D-RI), Tom Harkin (D-IA) and Sherrod Brown (D-OH) and would be … more

1st Jun 2010

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 … more

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”). … more

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 … more

1st May 2010

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 … more

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 … more

– 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 … more

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, … more