Estate Planning News + Trends
Commonly asked questions and trending topics of discussion. Search previous topics of discussion below.
Stunning Decision Regarding Notice Requirement
The United States Tax Court has issued a stunning decision regarding the notice requirement for present interest gifts. As discussed in the December 2010 Newsletter, a present interest gift is one in which the beneficiary has an immediate, unrestricted right to the...
Estate Planning for Same-Sex Couples
On June 1st of this year, the Illinois Religious Freedom Protection and Civil Union Act(the “Act”) went into effect and the State of Illinois began recognizing Civil Unions. As a result, members of Civil Unions should enjoy the same protections and benefits allowed...
Painless Estate Planning
According to a recent survey by Harris Interactive, people despise addressing their estate planning needs so much that one-third of those participating in the survey would rather do their taxes, get a root canal, or give up sex for a month rather than create or update...
Estate to Be Distributed 92 Years After Death
The estate of a man who died in 1919 is finally being distributed to his heirs in 2011, and chances are that it is only being distributed now because it can no longer remain in Trust under a rarely invoked law. The Rule Against Perpetuities is a complex common law...
Gifts of Tuition and Medical Care
The Gift Tax was first enacted in 1924 to prevent individuals from making deathbed gifts in order to avoid the Estate Tax. Today, there is $13,000 annual exemption from the Gift Tax which allows any individual to give any other individual up to $13,000 per year...
EP Café – July 16, 2011 – Café Mozart
I will be hosting EP Café on Saturday, July 16, at Café Mozart in Evanston from 10:00 a.m. to 2:00 p.m. You are welcome to come by, have a cup of coffee and have your Estate Planning questions addressed in a friendly, casual environment. There is no fee and no...
The Mistress Gets the Condo
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...
Estate and Gift Taxes Beyond 2012
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...
The People Named in Your Estate Planning Documents
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...
June 1, 2011 – Illinois Civil Unions
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...