Good morning! I just successfully opened (by video hearing) an intestate probate estate in Cook Co. with just over 100 heirs. Any probate attys out there have that # beat? Just need to check the stamp drawer to send all those notices!
NEW Cook County Probate Court guidance on court procedures. Non-emergency Zoom hearings begin June 29; in-person court begin July 6 (with Zoom hearings also to continue until further notice). Latest Probate Court Orders here:
"The Internal Revenue Service said individuals who got a $1,200 stimulus payment intended for someone who’s deceased or incarcerated should return the money but left open the question of how the agency would enforce that."
IRS tells family members of deceased to return stimulus money
The Internal Revenue Service said individuals who got a $1,200 stimulus payment intended for someone who’s decea...
Q: What happens with stimulus payment issued to a deceased individual?
IRS: Hmmmm, good question. Let me get back to you on that.
IRS sends coronavirus stimulus checks to dead people
The Internal Revenue Service inadvertently deposited some of the coronavirus stimulus payments into the accounts of deceased Americans.
Had my first Cook County probate court video hearing this morning (currently only for "emergency" matters). Sure would be nice to have this option going forward for all matters except for hearings requiring witnesses.
IRS Notice 2020-23 provides broad deadline relief postponing most tax filings and payments, including estate tax, until July 15.
IRS grants broad coronavirus-related tax relief
The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and Jul...
Cook County Probate Order re: rescheduling matters after May 18 and emergency video hearings in the interim.
On March 30, Cook County Circuit Court updated its Order closing court for most non-emergency matters until after May 18, 2020; starting April 16, to the extent possible, hearings are to be held by phone or video conference.
Required Minimum Distributions (RMD) from retirement accounts (401k, IRA, etc.) suspended for 2020.
Congress Suspends Required Minimum Distributions For 401(k)s And IRAs For 2020, Opening Window To Tax Savings
Congress is giving retirees a tax break, suspending RMDs from retirement accounts, but the RMD holiday doesn’t ...
NEW! Illinois Executive Order enacted March 26, 2020 allows video-audio notarization and witnessing, with many requirements and conditions. Applies during the duration of the Disaster Declaration. Read the Order:
"Guidelines" for remote notaries under the new, and temporary, Executive Order.
Watch this page for Illinois Executive Orders signed by Governor Pritzker. I would anticipate many more in the coming days.
Cook County Recorder of Deeds is closed, but e-recording remains available.
Illinois State Bar Association page for aggregated judicial information re: court closures and orders in response to COVID-19.
Here is Illinois' "Stay At Home" Order. Many exceptions, including legal services.
New Blog Post:
Message to Clients re: Coronavirus Impact
I wanted to personally update all past, current and future clients regarding the coronavirus impact on my office a...
Wow! Cook County courts (mostly) closed through April 15.
I am here for my estate planning and probate clients. While I intend to keep regular business hours, you can always call me and leave a message. I receive voicemails via email, so I will call you back from home if needed. Much work can be accomplished via phone, email, web, etc.
NEW BLOG POST!
The 2020 "Secure Act" is a Game Changer for Retirement Account Planning (Part 1 of 2) https://www.illinoisestateplan.com/the-2020-secure-act-is-a-game-changer-for-retirement-account-planning-part-1-of-2/ via @JeffGottliebLaw
Congress set to pass "SECURE ACT" before year-end and eff. 1/1/20. This is a complete overhaul of the post-death IRA distribution rules and will have significant impact on IRA beneficiary planning and administration. https://www.forbes.com/sites/jamiehopkins/2019/12/16/congress-passes-secure-act-at-last-minute-impacting-retirement-planning-and-increasing-taxes/#54bcc61b3a4f
Your Digital Estate Plan: 4 Things You Need To Know
https://wealth.northerntrust.com/articles/your-digital-estate-plan-4-things-you-need-to-know/ via @NTWealth
I'm keeping an eye on the "SECURE ACT." If enacted, it would dramatically impact estate plans for anyone with retirement accounts (i.e. everyone) by changing the stretch IRA rules.
Congress Is Making Big Changes In Retirement Planning
A determined, bipartisan group of leaders in both houses of Congress wants to make significant changes in retirement...
Appellate court says Cook County can bar petitioners for letters of administration in probate from proceeding on a pro se basis. Note that there is a dissenting opinion. http://www.illinoiscourts.gov/Opinions/AppellateCourt/2019/1stDistrict/1180805.pdf
Nice article in NYT on the estate planning process...
What It Was Like to Finally Write My Will (Published 2018)
And why you should write yours.
New Blog Post!
Estate Tax Reform: Top 5 Takeaways
Estate Tax Reform: Top 5 Takeaways
Last week I summarized the 2018 rates and exemptions for gift, estates and trusts. Compared to the major tax cod...
2018 Summary of Estate, Gift and GST Taxes under #TCJA:
2018 Estate Tax Summary
I previously provided summaries of estate and gift taxes for 2013, 2014, 2015, 2016 and 2017. Unlike the minor c...
Effective today, substantially reduced Illinois LLC filing fees:
Filing fee $150 (was $500)
Annual Report $75 (was $250)
Reserved Named Application $25 (was $300)
Federal Estate, Gift & GST Exemption:
2018-2025: $11.18 million (inflation-indexed after 2018)
2026: $5+ million (plus inflation-indexed)
Illinois Estate Tax:
2018 & after: $4 million (not inflation-indexed & not portable b/w spouses)
Annual Gift Tax Exemption 2018: $15,000
Summary/charts from Northern Trust on the "Tax Cuts and Jobs Act": https://www.northerntrust.com/insights-research/detail?c=c6f940209cb783cc86b19dd29aa0c861
Jury returns $8 billion punitive damages verdict against JPMorgan for mismanagement as administrator of a $19 million Texas intestate estate. Yes, 8 Billion dollars. With a B.
Why it’s so difficult to deal with a dead loved one’s digital accounts: via @slate
Why It’s So Difficult to Deal With a Dead Loved One’s Online Accounts
21st-century death is extra complicated.
3rd Dist.: Dismissal of trust contest is reversed where disinherited children plead minimum facts sufficient to allege a cause of action for presumptive undue influence.
Fairly common set of basic facts here.
Parentage Act statute of limitations applies to presumed parentage challenge within probate heirship order. http://illinoiscourts.gov/Opinions/AppellateCourt/2017/2ndDistrict/2160723.pdf
Governor rejects treasurer’s unclaimed life insurance plan http://wtax.com/news/101101-governor-rejects-treasurers-unclaimed-life-insurance-plan/#sthash.piolZxwR.uxfs via @wtax
Any followers attending my NBI seminar "The Probate Process from Start to Finish" on 8/30 in Schaumburg? http://www.nbi-sems.com/Details.aspx/R-76246ER%7C?ctname=SPKEM
Tell Your Clients It's Not Too Late for a Portability Election http://www.wealthmanagement.com/estate-planning/tell-your-clients-its-not-too-late-portability-election
Bad things happen when trustee for minors commingles assets & fails to provide accounting (Est of Lee 3rd Dist.)
Illinois enacts Revised Uniform Unclaimed Property Act, effective 1-1-18. http://www.ilga.gov/legislation/publicacts/100/PDF/100-0022.pdf
Litigation over whether a general bequest can be "funded" by 'zero-value' assets. It can't. Much ado about 'zero'? http://www.illinoiscourts.gov/R23_Orders/AppellateCourt/2017/1stDistrict/1160288_R23.pdf
Once surviving spouse files renunciation of will, his/her subsequent death does not invalidate the renunciation. http://illinoiscourts.gov/Opinions/AppellateCourt/2017/2ndDistrict/2160889.pdf
Five Planning Questions for Single Parents http://www.wealthmanagement.com/estate-planning/five-planning-questions-single-parents/gallery?slide=1
Doctrine of election inapplicable to challenge that amendment created by POA agent was void as exceeding authority. http://www.illinoiscourts.gov/Opinions/AppellateCourt/2017/2ndDistrict/2160690.pdf
New Blog Post: Big News! IRS Extends Portability Election Deadline For Estates Since 2011. http://www.illinoisestateplan.com/big-news-irs-extends-portability-election-deadline-for-estates-since-2011/
Big News! Until 1/2/18, IRS will allow estate tax portability election for estates since 2011. Blog post tomorrow. https://www.irs.gov/pub/irs-drop/rp-17-34.pdf
Had a blast today at the Palatine Hills Golf Classic for SLSF benefiting @NWSRA.
IL Sup Ct: Successor agent does not have fiduciary duties of "agent" under IL POA Act (Est. of Shelton). http://www.illinoiscourts.gov/Opinions/SupremeCourt/2017/121199.pdf
17 years ago today. Seems like yesterday. Well, no, not really.
Proposal to compel life insurance companies to pay death benefits dating back to 1996 passes Illinois house. https://www.riverbender.com/articles/details/frerichs-proposal-to-compel-life-insurance-companies-to-pay-death-benefits-dating-back-to-1996-passes-illinois-house-20239.cfm
New Blog Post
New Illinois Laws for 2017, Part 3: Real Property, Disability & More
New Blog Post:
New Illinois Laws for 2017, Part 2: Unclaimed and Abandoned Property