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 plans, and they’re pushing ...
www.forbes.com
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
And why you should write yours.
nyti.ms
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 changes of the prior few years, 2018 br...
www.illinoisestateplan.com
Effective today, substantially reduced Illinois LLC filing fees:
Filing fee $150 (was $500)
Annual Report $75 (was $250)
Reserved Named Application $25 (was $300)
http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=100-0571
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.
https://www.bloomberg.com/news/articles/2017-11-11/jpmorgan-says-family-awarded-8-billion-verdict-deserves-nothing
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.
www.slate.com
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.
http://illinoiscourts.gov/Opinions/AppellateCourt/2017/3rdDistrict/3160402.pdf
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 via @wtax
Governor rejects treasurer’s unclaimed life insurance plan | Newsradio 1240 & 93.5 FM WTAX
Governor Rauner rewrites an unclaimed life insurance benefits proposal forcing companies to search for lapsed policies.
wtax.com
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
Good reminder!
Tell Your Clients It's Not Too Late for a Portability Election
Tell Your Clients It's Not Too Late for a Portability Election
The IRS just opened up a new opportunity for late portability.
www.wealthmanagement.com
Bad things happen when trustee for minors commingles assets & fails to provide accounting (Est of Lee 3rd Dist.)
http://www.illinoiscourts.gov/Opinions/AppellateCourt/2017/3rdDistrict/3150651.pdf
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/
#estatetax #DSUE
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
http://www.illinoisestateplan.com/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
http://www.illinoisestateplan.com/new-illinois-laws-for-2017-part-2-unclaimed-and-abandoned-property/
http://Caring.com survey % with will or trust:
72+ y/o: 81%
53-71: 58%
37-52: 36%
18-36: 20%
http://www.prnewswire.com/news-releases/nearly-6-in-10-us-adults-dont-have-a-will-300402272.html
QTIP Trusts: Getting in Tune with the Times http://www.wealthmanagement.com/estate-planning/qtip-trusts-getting-tune-times
Estate of Cargola: Title matters! Can't use adverse possession to enforce daughter's side-agreement for title. http://illinoiscourts.gov/Opinions/AppellateCourt/2017/1stDistrict/1151823.pdf
Once Again, the Estate Tax May Die https://nyti.ms/2ltsbdg
Connecting The Spousal Rollover Dots http://www.wealthmanagement.com/retirement-planning/connecting-spousal-rollover-dots
Utah Jazz Owners Demonstrate Power of Dynasty Trusts http://www.wealthmanagement.com/high-net-worth/utah-jazz-owners-demonstrate-power-dynasty-trusts
Protecting Your Digital Property for Future Generations http://at.law.com/GXpym2 via @thelegalintel
ABLE accounts (for persons with disabilities) are now available to open in Illinois. http://www.illinoistreasurer.gov/Individuals/ABLE
New Blog Post: New Illinois Laws for 2017, Part 1: Fiduciary Access to Digital Assets. http://www.illinoisestateplan.com/new-illinois-laws-for-2017-part-1-fiduciary-access-to-digital-assets/
Manage Your Digital Assets https://shar.es/1ORuOg via @NTWealth
I'm teaching trusts & estates class for D211 at Fremd in Palatine on 2/28 and 3/7. Signup for course# B220-01 here: https://secure.d211.org/CED/PDir/cedreg1.asp
Heir's timely objections to probate rep's Final Report not time-barred by untimely objections to earlier accounting. http://www.illinoiscourts.gov/R23_Orders/AppellateCourt/2017/1stDistrict/1153580_R23.pdf
Tax reform bill expected to come later, rather than earlier, in 2017. http://www.wealthmanagement.com/estate-planning/congress-pretty-far-passing-tax-reform-bill?NL=WM-17a&Issue=WM-17a_20170118_WM-17a_534&sfvc4enews=42&cl=article_1&utm_rid=CPG09000004370455&utm_campaign=8233&utm_medium=email&elq2=79f420e84be64a6db9b85872877a5be2
Current state-by-state digital estate planning laws, courtesy of @Everplans. https://www.everplans.com/articles/state-by-state-digital-estate-planning-laws
“When you’re well — that’s when you need to plan.” https://www.nytimes.com/2017/01/13/your-money/estate-planning-early.html?smpr&mtrref=undefined&_r=0
Dividing the Estate -- Equal or Unequal? Some thoughts... http://www.illinoisestateplan.com/dividing-the-estate-equal-vs-unequal/
Lessons learned from @QuarlesandBrady estate planning attorney, Matthew S. Dana. http://www.lexology.com/library/detail.aspx?g=3849319a-8538-4080-9039-0538073ea93d
Is your estate plan up to date? Check these 5 things http://on.mktw.net/2j1vaWN
5 Estate Planning Tips for Entrepreneurs http://www.business.com/business-planning/fred-cohen-estate-planning/?utm_medium=earned_social&utm_source=twitter via @businessdotcom by @zolasuite #businessplanning
The estate tax may be repealed, but estate planning will not be. http://www.forbes.com/sites/robclarfeld/2016/12/08/five-reasons-you-need-a-will-even-if-the-estate-tax-is-repealed/#636ffaa2e42d