The United States Supreme Court recently decided in the case North Carolina Dept. of Revenue v. Kimberley Rice Kaestner 1992 Family Trust (588 U.S. (2019)) that a State cannot tax income of a trust based solely on a beneficiary’s in-state residency, especially if no distributions are made.
A case recently decided by the Illinois Appellate Court (Herbert v. Cunningham, 2018 IL App (1st) 172135, December 28, 2018, Cook Co., 6th Division) issues an important reminder to anyone who is considering or has completed a journey through divorce or domestic separation: Make sure to update your estate plan documents, beneficiary designations and…
The passing of a loved one presents dual adversity for any family. The emotional heartbreak is frequently coupled with arduous and confusing tasks of organizing the decedent’s affairs and administering the decedent’s estate. Whether the deceased left a comprehensive estate plan, with well-organized records, or died intestate, with neither a Will nor organized…
