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Illinois Trust Code Changes in 2020

As of January 1, 2020, numerous changes to the law regarding trusts took effect in Illinois. Herein, we are focusing on the one change we think clients should be most concerned about: A trustee’s duty to inform trust beneficiaries of the existence of the trust and providing them with financial records regarding the trust.

Smart Asset Protection Strategies for Business Owners

Chances are, you know someone who has been sued. Maybe that someone is you. The fact is, your enviable position as a successful business owner comes with a major downside: You are a potential target for lawsuits (some of which may be frivolous and unfounded) and other attacks that can wreak havoc on your…

Supreme Court Finds State Tax on Trust Income Unconstitutional

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.

Supreme Court Confirms that Assets Held in an Inherited Individual Retirement Account Are Not Exempt From a Debtor’s Bankruptcy Estate

On June 12, 2014, the Supreme Court ruled that inherited IRAs, unlike traditional IRAs, do not receive protection in bankruptcy. Depending on the size of the IRA and the age of the intended beneficiary(ies) and estate planning considerations, IRA holders may wish to consider creating a trust for each intended beneficiary, and designating…

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