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In this article, we explain Illinois beneficiary objections to estate accountings and answer the following associated questions: What is an estate accounting in Illinois?, Why would an interested party request an estate accounting?, Who can object to an estate accounting?, and What is the process of filing an objection?
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September 5, 2024
In this article, we will explain what a settlor is in a revocable trust in Illinois. We will cover the topics "Who is a Settlor?", Settlor tips in Illinois and common settlor mistakes in Illinois.
September 5, 2024
In this article, we will explain Irrevocable Life Insurance Trusts (“ILITs”) for Illinois Estate Tax Planning. We will answer the questions: “what is an ILIT?,” “are life insurance proceeds subject to estate tax?,” “what are ‘incidents of ownership’ of a life insurance policy?,” and “should I transfer an existing life insurance policy to an ILIT?” We will also explain how to reduce estate tax with an ILIT, ILITs and gift tax, ILITs as leveraged gifts, Irrevocable Life Insurance Trusts and the three year rule, and Second to Die Insurance in the context of irrevocable trusts.
September 5, 2024
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