The concept of intra-family gifts is well understood. If Art and Bob are brothers, and if Art transfers property to Bob for no consideration, then Art has made a gift to Bob. If the value of that gift (cumulative with all other gifts from Art to Bob…
Read More
Disclaimers are powerful tools used to deal with facts and circumstances unknown when the trust was written, to take advantage of tax exemptions available at a decedent’s death, or to adjust planning issues. The disclaimer of the entirety of a…
Read More
The taxation of undistributed trust income in multiple states has become a vexing issue. Some states tax undistributed trust income where the trustee administers the trust, some tax trust income where a fiduciary resides, some tax that part of the tr…
Read More
The Illinois legislature has passed and the governor has signed into law two bills creating new sections of the Trusts & Trustees Act, 760 ILCS 5/16.3, “Directed Trusts” and 5/16.4, “Distribution of Trust Principal in Further Trust.” Thes…
Read More
Dynasty trusts give even those of more ordinary means a way to minimize estate, gift, and generation-skipping taxes prospectively. But they might not be available for long. Read the full article on this subject by Mary D. Cascino, “Dynasty Trus…
Read More
