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Taxation & Estate Planning

Death and Taxes Blog

Commentary on estate planning, estate administration, and real estate issues from a Chicago-area attorney.
By Joel A. Schoenmeyer

Post Frequency: 2/day

Last Entry: May 07, 2013 at 12:00:50

Taxation of Lifetime Gifts vs. Transfers at Death

Posted on May 07, 2013
Lifetime gifts versus transfers at death. From a tax planning perspective, should a client hold property until death or transfer it during his or her lifetime?

Estate Tax Provisions of the 2014 Budget: Is the Current Estate Tax Law Permanent?

Posted on April 30, 2013
Since the Treasury recently released President Obama?s 2014 budget proposals, there?s been a lot of grumbling about the President?s proposed estate, gift, and generation-skipping transfer tax provisions. If enacted, these proposals would change the estate tax laws yet again.

ATRA: What the New Estate Tax Law Means to You

Posted on April 23, 2013
President Obama signed the American Taxpayer Relief Act of 2012 (ATRA) on January 2, 2013. Whether ATRA is a ?relief? to taxpayers depends on how you look at it. Things aren?t as good as they were under prior law, but they aren?t as bad as they could have been if Congress had not acted.

Explanation of President Obama?s 2014 Budget

Posted on April 16, 2013
The Treasury recently released a general explanation of the Obama administration?s revenue proposals for 2014. In an attempt to broker a deal between Republicans and Democrats, President Obama?s proposals include both spending cuts and tax hikes.

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How to Get Appreciated Real Estate Out of C Corporations

Posted on April 03, 2013
When it comes to getting appreciated real estate out of a C corporation, there are no quick and easy solutions. But the tax problem usually gets worse if it is not addressed. The best time to deal with the issue is usually ten years ago; the second best time is now.

Sample Pot Trust Form Clauses

Posted on June 28, 2012
I wrote recently about pot trusts�and how they can be used to provide for a more equitable distribution for minor children. As I mentioned, pot trusts allow all trust assets to be held in a common “pot” for the benefit of children until a certain triggering event occurs (attaining a certain age, graduating from college, […]

Understanding the Annual Exclusion

Posted on April 17, 2012
There seems to be a great deal of confusion about the annual exclusion from gift taxes.� Most of my clients with taxable estates have been told that they can give a certain amount (currently $13,000) per individual each year. Many view this as a hard rule...

Post-Mortem Estate Planning with Disclaimers

Posted on April 13, 2012
A disclaimer is a refusal by someone to accept property that was left to them through a trust or estate. The person signing the disclaimer makes an irrevocable and unqualified decision to refuse any interest in the disclaimed property. Disclaimers are incredibly useful for straightening out tax planning and drafting problems with an estate plan...

Premarital Agreements ? Interdisciplinary Considerations

Posted on April 12, 2012
A premarital agreement can be a tough topic to discuss and a tricky document to draft.� The discussion part is primarily the concern of the client.� Although the attorney can make suggestions about why premarital agreements might be a good idea in a given situation, it?s up to the clients to discuss this sensitive matter […]

What is a Pot Trust?

Posted on April 04, 2012
How would you like to set up a pot trust for your kids? Actually, it isn?t as bad as it sounds. �A pot trust has nothing to do with illegal herbal recreation. Pot trusts are designed to equitably distribute assets to a group of children with a range of ages...

Foreign Wills and The Hague Convention

Posted on March 31, 2011
Opa! Most Illinois decedents have an Illinois Will (that is, a Will executed in -- and in accordance with the laws of -- Illinois). But sometimes an Illinois decedent dies with a Will he or she executed in a different state or even in a different country...

Alternatives to Paying a Bond

Posted on March 25, 2011
One of the hidden costs of dying without a Will is the cost of a surety bond. Basically, this is an insurance policy -- purchased by the estate -- designed to protect the heirs from a rogue administrator. The idea is that, if the administrator takes the estate assets and runs off to Tahiti, the policy will reimburse the heirs...

Pre-Mortem Planning and Family Settlement Agreements

Posted on March 24, 2011
Earlier this week the Wall Street Journal printed this article about "pre-mortem rulings." The idea is that some states allow you to get your Will "pre-approved" -- a Judge says you were competent to make a Will, and that your Will is valid. Potential beneficiaries are notified of the hearing, and if they fail to object within the given timeframe, then they are barred from contesting your Will after you die...

Wal-Mart and Origination Credit

Posted on March 23, 2011
If there's one thing middle-aged law firm partners love, it's wearing Dockers on casual Friday. If there are two things middle-aged law firm partners love, it's (1) wearing Dockers on casual Friday and (2) getting origination credit for their firm's clients (especially the big ones)...

DOMA, Same-Sex Marriage, and the Estate Tax

Posted on February 25, 2011
President Obama has taken the position that a portion of the Defense of Marriage Act ("DOMA") is unconstitutional. As a result, the Justice Department will no longer defend this part of DOMA in court. This decision has some real ramifications. For one thing, it's made the usual "defense of marriage" suspects (like Newt "I cheated on wife #1 with wife #2, and on wife #2 with wife #3" Gingrich) livid...

Estate of Pawlinski -- New Citation/Undue Influence Case

Posted on February 18, 2011
Sometimes I blog about a court case because it takes the law in a new direction. At other times, I blog about a case because it simply serves as a reminder of what the law is. Estate of Pawlinski (link is to PDF) is in the latter category. It's a 1st District Appellate Court case involving a citation proceeding...

Chicago Priest Accused of Financial Exploitation

Posted on February 14, 2011
This morning's Chicago Tribune has a front-page story about Chicago priest Thaddeus Dzieszko. Rev. Dzieszko is being accused of taking financial advantage of one of his parishioners, Waleria Krzemien (who is 93 years old). Here's the heart of the dispute: In April, legal documents show, Krzemien deeded her home to a newly created "Trust Number 101," with Dzieszko as the trustee...

Model Client Letter Re. New Tax Act

Posted on February 08, 2011
Because of the big estate tax changes signed into law in December of 2010, it may be a good idea for practitioners to contact their clients (at least the high net worth ones) to talk about making some alterations to their estate plans. This model client letter -- offered by Wealth Strategies Journal -- is a nice place to start if you are looking to draft such a letter...

"Can't Take It With You"

Posted on February 06, 2011
A friend of mine who lives in Ireland (thanks, Tyrie!) alerted me to "Can't Take It With You." It's a BBC reality program (sorry -- programme) that deals with making a Will. Basically, real people meet with an estate planner, who helps them to deal with their specific issues: passing on a family business, guardianship, etc...

Article on Islamic Wills

Posted on February 03, 2011
Slate recently had an interesting article about Islamic Wills -- here is a link. From the article: Verses 11, 12, and 176 in the fourth book of the Quran lay out exactly how a Muslim should dispose of his wealth after death. Two-thirds must be distributed as follows, when applicable: One-sixth should go to your father; one-sixth to your mother; half or one-quarter to your husband, depending on whether you've had children; and one-quarter or one-eighth to your wife, also depending on whether you've had children...

Cook County Courts Closed 2-2-11

Posted on February 02, 2011
Because of "Snowpocalypse 2011" or "The Snowtorious BIG" (or whatever you want to call the huge blizzard that hit the Chicago area yesterday evening and this morning), the Cook County Circuit Court (including probate courts) are closed today. According to the Clerk of Court's website: ********** ATTENTION ********** Due to inclement weather, by an order of Chief Judge Timothy Evans, the Circuit Court and the Office of the Clerk of the Circuit Court will be closed on Wednesday, February 2nd.

Illinois Civil Unions: It's Official!

Posted on January 31, 2011
Two things about Illinois Civil Unions: 1. Yesterday Governor Quinn signed the bill creating civil unions -- here is the story from the Sun-Times. I had a ticket to attend the signing ceremony, but unfortunately couldn't break away from the office. Note that the law doesn't go into effect until June 1st...

New Illinois Trust Amendment Case

Posted on January 27, 2011
I previously blogged (here) about the Landheer case, in which the 3rd District Appellate Court found a trust amendment to be invalid because it was drafted by a non-lawyer. Landheer is followed in a new 1st District case, Herlehy v. Bistersky Trust (available here as a PDF)...

New Illinois Slayer Statute Case

Posted on January 25, 2011
Probate litigation cases aren't often in the news, unless they involve the rich or famous. One exception: when there's a charge of murder. That's what is going on in Will County, with a case involving the estate of a Joliet truck driver named Jeff Neely...

25 Things You Need To Know About The New Estate Tax Laws: 21-25

Posted on January 20, 2011
GIFT AND GST TAX Some background: The estate tax and gift tax were designed to work hand in hand. After all, if there was no gift tax, then you could avoid estate taxes by giving away all of your property right before death. For many years, the estate and gift taxes were "unified...

25 Things You Need To Know About The New Estate Tax Laws: 16-20

Posted on January 18, 2011
PORTABILITY Background: I previously spoke about the "exemption amount" for federal estate tax purposes. The worst thing about the exemption amount (at least, for married couples) was that, if you didn't use it, you would lose it. For instance, imagine a married couple at a time when the (per person) exemption amount is $3...

25 Things You Need To Know About The New Estate Tax Laws: 11-15

Posted on January 13, 2011
A little background: One of the few benefits of the federal estate tax system (from the taxpayer's POV) is that it is accompanied by a step-up in basis. In plain language, that the value of the decedent's property as of the date of his or her death becomes its basis...

Cook County Probate Judges (Deceased Estates)

Posted on January 13, 2011
I have previously provided information about the Cook County probate judges who handle deceased estates -- most recently here (1/26/2010, after Judge Kennedy retired). At that time, the judges were Budzinski, Malak, Coleman, and Coghlan. However, Judges Budzinski and Malak have now retired, creating a bit of upheaval...

Newsletters

Posted on January 12, 2011
I sent out newsletters beginning soon after I started my own practice in 2001. Then, as I did more blogging, I started to incorporate blog posts into my newsletters. Then the newsletters sort of faded away. And now they're back. I spent a lot of time in December getting together a contacts database, and I'm working on some newsletter-only content...

25 Things You Need To Know About The New Estate Tax Laws: 6-10

Posted on January 11, 2011
A little background: the federal estate tax has two important components, the exemption amount and the tax rate. These components work together to determine how much federal estate tax is paid. To simplify, you look at what is being inherited at the death of the decedent, and compare it to the exemption amount...

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