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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

Update #1: Anna Nicole Smith

Posted on March 06, 2008
I blogged about this case previously (here and here). As this article notes, Ms. Smith's daughter Dannielynn has been named her sole heir. The interesting issue raised here is this: if you specifically disinherit someone (as Ms. Smith did -- her Will excludes descendants born after its execution), but your Will winds up not listing any valid beneficiaries (thereby creating an intestacy, with your heirs inheriting your property), can the person you disinherited take as an heir? One approach might be to consider Ms...

Podcast delays

Posted on March 04, 2008
I really am working to get a podcast up and running by early next week. Unfortunately, as I recover from bronchitis, I notice that my tones are far from dulcet -- I'm more Les Nessman than Dr. Johnny Fever or Venus Flytrap. I do, however, want to make sure that the technology works...

The Agnes Wright Case and Loans vs. Gifts

Posted on March 04, 2008
In re. Estate of Agnes H. Wright is an appellate case that deals with whether an individual's attorneys can be disqualified. The case is available here as a pdf. I'm less interested in that issue than in the issue that prompted the litigation in the first place...

The Dirty Secret about Creditors and Claims in Probate

Posted on February 28, 2008
People are often upset to hear that a deceased person's debts must be paid as part of the probate process. But the dirty little secret is this: because of the laws, and the incompetence of creditors and their attorneys, you can often avoid many debts...

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What I Learned About DNA Testing

Posted on February 26, 2008
I recently had a case that involved DNA testing. My client asked me to help her prove that she was the child of a recently-deceased man (who never married my client's mother). After a lot of fits and starts, we were successful. A few things I learned during the process: 1...

A Peterson Update

Posted on February 25, 2008
Sorry I've been so bad at updating here lately! Last week our three-person family racked up three flus, bronchitis, and a double ear infection. So, to get back to "news," there's some movement in the Drew Peterson case. (You'll remember that Mr. Peterson is the Bolingbrook, Illinois police officer whose fourth wife Stacy disappeared under mysterious circumstances...

Powers of Attorney and Emergency Consent for Children

Posted on February 12, 2008
Yesterday a client called me with an issue that probably arises fairly often. Client's husband's father lives in a foreign country, and is dying. Client and her husband will go and see him for a couple of weeks, but will leave their minor children at home with a relative...

Ernest Hemingway's Parents and the Premarital Agreement

Posted on February 11, 2008
Oak Park, Illinois (the town where I live) has had its share of famous residents. But the two most famous* are Frank Lloyd Wright (whose home and studio, along with a number of other houses he designed, are here) and Ernest Hemingway (who was born here and lived here throughout his youth)...

Title Insurance, Bugs Bunny, and the Brooklyn Bridge

Posted on February 08, 2008
People buying real estate sometimes ask, "why do I need title insurance?" There are a few reasons for it, but I think the best reason is that you don't wind up in a "Bugs Bunny - Brooklyn Bridge" scenario. Do you remember that cartoon? (It's called "Bowery Bugs," and can be seen here...

Re-Opening the Estate

Posted on February 08, 2008
Drew Peterson, Chicagoland's most talkative murder suspect, is back in the news. Or, rather, his third wife, Kathleen Savio, is in the news. As you may remember, Ms. Savio "was found drowned in her bathtub shortly before the divorce settlement between her and Peterson was finalized...

Uniform Transfers to Minors Act (UTMA) FAQ

Posted on February 01, 2008
What in the world is an UTMA account? It's an account created for a minor. UTMA stands for "Uniform Transfer to Minors Act." Some states have UGMAs ("Uniform Gifts to Minors Act") instead of UTMAs. The terms UTMA and UGMA are interchangeable. How is an UTMA account established? Typically you set it up with a financial institution...

Why I Don't Keep Original Documents for My Clients

Posted on January 25, 2008
I blogged here about estate planning attorneys storing their clients' original documents. The issue came up again today on the ISBA Transactional Law listserv. I thought about my position on why I don't keep clients' original documents, and wanted to share it here...

The Return of the Death and Taxes Podcast

Posted on January 23, 2008
My friend Ellen and I did a podcast a few years ago on the Terri Schiavo case. I don't think anyone ever listened to it, and I eventually took it down. That being said, I've always wanted to revisit the world of podcasting. Probably because, when I was a kid, I wanted to be a disc jockey (or a fire truck, or a left-handed third baseman for the Cubs)...

The Petticoat Will, and Beneficiaries as Witnesses

Posted on January 22, 2008
This article is an interesting one on the use of strange documentary evidence in court. The last item mentioned is the relevant one for my purposes: MISS LILLIAN PELKEY?S PETTICOAT In Los Angeles, before the Second World War, George W. Hazeltine, 86, lay ill in hospital...

Specific Gifts and Drafting Flexibility

Posted on January 21, 2008
Most Wills and trusts I draft follow a pretty basic framework: -first, the decedent can give away specific gifts of cash and/or property, if he or she wishes; -then, the decedent disposes of the so-called "residue" of his or her estate. The residue is what's left after specific gifts are made and debts and expenses are paid...

Estate of Bantsolas: Land Trusts, Acceptance, and Probate

Posted on January 18, 2008
The Estate of Bantsolas (pdf here) case is an interesting one in that it discusses a probate issue (a citation to recover assets), land trusts, and what could almost be described as a contractual issue. The matter involved a land trust, of which a woman named Baseleky Bantsolas was the sole owner...

Chicago BlockShopper: What Fresh Hell Is This?

Posted on January 15, 2008
I first became aware of the idea of BlockShopper when a friend of mine, a partner at a big Chicago law firm, called to ask whether he could take title to his new townhome in a private manner. "What's the big deal?" I wondered. The "big deal" (as a new client informed me last evening) is Chicago BlockShopper, a site that reports on real estate transactions in the (fairly upscale) Lincoln Park and Lake View neighborhoods of Chicago...

New Developments: Small Trust Termination

Posted on January 10, 2008
Illinois has a pretty shameful history of not requiring attorneys to take continuing legal education classes. That's now changed, with some new CLE requirements. One good thing about the change is that more CLE classes, and different types of CLE classes, are being offered...

Seth Tobias and the Sex Hex?

Posted on January 09, 2008
No, that title isn't from an adult Harry Potter spinoff. Rather, it's the latest really weird installment in the Seth Tobias saga, which is detailed here. Mr. Tobias was a CNBC commentator who, according to reports, lived a pretty interesting life...

"Let Them Default"?: A (Former) Real Estate Lawyer's Response to the Lending Crisis

Posted on January 08, 2008
On December 22nd, 2007, this letter to the editor was published by the Chicago Tribune. The letter is interesting in part because it challenges the typical reportage that arises in the wake of a financial scandal. That typical reportage involves dividing the players into villains and victims, while making sure that Mr...

Good News Bad News

Posted on January 07, 2008
Happy 2008! Let me ring in the new year with good news, bad news. The Good News: As I mentioned a while back, I applied to business school. Last Thursday, I found out that I've been accepted into the University of Chicago's Graduate School of Business, to start in the evening program this summer...

Estate of Talty and Breach of Fiduciary Duty

Posted on December 21, 2007
"Fiduciary duty" is one of those concepts that's essential to probate litigation, but is somewhat hard to explain. There's no statute in Illinois that says "these things, and these things alone, constitute a breach of fiduciary duty." Instead, fiduciary duty law is cobbled together from Illinois caselaw...

Collaborative Divorce

Posted on December 20, 2007
Collaborative divorce entered my consciousness in a big way recently. First (SPOILER), it comes up in the film Juno. (Minor quibble: In Juno, the husband says something to the effect of "I spoke with our lawyer and she said she can represent both of us in a collaborative divorce...

Selling Real Estate to a Beneficiary in Probate

Posted on December 17, 2007
Here's a fairly common situation: Jack and Judy Smith die, leaving four children: Allen, Barbara, Charles, and David. Jack and Judy owned a house at the time of their death -- the same house where they raised their children. Jack and Judy had a Will, naming Allen as executor and leaving all of their property equally to their four children...

Whoopi Goldberg, The Wall Street Journal, and Estate Tax Lies

Posted on December 11, 2007
The Wall Street ran an editorial yesterday (praising anti-estate tax comments made by Whoopi Goldberg on "The View") that perfectly encapsulates the "battle" over the estate tax. Which is why I'll comment on that subject again, even though I run the risk of repeating myself...

Amy Winehouse, Drugs and Alcohol, and Guardianship

Posted on December 10, 2007
Amy Winehouse is a really talented singer -- she's popular with critics and with the public. (If you haven't tried it, you may want to check out her CD "Back to Black," in which she drags the girl group sound of the 60's into the 21st century.) Ms. Winehouse is famous for her singing and her personal style (think John Waters Baltimore with a dash of punk), but she is also becoming increasingly famous (or perhaps "infamous") for what euphemistically might be called "struggles" with alcohol and drugs...

Cincinnati Bengals Probate Fight Update

Posted on December 06, 2007
Last year I blogged about the fight over the estate of Cincinnati Bengals founder Austin E. "Dutch" Knowlton. Evidently the fight is over, and his kids lost. Here is the article. This was essentially a Will contest, involving allegations of undue influence, lack of capacity, and forgery...

Lindenwood U. and Estate Planning Conflicts of Interest

Posted on December 04, 2007
Professor Caron blogged here about an initiative of Lindenwood University, whereby alums who agree to leave the University at least $1,000 get free estate planning. As the comment to Professor Caron's post suggests, there's a pretty big conflict of interest issue here...

Gone With the Wind and Trusts

Posted on December 03, 2007
I'm working my way through Margaret Mitchell's Gone With the Wind right now -- it's so long, this may well be the last book I read this year. It's surprisingly good, though -- I was expecting a bit of a bodice ripper, but the writing is very solid, and quite evocative...

Larry King and Life Insurance Settlements

Posted on November 29, 2007
Suspenders-loving serial groom Larry King was in the news recently, in a Wall Street Journal article on life insurance settlements. The article can be found here. Note that the type of life insurance settlement mentioned in the article is not the same as a viatical settlement, which was a concept that became popular about a decade ago...

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