61st Annual Estate Planning Short Course

Overview


David A. Baker, Bobbi Bierhals, Jared Cloud, L. Timothy Halleron, Mary Kay McCalla Martire, Adam Sherman, and Karen Van Meter spoke at Illinois Institute for Continuing Legal Education’s (IICLE) 61st Annual Estate Planning Short Course, an annual program for Illinois estate planners which offers two full days of advanced estate and trust planning education from the top legal minds in the state.

Karen Van Meter spoke on ‘Recent Developments in Federal Estate, Gift and Generation-Skipping Taxes,’ which provides an overview of the new laws affecting this area over the preceding year.

David A. Baker spoke on ‘Guardianship Estate Planning: Wills, Trusts, Beneficiary Designations and Tax Planning for Adjudicated Disabled Persons and Minors,’ where he discussed the planning options available for minors and disabled persons, pursuant to the Probate Act and the discretion provided the courts.

Jared Cloud spoke at a session entitled ‘Can You Keep a Secret? Should You? – Drafting and Administering Silent Trusts,’ which discussed the common law duty to inform beneficiaries about their trust interests and how to draft and administer trusts when the settlor wants to keep the beneficiaries’ interests secret.

Bobbi Bierhals spoke on ‘The Intersection between Fiduciary Accounting and Tax Accounting.’ This session reviewed the fundamentals of Fiduciary Accounting and Tax Accounting using real world examples as well as tax traps and the income tax consequences of funding bequests.

Adam Sherman spoke at a session entitled ‘Power of Appointment – Property Law Issues,’ and discussed the core property law concepts governing powers of appointment, including exercising and disclaiming powers, creditor access, conflict of law issues, as well as the rule against perpetuities. The session also offered drafting tips and sample will and trust language for use with powers of appointment.

Mary Kay McCalla Martire and L. Timothy Halleron spoke on ‘Fleeing Illinois: State Income and Estate Tax Overview for Individuals and Fiduciaries,’ and provided attendees with an update on how individuals should document and preserve records in connection with a change of domicile for Illinois income tax and estate tax purposes. This session also covered factors that trustees should consider in determining whether the situs of a trust can be moved out of Illinois for income tax purposes.

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