This handbook is a guide to the business-related aspects of estate administration. Problems arising from the administration of a business are extensively covered, with topics including appointing a representative, creditor claims, investor concerns, filing estate tax returns, and voting trusts. Also included are discussions on specific business arrangements such as medical and law practice, closely held businesses, sole proprietorships, and small businesses. There are also wide-ranging discussions on United States estate (and generation-skipping transfer) tax returns covering the process from beginning to end, including filing guidelines, how to file, and due date issues. Other topics include handling family limited partnerships and limited liability companies, income taxation of decedents’ estates and trusts, and Illinois estate and generation-skipping transfer tax. The handbook also includes various samples for the attorney to use in practice, including a sample Internal Revenue Code §6166 election form, a sample will provision authorizing representative to operate a business, and a sample notice of termination of fiduciary relationship provision.
Chapter 1 — Managing Decedent’s Operating Business and Related Problems
Shawn M. McCullough, Harrison & Held, LLP, Chicago
Chapter 2 — Handling Family Limited Partnerships and Limited Liability Companies
Robert S. Held, Harrison & Held, LLP, and Rebecca Wallenfelsz and John C. Luchristt, Chapman and Cutler, LLP, Chicago
Chapter 3 — Income Taxation of Decedents’ Estates and Trusts
Edward M. Tjaden, Bryan Cave Leighton Paisner LLP, St. Louis
Chapter 4 — United States Estate (and Generation-Skipping Transfer) Tax Returns
Emily J. Kuo, Harrison & Held LLP, Chicago
Chapter 5 — Illinois Estate and Generation-Skipping Transfer Tax
H. Randolph Williams, Williams & Baerson LLC, Chicago
