Multistate Jurisdiction Over Trustees & Beneficiaries

What happens to claims made against a decedent’s estate when probate is not open, but the decedent had a fully funded revocable trust? Can creditors reach the assets of the revocable trust and what is the process from both the creditor’s perspective and the estate’s perspective? Get an in depth look at applicable provisions of Article 5 of the Illinois Trust Code, and how to properly evaluate different types of claims against the decedent’s estate and trust.

This session provides an overview of the federal income tax rules for simple and complex trusts and estates and delves into structure and planning that may be available to minimize income taxes.

Topics covered in this session will include successor trustees; use of tenancy by the entirety for assets in trust and when court orders are required for dispositions by personal representatives.