Planning for the Transition of Family Owned Businesses & Farms

Learn how to plan for the risk that the Illinois estate tax might be assessed, even when the risk is a possibility rather than a probability. Consider several applicable estate planning techniques which will help reduce or eliminate the imposition of the Illinois estate tax for couples who have accumulated over $4.0 million of combined assets (including house, retirement benefits, life insurance, etc.). Understand portability under the federal estate tax.

Understand the impact of recent developments in income tax matters on estate planning and administration. Originally presented as part of the 63rd Estate Planning Short Course, available in its entirety as P9004-20U.

Strategies to modify an irrevocable trust and the pros and cons of each strategy. Topics include invoking trust protector’s powers, decanting, and both judicial and non-judicial reformations. Originally presented as part of the 63rd Estate Planning Short Course, available in its entirety as P9004-20U.