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.

Learn how to structure an estate plan using strategies other than trusts, such as beneficiary designations (including TODI), joint ownership with rights of survivorship, and good old fashioned Wills. Originally presented as part of Estate Planning for the 99%, available in its entirety as P1904-19U.

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.