Learn more about how the Tax Cuts & Jobs Act affects estate planning practice. Topics discussed include: estate planning with the increased federal exemption (and possible sunset); changes to make to planning and documents (formulas, basis, use of federal, state and GST exemptions); building in flexibility to maximize basis step up; using powers of appointment to cause inclusion; and gifting.
The Illinois UPAA codifies the common law (and prior gaps in the Illinois common law) on powers of appointment and also provides a number of default rules. Learn what has changed, what has not changed and what is now addressed by the statute. Drafting tips under the Illinois UPAA will also be provided.