Education Wills, Trusts, & Estate Planning

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Thanks, Grandma and Grandpa! 3 estate-planning-friendly strategies to pay for a grandchild’s college education

It’s no secret that the cost of a college education continues to soar. But this article offers three options to help one’s grandchildren deal with this burden while saving gift and estate taxes: direct tuition payments to the...more

529 Plans–Not Always The Best Alternative

Section 529 plans offer many advantages in regard to funding education....more

Has Your Estate Plan Aged as Gracefully as You?

If more than a few years have passed since you created your will or trust, changes in circumstances might dictate a change in plan...more

Nowadays a Practicing Lawyer’s First Serious Exposure to Critical Unjust Enrichment Doctrine is Likely to be After Law School, Too...

This modified excerpt from Loring and Rounds: A Trustee’s Handbook (2013) is a primer on the wrong of Unjust Enrichment and its principal remedy, Restitution. Unjust enrichment doctrine is very much alive and well in the real...more

Illinois Supreme Court Announces Anticipated Filing Dates for January and February

The Illinois Supreme Court has announced its anticipated filing dates for January and February. Opinions are expected on Friday, January 25; Thursday, February 7; and Friday, February 22. Decisions on petitions for rehearing...more

I Won My Lawsuit - Am I Going To Be Taxed On My Settlement?

Guest Blogger and Tax Expert Stephen D. Kraft, CPA Explains The IRS Tax Issues of Personal Injury Settlements...more

Don’t Leave Your Loved Ones Paying For Your Education

There may be nothing further from a young and healthy new graduate’s mind than premature death. However, in the event the unthinkable happens, there is a very real risk that loved ones may be responsible to repay outstanding...more

Articles Of Incorporation Sample

Articles of Incorporation Sample...more

Planning For College - 529 Accounts

If you have a child (or a grandchild) who is going to attend college in the future, you have probably heard about qualified tuition programs, also known as 529 plans (for the Internal Revenue Code section that provides for...more

High Net Worth Advanced Planning Case Study

Many times clients come to us with complex planning issues that we would like to solve for. Here is a good example of how one couple achieved their goals and objectives through advanced planning using a well thought out...more

The Best Graduation Gift? Wealth Preservation

Consider giving children, grandchildren, and future generations a gift that outlasts you If you have a child or grandchild celebrating a special occasion such as graduation this spring, you may be reflecting on what...more

Section 529 Plans - Qualified Tuition Program: COLLEGE SAVINGS PLANS THAT THE IRS EMBRACES

As higher education costs continue to escalate, parents or grandparents may look to different savings vehicles for their children’s college fund. The IRS, under section 529, provides parents with the opportunity for a higher...more

Estate Planning for Grandparents

The tax laws provide many opportunities for grandparents to provide for their grandkids' financial, educational and other needs. If you have grandchildren, or anticipate their arrival, providing for their future security may...more

Regression Models and Discount for lack of Marketability

Recent publication of the Discount for Lack of Marketability(DLOM) Job aid for IRS Valuation Professionals has brought fresh scrutiny to the various methods used by valuation practitioners for determining discount for lack of...more

Important Tax Provisions Expire This Year

In a January 2011 article we addressed the changes to the gift and estate tax provisions contained in the Tax Relief Act. In this article, we cover some of the new law’s personal income tax planning opportunities....more

Girl with the Dragon Tattoo” Author Died with an Invalid Will

Unless you don’t watch TV or use the Internet, you have probably heard of the popular movie and book, “The Girl with the Dragon Tattoo,” written by a Swedish investigative journalist, Stieg Larsson - This is an interesting...more

The 2010 Tax Relief Act and How it Affects 2012

In a January 2011 article we addressed the changes to the gift and estate tax provisions contained in the 2010 Tax Relief Act. Everything may change at the end of 2012 so it is more important than ever to take a look at...more

Reliving the 200-year Saga of Benjamin Franklin’s Massachusetts Trust

Next year, 2013, marks the 20th anniversary of the judicial/political resolution of the final controversy over the administration and disposition of a certain Massachusetts-sited trust established under the will of Benjamin...more

Could the Myriad Codifications of Aspects of the Law of Trusts Culminating with the Uniform Trust Code (2000) Be Doing More Harm...

Though the trust is a judge-made creature of equity, the last eighty years have seen numerous rounds of uniform legislation codifying various aspects of the law of trusts, beginning with the Uniform Principal and Income Act...more

Avoid Putting the Wrong Person in Charge of Your Life

Don’t make the mistake of viewing estate planning as a post-death issue; with the right person taking care of you and your affairs, the value of a well-drafted Trust will likely become evident while you are still able to...more

The Academics Are Just Plain Wrong: The Trust Is Not a Contract

Since the 1960s, the trust has been under attack on two fronts in the American law school. First, the traditional Trusts course has been down-graded to elective status, a misguided curricular “reform” that Charles E. Rounds,...more

Successor Trustee Seminar on November 17th

Thank you to everyone that attended our Successor Trustee Workshop on November 17th, 2011. It was a great success! Below is the presentation that attorney Ron Adams gave. If you have any questions about this presentation...more

Avoiding Personal Liability in Acting as a Trustee or Personal Representative

Good record-keeping, following the instructions of the trust or will, and communicating effectively with interested parties are key steps in carrying out your fiduciary duties. Read on to find out some of the personal...more

LAW SCHOOLS NO LONGER ADEQUATELY EQUIP THEIR STUDENTS TO THINK LIKE LAWYERS: THE UNINTENDED CONSEQUENCES OF DECONTEXTUALIZING...

The process of paralegalizing the American legal academy is now complete. It was inevitable. A course in Contracts does not a complete lawyer make. The curricular marginalization of two of the other critical enforceable...more

You've Been Asked to Administer a Loved One's Will or Trust: Now What?

If a relative or friend has named you to be the successor trustee of their trust (or to be the personal representative of their estate, if they have only a Will), you may feel honored by their confidence in you but uncertain...more

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