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Recent Blog Posts

Deadline

Big News! IRS Extends Portability Election Deadline For Estates Since 2011

By Jeffrey R. Gottlieb |

In an unexpected move, the IRS announced in Rev. Proc. 2017-34 (June 9, 2017) that estates who failed to file an optional estate tax return (Form 706) to elect “portability” of a deceased spouse’s unused exemption (DSUE) now have until at least January 2, 2018 to file. This relief extends all the way back… Read More »

2017 New Laws

New Illinois Laws for 2017, Part 3: Real Property, Disability & More

By Jeffrey R. Gottlieb |

This is the third and final post in a series about new Illinois probate and estate laws taking effect in late 2016 or the beginning of 2017.  Read Part 1 and Part 2. In all, last year the Illinois legislature passed 192 new laws. To download a summary of all of them in an… Read More »

Unclaimed Property

New Illinois Laws for 2017, Part 2: Unclaimed and Abandoned Property

By Jeffrey R. Gottlieb |

This is the second in a series of posts about new Illinois probate and estate laws taking effect in late 2016 or the beginning of 2017. One of the primary tasks of an executor or successor trustee is to ascertain and marshal the decedent’s assets. As an attorney who regularly advises and assists executors… Read More »

Digital

New Illinois Laws for 2017, Part 1: Fiduciary Access to Digital Assets

By Jeffrey R. Gottlieb |

This post will be the first in a series of posts about new Illinois probate and estate laws taking effect in late 2016 or the beginning of 2017. I have been writing about the emerging issues surrounding estate planning for digital assets for several years (read all of my posts here). After years of… Read More »

2017

2017 Estate Tax Summary

By Jeffrey R. Gottlieb |

I previously provided summaries of estate and gift taxes for 2013, 2014, 2015 and 2016. As with the last few years, the changes at the beginning of this year are primarily inflation adjustments. For 2017, the unified federal estate, gift and GST tax exemption rises by just $40,000 — from $5.45 million in 2016… Read More »

Happy-Holidays

Happy Holidays 2016

By Jeffrey R. Gottlieb |

I hope you’re all having a joyous and memorable holiday season filled with friends and family and fun! I value all of our clients and take pride and joy in helping our clients to plan for their families’ futures and to guide families through the administration of an estate of a loved one. As… Read More »

student-aid

Guest Blog: How Financial Aid and Student Loans are Affected by Gifts and Inheritance

By Jeffrey R. Gottlieb |

This guest blog post was written by Rachael Everly. Rachael is an undergraduate student who loves to write on the topics related business, finance, technology and education. Follow @RachaelEverly for further updates. Usually the last thing on a student’s mind is financial planning. All except the most strictly groomed teenagers will be concerned with… Read More »

Jeffrey Gottlieb

Ernie Banks Estate, Part 10: Settlement Talks and More

By Jeffrey R. Gottlieb |

This is the ninth installment in my series on various legal aspects of the Estate of Ernie Banks. You can read my first nine pieces here. I’m back! It’s been a couple months since my last blog post and over six months since my last update on the Banks Estate. Much of my free… Read More »

Wedding_rings

A Brief Introduction to Premarital Agreements

By Jeffrey R. Gottlieb |

Premarital (aka prenuptial) agreements are sometimes a touchy subject (and often fodder for celebrity gossip). OK, maybe more than sometimes. I think that’s because they are often viewed as nothing more than pre-planning for divorce. But premarital agreements are often used more for estate planning purposes than anything else. Perhaps viewing a prenup as… Read More »

5

Trust Funding: Top 5 Overlooked Assets

By Jeffrey R. Gottlieb |

The cornerstone of the vast majority of estate plans that I create for our clients is the revocable living trust. They help clients achieve a wide array of estate planning goals by providing a comprehensive set of instructions for managing, investing and distributing property for the trust’s named beneficiaries. But these instructions only control… Read More »