Winter 2008/2009 Report from Counsel

IMPORTANT NOTICE TO PERSONS DOMICILED IN ILLINOIS CONCERNING ILLINOIS ESTATE TAXES IMPOSED ON ESTATES OF PERSONS WHO DIE IN YEAR 2009:

Illinois is “decoupling” from the year 2009 federal estate tax exclusion amount of $3,500,000. This may result in substantial Illinois estate taxes if your estate for tax purposes exceeds $2,000,000. We suggest that you consider early in 2009, the interaction of federal and Illinois estate tax laws on your estate planning documents with us or with another lawyer of your choice who practices in the area of estate planning.

Business Start-Up Checklist” discusses important questions would-be entrepreneurs should ask themselves prior to starting a new business (note: the idiom “carrying coals to Newcastle” means spending an inordinate amount of energy on something useless, fruitless, or redundant – Newcastle, England was a major coal exporter).
Age Discrimination in Employment” reviews a recent decision by the Supreme Court that puts the onus on employers to prove its policies are based on reasonable factors other than age when defending age discrimination claims.
All in the Family–Father Wins $4 Million from Daughter“concerns a recent court decision concerning a business dispute between family members.
Generation-Skipping Trusts” reminds us that GSTs are not only for wealthy families, and discusses various advantages and disadvantages of GSTs as part of an estate plan.
New Nonprofit Tax Forms” describes new instructions and filing requirements for Internal Revenue Service Form 990 for nonprofit organizations.
Careful What You Click” describes potential legal hassles involved with online agreements.