An Overlooked Asset: The Tax Benefits of Excess Deductions on Trust Termination

There is an old adage that bad facts make bad law. Sometimes, however, bad facts can be illustrative of the steps a taxpayer should take to avoid a bad tax result. The recently issued Chief Counsel Advice, CCA201047021, involves a situation in which taxpayers realized they had a tax asset, albeit too late in the game for them to use to their advantage. Private Wealth Services chair Lawrence I. Richman authored this article.

Client Alert: Bridging the Illinois Estate Tax Gap

The recently enacted Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 provides significant relief to many taxpayers from federal estate taxation. However, differences between federal and Illinois estate tax laws may cause many Illinois residents who escape federal estate tax to remain subject to Illinois estate tax.