As it stands today, a 2010 decedent with an estate of any value faces no federal estate tax. Then, beginning January 1, 2011, the estate tax rules and rates revert to the 2001 levels, meaning estates over $1,000,000 may be subject to tax.

 

There are also practical matters under the current law that could have serious adverse effects on estate plans due to the type of language used to fund marital and credit shelter trusts.

 

The rates for gift taxes are also in flux and generation-skipping issues abound... read more

 

Robert Lopardo
President

 

 

 

 

Illinois Anti-Predatory Lending Database Program Expanding | As reported in our June 15, 2010, Special Bulletin, the Illinois Anti-Predatory Lending Database (APLD) program will go into effect for Kane, Peoria, and Will Counties on July 1, 2010. The intention of the program is to reduce predatory lending practices by requiring certain borrowers to receive counseling before proceeding to closing. After completing the state-mandated counseling, the borrowers can then choose whether to continue with the loan transaction. Cook County has been subject to the Act since 2008.

For more information, visit www.ilapld.com or call their customer service number (888-ILL-APLD).

ATG Members: If you conduct closings on property located in these counties must register through ATG with the State of Illinois and take the required training. Click Closing Changes in Kane, Peoria, Will Counties on our home page for details. Login required, click here if you need your username and password.

 

 

 

In re Application of the County Collector (Devon Bank v Miller) | The circuit court did not have jurisdiction to enforce a tax deed where the legal owner of record was never notified of the tax sale... read more

 

Welch v Heavelin | Where a lien was secured by a mortgage, foreclosure of that mortgage is barred after the twenty-year statute of limitations for mortgage liens... read more

 

Vohs v Donovan | In a contract to purchase a home, a contingency that the sale is contingent upon the seller obtaining a new home of their choosing is neither indefinite nor illusory... read more

 

 

Attorneys' Title Guaranty Fund (ATG) continues its series of free events to help distressed homeowners.

• Saturday, July 24, Little Village Lawndale High School, Chicago
• Saturday, August 21, Northside College Prep High School, Chicago
• Saturday, October 16, Westinghouse College Prep, Chicago

Volunteers Needed --- Lawyers and support staff,especially those fluent in Spanish or Polish, please consider helping out and one of these worthwile events:

More Information | Volunteer Registration