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By Trusts & Estates Practice Group on August 20, 2019 at 2:45 PM

IRS releases AFRs for September 2019The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for September 2019. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

Here are the rates for September 2019:

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By Jennifer Davis, Betty Schaefer on July 31, 2019 at 1:15 PM

College student carrying a backpackFor the parents of students entering college this fall, you may have a long checklist of to-do items already. It’s possible you are missing one of the most important items, though: Having your child sign estate planning documents.

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By Garrett Reuter, Jr., Leland Moloney on July 24, 2019 at 2:20 PM

Map of the Midwest highlighting the state of Illinois in redOn July 12, 2019, Illinois Gov. J.B. Pritzker signed House Bill HB1471, which enacts the Illinois Trust Code (ITC) and repeals many of Illinois’ current trust statutes. The ITC will be effective as of Jan. 1, 2020.

The ITC generally conforms with the Uniform Trust Code (UTC), a comprehensive codification of the common law on trusts, as drafted, published and recommended by the National Conference of Commissioners on Uniform State Laws. The UTC is designed as a template to establish uniform trust laws among states, including, but not limited to, the creation, validity and modification of trusts, rights of certain parties with respect to beneficial interests and creditors, trust administration, trusteeship and trustee powers.

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By Trusts & Estates Practice Group on July 19, 2019 at 9:00 AM

AFRs updateThe Internal Revenue Service has released the Applicable Federal Rates (AFRs) for August 2019. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

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By Keith Grissom on July 8, 2019 at 3:10 PM

Dollar bill being stretchedOn May 23, 2019, the U.S. House of Representatives, by a vote of 417 to 3, passed legislation called Setting Every Community Up for Retirement Enhancement Act of 2019, or the SECURE Act. This legislation, if passed by the Senate and signed by the president, will cause significant changes for retirement planning, many of which are positive, but it also includes aspects that could have a big impact on estate planning.

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By Keith Grissom on June 28, 2019 at 11:30 AM

The word "tax" spelled out with wooden blocksOn June 21, 2019, the U.S. Supreme Court unanimously decided in favor of a taxpayer trust, finding that the state of North Carolina could not tax the trust merely because a trust beneficiary, who received no trust income or right to demand income, resided in North Carolina.

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By Trusts & Estates Practice Group on June 25, 2019 at 1:15 PM

IRS releases AFRs for July 2019The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for July 2019. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

Here are the rates for July 2019:

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By Trusts & Estates Practice Group on May 1, 2019 at 4:10 PM

AFRs for May 2019The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for May 2019. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

Here are the rates for May 2019:

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By Garrett Reuter, Jr. on February 21, 2019 at 9:35 AM

Women turning back the hands of a clockHow many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now, so you could go back and make more advantageous tax decisions? In most cases, you are stuck with the decisions you made before the new tax year began, even though you may not have all of the relevant tax information available to assist with those decisions until several months into the new tax year. Too bad for you, says the IRS, unless you are an estate or trust.

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By Trusts & Estates Practice Group on February 19, 2019 at 1:30 PM

IRS lists AFRs for March 2019The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for March 2019. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

Here are the rates for March 2019:

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