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Illinois' New Trust Modernization Statutes
 
Date: 03/14/2013
 
Location: The Chicago Bar Association, 321 South Plymouth Court, Chicago, IL 60604
 
Presented by: Trust Law
 
Experience Level: Basic to Intermediate, New Development
 
MCLE Credit: 2.75 IL MCLE
 
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The panel will be discussing the new directed trust and trust decanting statutes (760 ILCS 5/16.3, 16.4 and 16.7), which went into effect January 1, 2013. In addition to discussing the provisions of the new statutes, the panelists will discuss the impact of the statutes on new and existing trusts, drafting considerations for new trusts, and the potential tax ramifications.

TOPICS:

DIRECTED TRUSTS
- Illinois legislation and other state directed trusts statutes
- Duties of Directing Parties and Directed Trustee
- Applicability to existing trusts

DECANTING
- Illinois legislation and other state decanting statutes
- Permissible decanting
- Tax issues

SPEAKERS:
Susan Bart, Sidley Austin LLP
Rebecca Wallenfelz, Chapman and Cutler LLP
Susan Snyder, Trust Counsel and Assistant General Counsel, Legal Department, The Northern Trust Company


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