Estate Planning

For the estate planning community, 2024 feels like the calm before the storm...

Congressional Democrats are currently debating proposed legislation from the House Ways and Means Committee which, if enacted, would significantly impact estate planning.

Unlike 2020, which brought the Illinois Trust Code, impacting the administration of trusts under Illinois law, and the SECURE Act, which substantially altered the distribution rules for IRAs and other retirement accounts (both as described in our law update last year), 2021 has not yet ushered in substantial estate and trust law changes.

2020 has ushered in a host of legal and tax changes. Below is a discussion of the changes that most impact estate planning. Significant Changes in IRA Distribution Rules In December, as part of the federal appropriations bill, Congress passed and the President signed the SECURE Act, which significantly changes the rules governing distributions from