Estate Planning, Probate & Elder Law Attorneys

» Ten Things to Know About 1031 Exchanges
Real estate swaps grow popular, but traps are many. Beware new rules on vacation homes.

» Trust-Administration Agreements

Setting up a trust can be a pretty effective way of avoiding expensive and public court proceedings (which are necessary in a probate situation). But sometimes problems arise with a trust, problems where a court proceeding may be needed. Settlements are always a possibility, but there's been some confusion in the past about how you work out a settlement, especially when not all parties are of age (or even born).

Due to an amendment to the Illinois Trusts and Trustees Act, there may be a new solution. Lyman Welch and Susan Bart describe the amendment in this Illinois Bar Journal article (it's from November of '09, but I just read it, so it's new to me!). The amendment adds section (d) to 760 ILCS 5/16.1. Some situations in which you may be able to use 16.1(d) to enter into a "nonjudicial settlement agreement":

-interpretation or construction of trust terms;
-resignation or appointment of a trustee; and
-exercise or nonexercise of a power by the trustee.

There are other situations outlined in the article, which I highly recommend.

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» Turning Urgency Into Currency
Schedulist is tackling a problem that's already out of control--with a little help from some friends.

» The Summer Hours

The Summer Hours is a French film directed by Olivier Assayas (he also directed Irma Vep), and starring Juliette Binoche. It's also one of the few films I've ever seen address how children deal with the loss of their parent. By "deal with," I mean both how they emotionally cope with the loss, and how they try to move forward and dispose of (in this case) their mother's belongings.

The film opens with the mother (75-year-old Hélène) surrounded by her children and grandchildren. She begins to tell her oldest son, Frédéric, how to dispose of her summer home and priceless art collection after her death. Once that death occurs, Frédéric and his siblings (Jérémie and Adrienne, who is played by Ms. Binoche) have to work through what to do in light of what is practical. Can the home be kept in the family? What about the art work? What about the French estate tax?

This isn't a film about huge family disputes -- the children all act like adults, and try to work things out. It IS, however, a beautiful movie about memory, art vs. commerce, and what it means to be a family. Highly recommended.