PRE-ORDER Designed for attorneys handling estates and trusts, this resource delivers actionable guidance on managing business assets—especially those tied to closely held companies, professional practices, and family-run operations.
PRE-ORDER
Administering a decedent’s business interests requires careful attention to both legal and tax considerations. This handbook offers practical guidance for attorneys managing business assets during estate and trust administration, with focused coverage on closely held businesses, professional practices, and family-operated entities. It addresses key issues related to family limited partnerships and LLCs, including income and gift tax implications, and outlines the process for preparing federal and Illinois estate and generation-skipping transfer tax returns. The text also provides insight into income taxation of estates and trusts, including deductions, distributions, and termination. Sample forms — such as an IRC §6166 election, a will provision for business operations, and a notice of fiduciary termination — serve as useful templates for practitioners.
Chapter 1 — Managing Decedent’s Operating Business and Related Problems
Shawn M. McCullough, Harrison LLP, Chicago
Chapter 2 — Handling Family Limited Partnerships and Limited Liability Companies
Robert S. Held, Harrison LLP, and Lauran L. Stevenson, Chapman and Cutler LLP, Chicago
Chapter 3 — Income Taxation of Decedents’ Estates and Trusts
Edward M. Tjaden, Bryan Cave Leighton Paisner LLP, St. Louis
Chapter 4 — United States Estate (and Generation-Skipping Transfer) Tax Returns
Emily J. Kuo, Harrison LLP, Chicago
Chapter 5 — Illinois Estate and Generation-Skipping Transfer Tax
Rebecca Wallenfelsz, Chapman and Cutler LLP, Chicago
