*IL QTIP Election to the Rescue
Legal Article: “The Illinois QTIP Election to the Rescue”
Publication: Illinois Bar Journal: December, 2009
Author: Robert J. Kolasa, J.D, C.P.A., LL.M. (Tax)
This is an article describing in detail the important adoption by the Illinois legislature of the “Illinois QTIP Election” for 2009 and future years. This estate planning technique permits optimal funding of the credit shelter trust for federal estate tax purposes, without incurring Illinois estate taxes in the estate of the first spouse to die. Technical complexities abound in implementation and administration of this technique.