Matthew Curtiss, Esq

Illinois Supreme Court: Wills can use religious tests -- chicagotribune.com

Though Erla Feinberg's final act might have disappointed most of her grandchildren, it carried out her late husband's dying wish in a way that held up in court.

In a unanimous decision Thursday, the Illinois Supreme Court ruled that Max Feinberg and his wife, Erla, could legally disinherit any grandchildren who married outside the Jewish faith as long as the method of doing so did not encourage divorce.

"Although those plans might be offensive to individual family members or to outside observers, Max and Erla were free to distribute their bounty as they saw fit and to favor grandchildren of whose life choices they approved," Justice Rita Garman wrote.

via www.chicagotribune.com

I wonder what the result would be if it were a race-based criteria in the Will rather than religious.

Thanks again to Attorney Matthew Berger for the heads up.

TheDay.com - Be prepared to pay more to fish

As predicted by many area anglers when the saltwater fishing license went into effect, the fees are going up - in surprisingly short order, even for the most skeptical. It hasn't even been a year and already the state wants more money.

Joe Balint at The Fish Connection told me he got a notice from the state that effective October 1st the saltwater license will increase to $20 for residents. A freshwater license will go up to $30 and a combo all-waters license will be $50. Please keep in mind this 2009 license will only be good until the end of the calendar year. A new one will have to be purchased for 2010.

It remains to be seen what benefits residents will get from the license. It was hoped the state might open up new shore access points or perhaps bring back stocks like cod and mackerel, two fish long gone from our waters through mismanagement. Time will tell.

via www.theday.com

Nothing on the CT DEP site, but the site specifically states that licenses are issued on a calendar basis and expire in December of that year. Licenses purchased prior to Oct. 1 should be still effective.

ATM Machine installed at UK Cemetery

The Board has agreed to a test project which has put a cash machine in a tombstone at Chester Jewish Cemetery.

Following the death of Morris Gorski earlier this year, he put in his will a clause that his heirs would only be entitled to get their share of his money by visiting his grave in River Path Road on a weekly basis.

Mr Gorski was a popular businessman who owned a number of businesses including property company Gorski Holdings plc, the UK’s largest builder of three bedroom flats and apartments.

Working with ATM North Europe Services, the cash machine will allow his heirs to collect up to £750 a time when they turn up. A special debit card has been issued to 25 of Mr Gorski’s heirs which they can use at the graveside as well as being able to use elsewhere.

“When Uncle Morris said he was going to do this, we thought he was joking,” said niece Jane Gould. “But when we were read the will, we soon realised he wasn’t. I would visit his grave anyway, but I guess Uncle Morris wanted to make sure that other family members got a worthwhile incentive to visit him.”

According to the Board, should the test project involving Mr Gorski prove popular, other people will get the opportunity to have cash machines in their tombstones.

via www.theboard.org.uk

A bit of old news from 2005 that I came across at an Estate Planning seminar...it was too good not to share.

An ingenious idea, in my opinion, though I wonder if the ATM has been vandalized at all since it was installed.

TheDay.com Fishing Report- Some things are almost sure things

In other news, Allen said casters were catching school bass tight to the rock on the south side of Middle Clump and blues in the rip between the rock and the 21 can. Richard Gilman and his wife Liz caught some nice sea bass on the rocky bottom in 40 feet of water south of Wreck Island. One of the Fishers Island regulars came in to buy five dozen live eels, a sign the bass bite is good after dark on the south side. Black fish season opens in both Connecticut and New York waters on Oct. 1. You are allowed to keep four fish per person per day with a 14-inch minimum.

via www.theday.com

The fall striper run hasn't begun, but the action looks decent enough. Casting to albies near Horseshoe Reef/GLP sounds like fun, though maddening to wait for these speedsters to arrive.

Dogs, Ferrari, strangers -- weird stipulations in Wills - CNN.com

West, a California socialite and oil heiress, died when she was just 37 years old and requested that she be buried "in my lace nightgown ... in my Ferrari, with the seat slanted comfortably." Her family buried West in her powder-blue 1964 Ferrari 330 America, then covered the car with cement to deter car thieves.

Good call: nice examples of that year's 330 America can now sell for well over $300,000.

via www.cnn.com

Suffice it to say, I'm not sure my 1997 Subaru with 130,000 miles would make it on this list.

Congress begins to work on the Federal Estate Tax

With all of the talk of health care, public options, spicy mustard, socialism, and Michelle's arms; its nice to see some members of Congress address the approaching year-long federal estate tax repeal.  NACSOnline has a nice overview of what proposals have been  put forth to date:

• H.R. 436 – Rep. Earl Pomeroy (ND-at large):
Makes the current exemption of $3.5 million and the rate of 45% permanent. (Estates between $10 million and $23.5 million would be taxed at 50%.).

• H.R. 96 – Rep. Michael Conaway (TX-11): Increases to $1.85 million the maximum reduction amount for alternative valuations of farmland and other business property for estate tax purposes; and restores after 2009 the estate tax deduction for family-owned business interests and increase such deduction to $2 million. Allows annual inflation adjustments to such increased amounts after 2010.

• H.R. 173 – Rep. John Salazar (CO-3): Excludes from an individual’s estate farmland so long as the land continues to be used for farming. To exclude such farmland from the total estate, the individual must have earned 50% of their gross income from farming in at least 3 of the 5 years from the individual’s last tax year and during 5 of the 8 years prior to the individual’s death the land must have been used for farming. If the land is subsequently sold or no longer used for farming a tax will be applied on the heirs.

• H.R. 205 – Rep. Mac Thornberry (TX-13): Repeals the federal estate, gift and generation-skipping transfer taxes.

• H.R. 498 – Rep. Harry Mitchell (AZ-5): Restores the unified credit against gift tax liability; provides for annual increases in the estate tax exclusion amount between 2010 and 2015 and establishes a permanent exclusion amount of $5 million for 2015 and thereafter; provides for an inflation adjustment to the estate tax exclusion amount after 2015; reduces estate tax rate brackets; and allows a surviving spouse to use the unused unified estate tax credit of a deceased spouse.

• H.R. 2023 – Rep. Jim McDermott (WA-7): Sets a $2 million per-person exemption, indexed for inflation, and imposes a 55 percent top rate.

• H.R. 3524 – Rep. Mike Thompson (CA-1): Prevents the value of inherited farmland from being subject to the estate tax if the decedent’s family continues to own it and farm it.

I do like the attempts to keep working farmland totally or partially exempt from tax; as it benefits non-corporate farmers.

For what its worth, with the hearth-care bill taking up so much time, I wouldn't be surprised to see a one year rollover of the current rates and exemptions.

Thanks to the Wills, Trusts and Estates Prof Blog for the heads up.

Estate Planning Bits: Pet trusts coming to Connecticut

When planning for a pet, there are many concerns to be addressed. For example, it is important to determine who will serve as the pet’s caretaker, and if establishing a trust, who will act as the trust protector. It is also important to remember that a pet will pass through the owner’s estate as personal property; therefore, the owner’s Last Will and Testament may need to be updated. In addition, the plan should address the final disposition of the pet, including guidelines for when euthanasia would be appropriate.

via bwlaw.blogs.com

Good advice from Bacon & Wilson's estate planning blog; especially reiterating that despite how much we love out pets, the law views them as merely personal property and should be treated as such when drafting your Last Will & Testament.

TheDay.com - Storm is providing large surge of fish

The passage of the last two storms off our coast pushed a nice surge of fish into our waters. Blue fishing is good to excellent in The Race plus false albacore and bonito, the latter two sometimes called the poor-man's tuna since they are available to those with smaller boats, also moved within range.

via www.theday.com

Great news for us flycasters. I better rig up some surf candies and other epoxies for these things.

House Approves Budget That Would Reduce Estate Tax, Increase Income and Cigarette Taxes - Capitol Watch

The state House of Representatives voted late Monday night for a Democratic-written budget that would cut estate taxes for the wealthy, reduce the sales tax for everyone, and increase the state income tax for couples earning more than $1 million per year.

For non-smokers who earn middle-class income, the budget would have relatively little impact. They would see their sales tax decrease, but that tax cut would be repealed if the state's revenue collections are more than 1 percent lower than expected.

via blogs.courant.com

Anyone want to lay down odds that Governor Rell signs a bill that the Republicans call a bloated document with no real spending cuts?

Kudos to the effort to remove the "cliff" tax element in the estate tax.  Let's hope that part stays in the final budget.