When you of think decanting, you think of wine when you transfer the contents of a wine bottle into another receptable before serving which makes the wine taste better. In the estate and trust area, the term refers to transferring assets from one irrevocable trust to another trust. Many other states had statutes permitting decanting under certain circumstances, and as of January 1, 2013 Illinois has its own statute. Heather McPherson has written an article entitled “Pour Me Another Trust” which was published in the November issue of the Illinois State Bar Association’s Elder Law Section Newsletter. The article describes the circumstances where decanting would be beneficial, and how it is actually done. This is just another tool that experienced estate planners can use to be sure that the intentions of their clients are carried out by their estate planning documents. As Heather states in the article “Decanting is a great tool for practitioners to use in one’s estate, trust, and elder law practice, because it allows trusts that could otherwise not be changed to be rewritten to adjust to changed circumstances, as well as for corrections to trusts that were poorly drafted.”
Monthly Archives: December 2013
Case of the Week – If You Buy Lottery Tickets You Better Have a Will When You Win Million Dollar Jackpot!
A Chicago man 46 years old buys a lottery ticket and wins a million dollar jackpot. Days before collecting a lump sum settlement of $425,000 he dies. The night before he died he had dinner with his wife, daugher, and father-in-law. At first it was ruled that he died of natural causes, but when tests were made, it was determined that his blood contained a lethal level of cyanide His death is now considered a homicide, but no one has been arrested. The wife and daughter by a previous marriage reached a settlement dividing his estate. He did not have a will. The moral of this story is that if you win the lottery, be sure to tell everyone that you have a will and that none of them are beneficiaries under the will. That way everyone will have a reason to keep you alive! See story at http://chicago.cbslocal.com/2013/12/12/fatally-poisoned-lottery-winners-daughter-wife-divvy-up-his-estate/
FHN Sponsors Special Showing of White Christmas
As Part of FHN’s Festival of Trees, don’t miss a special showing of White Christmas at the Lindo Theater in Freeport at 1 pm. and 7 pm on Wednesday, December 18.
FHN welcomes Alan Wenzel and Ed Finch to White Christmas! Wenzel and Finch, hosts of the popular Classic Movie Series at the Lindo Theatre, will welcome movie-goers at both shows with historical tidbits and movie trivia about the film, and will lead a brief discussion about this holiday classic following each showing. Admission is a free-will offering and/or a food drive donation (barrels available for food contributions and monetary contributions will also go to the food drive). Designed to offer movie-goers the experience of viewing time-honored American Film classics on the big screen, the Classic Movie Series is hosted every spring and fall by the Lindo Theatre in Freeport in partnership with the Stephenson County Historical Museum and Highland Community College.
Information on Concealed Carry Application Available at Illinois State Police Website – All Applications Must Be Done Online
A news release states that the Concealed Carry License (CCL) website is being launched in advance of the January 5 application posting date to provide citizens with additional information that will assist with eligibility requirements, application fees, training requirements, official forms, information for firearms instructors, and Frequently Asked Questions (FAQs). I guess if you do not have computer, you need not apply!
The information can be accessed at https://ccl4illinois.com/ccw/public/home.aspx
Last Freeport City Council Meeting of the Year Monday, December 16
The Freeport City Council Meeting will take place on Monday, December 16 at 6:00 pm in
City Council Chambers at 524 West Stephenson Street, 3rd Floor.
If you have Comcast Cable, go to channel 17 to watch live.
Some items of interest on the agenda:
Appointment of James Fox to Airport Commission through November 2018
2nd Reading of City and Library Levy Ordinances
1st Reading of Ordinance for Employment of the following:
Rental Property/Crime Free Housing Specialist
Residential Rental Registration Police Laison
Wonderful – 2 more people to enforce new Rental Registration Ordiance.
Resolution to give Downtown Development Foundation $50,000.
This shows what is important in Freeport. Rental properties and the downtown. Reach your own conclusions!
Approval of bid from GO Escavating, Inc., Freeport to demolish 2 buildings at 212 N. Cherry Avenue and 910 S. Galena Avenue in the amount of $19,500.
For the complete meeting agenda, go to http://www.ci.freeport.il.us/citygovernment/Agendas/A20131216.pdf
Looks Like Another Cold and Snowy Weekend, But Here Are Some Good Events to Enjoy!
Freeport Community Luminaria Night – On Sunday, December 15 enjoy the beauty of Freeport’s Stephenson Street and Lincoln Boulevard on Luminaria Night. Residents of the neighborhood around FHN Memorial Hospital decorate their sidewalks with luminaria to celebrate the season.
Community Festival of Trees – At the Freeport Public Library, 100 E. Douglas Street, Freeport. This event brings non-profit organizations together to decorate trees and compete for cash prizes. A panel of judges will award prizes in a number of categories, and you can vote for your favorite in the People’s Choice competition. The trees will be on display unit January 2.
William R. Bear Men’s Basketball Tournament – December 13 – 14 at Highland Community College Sports Center, 2998 W. Pearl City Road, Freeport. Friday: 1 pm, 3 pm, 5 pm, 7 pm, 9 pm; Saturday: 9 am, 11 am, 1 pm, 3 pm, 5 pm, 7 pm, 9 pm. Eight team Junior College men’s basketball tournament including: Harper, Iowa Central, Black Hawk East, Malcolm X, Midwest Elite Prep, Olney, Sauk Valley. Admission $5 815.599.3465
McConnell Cookie Walk and Santa Visit – 12 – 4 pm on December 14 at the McConnell Area Historical Society, 202 E. Main Street, McConnell. Select from a large assortment of homemade holiday cookies and other baked goods for Christmas gift giving. Santa will be there from 2 pm to 4 pm. Browse the museum decorated for the season. 815.821.2428
Reverse Mortgages – According to Fred Thompson who ran for President Are the Economic Salvation for Senior Citizens!
If Fred Thompson had been elected president, he would have been right at home. American’s economic policies today are like one big reverse mortgage. Mortgage the country’s future so the government can spend and spend with no thought as to the consequences for future generations who will face the burden of paying for all the debt incurred. On AAG’s Reverse Mortgage website you will see Fred Thompson’s face, and the term “A Real Government Insured Financial Solution.” How can incurring more debt be called a real government insured financial solution?
Oh by the way, Fred Thompson ran as a conservative – greed does seem to trump principals in some cases.
If Obama (オバマ) Were President During World War II –
Imagine Obama being president at the start of World War II where it was necessary to mobilize all sectors of the economy to win the War. Over three years after the Affordable Health Care Act was passed, his administration has not even been able to develop a computer program so people can sign up for health insurance. I guess if Obama had been President, we would all all be speaking Japanese today.
As Part of FHN’S Festival of Trees – more musical events this week
HCC Youth Choir to Perform on Monday, December 9 – There will be a special free performance by the HCC Youth Choir at the Freeport Public Library. Join them at 5:30 p.m. at the Freeport Public Library for some lovely holiday music and cheer.
Singin’ at the King – This event will bring school choruses from across northwest Illinois together for a night of music beginning at 5:30 p.m. Wednesday, December 11 at the King Community Campus, 511 S. Liberty Avenue, Freeport. The suggested admission price is one canned good or other food item for the FACC food pantry per person. (Santa will be there, too, so make sure the kids have their list ready!)