Summer has ended for most families with children and we thought about this and other family dynamics in our most recent newsletter.
However, the summer didn’t stop Illinois Governor Pritzker from approving several laws that will affect families and businesses in the coming months. Here’s a few that you may find interesting:
- The Illinois Trust Code, effective January 1, 2020, aligns Illinois with states that have adopted or established their own version of the Uniform Trust Code. Meaning for you: As you and your family move among the states, your estate plan may not need much revision.
- Assault or battery of an elderly person results in a loss of inheritance, effective January 1, 2020. Meaning for you: Nothing, we hope.
- Recreational cannabis will be legal in Illinois, effective January 1, 2020. Meaning for you: If you will partake or endeavor commercially, remember it is still against the law, federally,
- Uniform Partition of Heirs Property Act, effective January 1, 2020. Meaning for you: If you inherit property with someone else as a co-tenant and y’all can’t get along, the property can be sold without mutual agreement.
- Department of Public Health Powers and Duties Law amended to allow a feasibility study for a state repository for Healthcare Powers of Attorney and other medical Advanced Directives. Meaning for you: Unclear; these are your taxpayer dollars going to a study to determine if your medical information should be held by the State.
Those are the headliners that we found relevant to our clients and associates. We’ll be providing deeper analyses of these issues and others as the laws become effective and part of our society’s fabric.