96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB2509


 
Introduced 1/6/2010, by Sen. Kirk W. Dillard
 
SYNOPSIS AS INTRODUCED:
 		





 







755 ILCS 5/16.2  new











     Amends the Trusts and Trustees Act.   Provides that a trust beneficiary may not be considered to be a settlor or to have made a transfer to the trust merely because of a lapse, release, or waiver of his or her power of withdrawal to the extent the value of the affected property does not exceed amounts specified in the Internal Revenue Code.  Effective immediately.
  















LRB096 14820 AJO 29683 b

















 


 


A BILL FOR









 




  






SB2509

LRB096 14820 AJO 29683 b





  
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    AN ACT concerning civil law.
  
 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:
  
 
 
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    Section 5. The Trusts and Trustees Act is amended  by adding 
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Section 16.2 as follows:
 
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    (755 ILCS 5/16.2  new)
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    Sec. 16.2. Lapse of power to withdraw. A beneficiary of a 
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trust may not be considered to be a settlor or to have made a 
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transfer to the trust merely because of a lapse, release, or 
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waiver of his or her power of withdrawal to the extent that the 
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value of the affected property does not exceed the greatest of 
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the amounts specified in Sections 2041(b)(2), 2514(e), and 
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2503(b) of the Internal Revenue Code.
 
 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.