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When a loved one passes on, the last thing anyone wants to think about is money. Unfortunately, there really is no way around it. Arrangements must be made, bills paid, and assets divided up amongst those left behind.

I certainly understand why people put off planning their estates. It’s natural to feel an aversion to thinking and talking about what will happen after you’re gone. For many, it can be overwhelming and emotional. None of these things, however, should stop you from doing it and making sure it’s done well.

Personal property exemptions and trusts.

Trust modernization I. Public Act 97-920 (McAsey, D-Lockport; Dillard, R-Hinsdale) modernizes Illinois trust law by allowing “decanting” of trusts.

Trust modernization II. Public Act 97-921 (McAsey, D-Lockport; Silverstein, D-Chicago) Public Act 97-921 adds flexibility to Illinois estate planning and administration of trusts by the use of “directed trusts.”

Power of Attorney Act. Public Act 97-868 (Dillard, R-Westmont; McAsey, D-Lockport) amends this Act to exclude certain kinds of agreements from the Act’s regulation.

QTIP trust is a type of trust and an estate planning tool used in the United States. “QTIP” is short for “Qualified Terminable Interest Property.” In the U.S., each citizen is granted a credit against the gift and estate tax. When gifts and inheritances exceed the amount of this credit, a tax is imposed.

The unsecured creditors committee in Tribune Co.’s bankruptcy case asked a Delaware judge Monday for the right to sue Chicago real estate magnate Sam Zell and other investors and lenders who participated in the company’s ill-fated 2007 leveraged buyout. The motion was largely procedural, and the document said the request is not aimed at disrupting a court-ordered mediation in the case, which is scheduled for this month.