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SB2509 Engrossed |
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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.
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