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Public Act 096-0980
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| SB2509 Enrolled |
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 |
Section 16.2 as follows:
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(755 ILCS 5/16.2 new) |
Sec. 16.2. Lapse of power to withdraw. A beneficiary of a |
trust 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 that the |
value of the affected property does not exceed the greatest of |
the amounts specified in Sections 2041(b)(2), 2514(e), and |
2503(b) of the Internal Revenue Code.
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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