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ILLINOIS State Decanting Summary 1 STATUTORY HISTORY Statutory citation Effective Date Amendment Date s ABILITY TO DECANT 760 ILCS 5/16. Other tax savings provisions 16. Non-grantor trust to grantor trust conversion permitted OTHER RESTRICTIONS 17. 4 1/1/13 None Discretionary distribution authority required to decant 2. Limitation on trustee who may decant CHANGES PERMITTED 3. The settlor of a first trust is considered for all purposes to be the settlor of any second trust established in...
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Fill in the details of the state decanting case, including the court name, case number, and decanting purposes.
05
Specify the types of property or assets involved in the decanting and provide detailed descriptions.
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Who needs state decanting summary 1?
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Individuals involved in the process of decanting a trust may need to fill out state decanting summary 1.
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Lawyers or legal representatives handling trust decanting cases may require this form.
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Court officials and administrators overseeing trust decanting proceedings often request state decanting summary 1.
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Beneficiaries of the trust or those with interests in the decanting may be required to provide this form.
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What is state decanting summary 1?
State decanting summary 1 is a report that summarizes the decanting activity for a particular state for a specific period of time.
Who is required to file state decanting summary 1?
Trust companies, banks, and other financial institutions that engage in decanting transactions are required to file state decanting summary 1.
How to fill out state decanting summary 1?
State decanting summary 1 can be filled out online through the designated portal provided by the state authorities. The form must be completed accurately with all relevant information.
What is the purpose of state decanting summary 1?
The purpose of state decanting summary 1 is to provide transparency and oversight of decanting transactions in order to ensure compliance with state laws and regulations.
What information must be reported on state decanting summary 1?
State decanting summary 1 must include details of the decanting transactions, such as the names of the parties involved, the assets transferred, and the terms of the decanting.
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