L. Timothy Halleron
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L. Timothy Halleron focuses his practice on high-net-worth tax and estate planning matters. Tim advises individuals and family offices in planning for the preservation and transfer of wealth within families without the imposition of gift, estate or generation-skipping transfer tax. Read L. Timothy Halleron's full bio.
Illinois Trust Taxation Deemed Unconstitutional
By James H. Cundiff and L. Timothy Halleron on Mar 31, 2014
Posted In Illinois, Income Tax
In Linn v. Department of Revenue, the Illinois Fourth District Appellate Court reviewed the state’s statutory framework for taxing trusts. Linn v. Department of Revenue, 2013 Il App (4th) 121055. On constitutional grounds, the court limited Illinois’ power to impose taxes under its “once subject to tax, forever subject to tax” regime. This case creates planning opportunities...
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