SB2509enr 96TH GENERAL ASSEMBLY

SB2509 Enrolled LRB096 14820 AJO 29683 b

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Trusts and Trustees Act is amended by adding Section 16.2 as follows:

(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.

Section 99. Effective date. This Act takes effect upon becoming law.