TRUSTS-BENEFICIARY-POWER LAPSE Senate SponsorsSen. Kirk W. Dillard-Pamela J. Althoff House Sponsors(Rep. Franco Coladipietro-Patricia R. Bellock) 7/2/2010SenatePublic Act . . . . . . . . . 96-0980 755 ILCS 5/16.2 newAmends the Trusts and Trustees Act. Provides that a trust beneficiary 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 the value of the affected property does not exceed amounts specified in the Internal Revenue Code. Effective immediately. 1/6/2010SenateFiled with Secretary by Sen. Kirk W. Dillard 1/6/2010SenateFirst Reading 1/6/2010SenateReferred to Assignments 2/10/2010SenateAssigned to Judiciary 2/17/2010SenateDo Pass Judiciary; 010-000-000 2/17/2010SenatePlaced on Calendar Order of 2nd Reading February 18, 2010 2/18/2010SenateSecond Reading 2/18/2010SenatePlaced on Calendar Order of 3rd Reading February 23, 2010 2/23/2010SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff 3/12/2010SenateThird Reading - Passed; 051-000-000 3/12/2010HouseArrived in House 3/12/2010HouseChief House Sponsor Rep. Franco Coladipietro 3/12/2010HousePlaced on Calendar Order of First Reading 3/12/2010HouseFirst Reading 3/12/2010HouseReferred to Rules Committee 3/22/2010HouseAssigned to Judiciary I - Civil Law Committee 4/14/2010HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 015-001-000 4/14/2010HousePlaced on Calendar 2nd Reading - Short Debate 4/20/2010HouseSecond Reading - Short Debate 4/20/2010HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/21/2010HouseThird Reading - Short Debate - Passed 115-000-000 4/21/2010SenatePassed Both Houses 4/21/2010HouseAdded Alternate Chief Co-Sponsor Rep. Patricia R. Bellock 5/20/2010SenateSent to the Governor 7/2/2010SenateGovernor Approved 7/2/2010SenateEffective Date July 2, 2010 7/2/2010SenatePublic Act . . . . . . . . . 96-0980