91st General Assembly
Summary of SB0116
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Short description: 
TRANSFERS TO MINORS-TRUST                                                  

Synopsis of Bill as introduced:
        Amends the Illinois Uniform Transfers  to  Minors  Act.   Defines      
   "qualified  minor's  trust" as any trust (including a trust created by      
   the custodian) (i) of which the minor is the sole beneficiary and (ii)      
   that  satisfies  the  requirements  of  the  Internal   Revenue   Code      
   concerning  the  federal  gift  tax and transfers for the benefit of a      
   minor. Provides that at any time, a custodian may transfer part or all      
   of the custodial property to a qualified minor's trust without a court      
   order.  Provides that such a transfer terminates the custodianship  to      
   the extent of the transfer.                                                 
Last action on Bill: PUBLIC ACT.............................. 91-0090

   Last action date: 99-07-09

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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