public class ItemsControlVisibilityHelper : ContentControl
{
    public static readonly DependencyProperty ItemsControlProperty =
        DependencyProperty.Register("ItemsControl",
            typeof (ItemsControl),
            typeof (ItemsControlVisibilityHelper),
            new PropertyMetadata(default(ItemsControl), OnItemsControlChanged));

    public ItemsControl ItemsControl
    {
        get { return (ItemsControl) GetValue(ItemsControlProperty); }
        set { SetValue(ItemsControlProperty, value); }
    }

    public static readonly DependencyProperty BoundItemProperty =
        DependencyProperty.Register("BoundItem",
            typeof (object),
            typeof (ItemsControlVisibilityHelper),
            new PropertyMetadata(default(object), OnBoundItemChanged));

    public object BoundItem
    {
        get { return GetValue(BoundItemProperty); }
        set { SetValue(BoundItemProperty, value); }
    }

    private static void OnItemsControlChanged(DependencyObject obj, DependencyPropertyChangedEventArgs args)
    {
        var helper = obj as ItemsControlVisibilityHelper;
        helper.UpdateVisibility();
    }

    private static void OnBoundItemChanged(DependencyObject obj, DependencyPropertyChangedEventArgs args)
    {
        var helper = obj as ItemsControlVisibilityHelper;
        helper.UpdateVisibility();
    }

    public void UpdateVisibility()
    {
        if(ItemsControl != null && BoundItem != null)
        {
            if(ItemsControl.ItemsSource is IList)
            {
                var collection = ItemsControl.ItemsSource as IList;
                var index = collection.IndexOf(BoundItem);

                if(index == collection.Count - 1)
                {
                    Visibility = Visibility.Collapsed;
                }
            }
        }
    }
}