Plano Estate Planning Lawyer, Illinois

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Includes: Gift Taxation

Linda Salfisberg

Estate Planning, Divorce, DUI-DWI, Civil Rights
Status:  In Good Standing           Licensed:  21 Years

Linda Marie Salfisberg

Estate Planning, Divorce, DUI-DWI, Civil Rights
Status:  In Good Standing           Licensed:  21 Years

Richard Claahsen

Real Estate, Wills & Probate, Estate Planning, Divorce
Status:  In Good Standing           Licensed:  29 Years

James White

Foreclosure, Real Estate, Estate Planning, Estate

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Dawn Weekly

Social Security, Estate Planning, Pension & Benefits, Elder Law
Status:  In Good Standing           Licensed:  21 Years

Dallas Theadore Emmanual Bartz

International Tax, Estate Planning, Estate, Contract
Status:  In Good Standing           

Frederick Dickson

Tax, International Tax, Estate Planning, Estate, Contract
Status:  In Good Standing           Licensed:  60 Years

Frederick Homer Dickson

Tax, International Tax, Estate Planning, Contract
Status:  In Good Standing           Licensed:  60 Years

Daniel Reed

Tax, International Tax, Estate Planning, Transactions
Status:  In Good Standing           Licensed:  41 Years

Ronald Milton Hem

Commercial Real Estate, Government, Estate Planning, Transactions
Status:  In Good Standing           Licensed:  49 Years

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Free Help: Use This Form or Call 800-943-8690

Member Representative

Call me for fastest results!
800-943-8690

Free Help: Use This Form or Call 800-943-8690

By submitting this lawyer request, I confirm I have read and agree to the Consent to Receive Messages from all messaging and voice technologies including Email, Text, Phone, Terms of Use, and Privacy Policy. Information provided is not privileged or confidential.

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Easily find Plano Estate Planning Lawyers and Plano Estate Planning Law Firms. For more attorneys, search all Estate areas including Trusts, Wills & Probate and Power of Attorney attorneys.

LEGAL TERMS

ADEMPTION

The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she di... (more...)
The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she dies. Often this happens because the property has been sold, destroyed or given away to someone other than the beneficiary named in the will. A bequest may also be adeemed when the will maker, while still living, gives the property to the intended beneficiary (called 'ademption by satisfaction'). When a bequest is adeemed, the beneficiary named in the will is out of luck; he or she doesn't get cash or a different item of property to replace the one that was described in the will. For example, Mark writes in his will, 'I leave to Rob the family vehicle,' but then trades in his car in for a jet ski. When Mark dies, Rob will receive nothing. Frustrated beneficiaries may challenge an ademption in court, especially if the property was not clearly identified in the first place.

QTIP TRUST

A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the... (more...)
A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the trust property tax-free. Taxes are deferred until the surviving spouse dies and the trust property is received by the final trust beneficiaries, who were named by the first spouse to die.

WARRANTY DEED

A seldom-used type of deed that contains express assurances about the legal validity of the title being transferred.

PROVING A WILL

Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily sat... (more...)
Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily satisfies by showing that the will was signed and dated by the deceased person in front of two or more witnesses. When the will is holographic -- that is, completely handwritten by the deceased and not witnessed, it is still valid in many states if the executor can produce relatives and friends to testify that the handwriting is that of the deceased.

TITLE COMPANY

A company that issues title insurance.

GRANTOR RETAINED INCOME TRUST

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for ... (more...)
Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries you've named. These trusts are for people who have enough wealth to feel comfortable giving away a substantial hunk of property. They come in three flavors: Grantor-Retained Annuity Trusts (GRATs), Grantor-Retained Unitrusts (GRUTs) and Grantor-Retained Income Trusts (GRITs).

CONTINGENT BENEFICIARY

1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisf... (more...)
1) An alternate beneficiary named in a will, trust or other document. 2) Any person entitled to property under a will if one or more prior conditions are satisfied. For example, if Fred is entitled to take property under a will only if he's married at the time of the will maker's death, Fred is a contingent beneficiary. Similarly, if Ellen is named to receive a house only in the event her mother, who has been named to live in the house, moves out of it, Ellen is a contingent beneficiary.

ALTERNATE BENEFICIARY

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to ... (more...)
A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.

TRUST CORPUS

Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, t... (more...)
Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, that money is the corpus. Sometimes the trust corpus is known as the 'res,' a Latin word meaning 'thing.'

SAMPLE LEGAL CASES

Dunn v. Patterson

... for them. The circuit court of Will County entered judgment on the pleadings, finding, as a matter of law, that provisions in certain estate planning documents prepared by defendant were contrary to public policy and void. The ...

Fitch v. McDermott, Will and Emery, LLP

... Around the same time, defendants Joseph Dietrich and John Dietrich (hereafter the Dietrichs), both certified public accountants, provided financial and accounting services for estate planning purposes to Victoria and her husband, plaintiff Thomas Fitch. ...

In re Estate of Henry

... Accordingly, the estate petitioned the court to allow the estate to execute estate planning documents for Henry which, it contended, were consistent with his known wishes and which would be "free from the taint of the undue influence and fraud which was assembled upon the ...