Westchester Estate Planning Lawyer, Illinois

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Includes: Gift Taxation

Vincent C. Machroli Lawyer

Vincent C. Machroli

VERIFIED
Divorce & Family Law, Paternity, Estate Planning, Bankruptcy, Criminal

OVER 30 YEARS OF EXPERIENCE IN FAMILY LAW, ESTATE PLANNING, REAL ESTATE, AND BANKRUPTCY LAW At the Law Office of Vincent C. Machroli, P.C., we are ... (more)

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CONTACT

708-449-7404

Rebecca Chamberlin Little

Business Organization, Corporate Tax, Gift Taxation, Excise Taxes
Status:  In Good Standing           

Cecille Martin

Estate Planning
Status:  In Good Standing           Licensed:  23 Years

Edward Michael Usher

Commercial Real Estate, Litigation, Estate Planning, Employee Rights
Status:  In Good Standing           Licensed:  25 Years

Edward Usher

Commercial Real Estate, Litigation, Estate Planning, Employee Rights
Status:  In Good Standing           Licensed:  25 Years

Shari De Koven

Business & Trade, Estate Planning, Transactions, Wills & Probate
Status:  In Good Standing           Licensed:  36 Years

Stanley R. Balzekas

General Practice
Status:  In Good Standing           Licensed:  44 Years

Stanley Balzekas

General Practice
Status:  In Good Standing           Licensed:  44 Years

Kathleen L. Mccabe

Estate Planning, Family Law, Divorce, Transactions
Status:  In Good Standing           Licensed:  39 Years

James K. Mccabe

Estate Planning, Family Law, Divorce, Transactions
Status:  In Good Standing           Licensed:  40 Years

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

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800-943-8690

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

LEGAL TERMS

KINDRED

Under some state's probate codes, all relatives of a deceased person.

PROBATE

The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased pers... (more...)
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased person's affairs identifying and inventorying the deceased person's property paying debts and taxes identifying heirs, and distributing the deceased person's property according to the will or, if there is no will, according to state law. Formal court-supervised probate is a costly, time-consuming process -- a windfall for lawyers -- which is best avoided if possible.

INHERITANCE TAXES

Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited prop... (more...)
Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited property.

BANKRUPTCY ESTATE

All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankrup... (more...)
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankruptcy estate for the duration of your case.

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.

LAPSE

Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. S... (more...)
Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.

DEATH TAXES

Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who... (more...)
Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who inherit property.

RULE AGAINST PERPETUITIES

An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For examp... (more...)
An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For example, a person would not be allowed to leave property to her husband for his life, then to her children for their lives, then to her grandchildren. The gift would potentially go to the grandchildren at a point too remote in time.

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 ...