Cropsey Estate Planning Lawyer, Illinois

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Includes: Gift Taxation

C. Thomas Blakeman

International Tax, Estate Planning, Transactions, Business
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  49 Years

Craig Ray Hunt

Federal Appellate Practice, Estate Planning, Business & Trade, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  41 Years

Edward Joseph Legner

Municipal, Estate Planning, Estate, Transactions
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  51 Years

Janine Boggs

Estate Planning, Workers' Compensation, DUI-DWI, Personal Injury
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  38 Years

John Alphonse Freehill

Municipal, Estate Planning, Estate
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  48 Years

Nicholas Ehrgott

Commercial Real Estate, International Tax, Estate Planning, Elder Law
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  13 Years

Robert Caughey

Tax, Municipal, Wills & Probate, Estate Planning, International Tax
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  58 Years

Rodney H. Loy

International Tax, Estate Planning
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  56 Years

Sarah Ruth Duffy

Personal Injury, Collection, Divorce, Estate Planning
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  17 Years

Sarah Duffy

Personal Injury, Collection, Divorce, Estate Planning
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           Licensed:  17 Years

Free Help: Use This Form or Call 800-814-6700

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800-943-8690

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LEGAL TERMS

POWER OF APPOINTMENT

The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust o... (more...)
The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.

AB TRUST

A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of... (more...)
A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of the property goes to the beneficiaries named in the trust -- commonly, the grown children of the couple -- with the crucial condition that the surviving spouse has the right to use the property for life and is entitled to any income it generates. The surviving spouse may even be allowed to spend principal in certain circumstances. When the surviving spouse dies, the property passes to the trust beneficiaries. It is not considered part of the second spouse's estate for estate tax purposes. Using this kind of trust keeps the second spouse's taxable estate half the size it would be if the property were left directly to the spouse. This type of trust is also known as a bypass or credit shelter trust.

SURROGATE COURT

See probate court.

SECONDARY MEANING

In trademark law, a mark that is not inherently distinctive becomes protected after developing a 'secondary meaning': great public recognition through long use ... (more...)
In trademark law, a mark that is not inherently distinctive becomes protected after developing a 'secondary meaning': great public recognition through long use and exposure in the marketplace. For example, though first names are not generally considered inherently distinctive, Ben & Jerry's Ice Cream has become so well known that it is now entitled to maximum trademark protection.

FINAL BENEFICIARY

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jan... (more...)
The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.

SUCCESSOR TRUSTEE

The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.

DISINHERIT

To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit prope... (more...)
To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit property -- a close family member, for example -- should not receive it. In most states, you cannot completely disinherit your spouse; a surviving spouse has the right to claim a portion (usually one-third to one-half) of the deceased spouse's estate. With a few exceptions, however, you can expressly disinherit children.

FUNDING A TRUST

Transferring ownership of property to a trust.

FAMILY POT TRUST

See pot trust.

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 ...

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