Wilmington Estate Lawyer, Illinois

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Cosmo Tedone

Criminal, Divorce & Family Law, Real Estate, Estate Planning, DUI-DWI
Joliet Criminal Defense Lawyer

Cosmo J. Tedone was born on December 13, 1966 in Manchester, Connecticut. Prior to forming the law firm, Tedone & Morton, P.C., he was the senior asso... (more)

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Robert J Zapolis

Wills & Probate, Estate Planning, Elder Law, Business Organization
Status:  In Good Standing           

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Robert J. Leoni

Corporate, Construction, Estate Planning, Wills & Probate
Status:  In Good Standing           

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Timothy James Mcgrath

Real Estate, Trusts, Family Law, Criminal
Status:  In Good Standing           Licensed:  38 Years

Gloria Longest

Commercial Real Estate, Estate
Status:  In Good Standing           Licensed:  38 Years

John Michael Cannon

Banking & Finance, Corporate, Trusts, Wills & Probate
Status:  In Good Standing           Licensed:  60 Years

Samantha L. Sweeney

Divorce & Family Law, Estate, Real Estate, Collection
Status:  In Good Standing           Licensed:  14 Years

Samantha Sweeney

Collection, Divorce, Commercial Real Estate, Wills, Family Law
Status:  In Good Standing           

Dawn Underhill

Wills & Probate, Estate Planning, Estate, Divorce & Family Law
Status:  In Good Standing           Licensed:  33 Years

Matthew W. Campbell

Commercial Real Estate, Real Estate, Municipal, Estate
Status:  In Good Standing           Licensed:  32 Years

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Lawyer.com can help you easily and quickly find Wilmington Estate Lawyers and Wilmington Estate Law Firms. Refine your search by specific Estate practice areas such as Estate Planning, Trusts, Wills & Probate and Power of Attorney matters.

LEGAL TERMS

NET ESTATE

The value of all property owned at death less liabilities or debts.

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)
A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

CHARITABLE TRUST

Any trust designed to make a substantial gift to a charity and also achieve income and estate tax savings for the person who creates the trust (the grantor).

RESIDUARY ESTATE

The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.

PROBATE COURT

A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate cour... (more...)
A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate court' in New York and several other states, this court normally examines the authenticity of a will -- or if a person dies intestate, figures out who receives her property under state law. It then oversees a procedure to pay the deceased person's debts and to distribute her assets to the proper inheritors. See probate.

PETITION

A formal written request made to a court, asking for an order or ruling on a particular matter. For example, if you want to be appointed conservator for an elde... (more...)
A formal written request made to a court, asking for an order or ruling on a particular matter. For example, if you want to be appointed conservator for an elderly relative, you must file a petition with a court. See also complaint.

SURROGATE COURT

See probate court.

ENDOWMENT INSURANCE

Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death.... (more...)
Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death. If the policy-holder dies sooner, the beneficiary named in the policy receives the proceeds.

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).

SAMPLE LEGAL CASES

In re Estate of Feinberg

This case involves a dispute among the surviving children and grandchildren of Max and Erla Feinberg regarding the validity of a trust provision. The circuit court of Cook County found the trust provision unenforceable on the basis that it is contrary to the public policy of the state ...

In re Estate of Feinberg

In re ESTATE OF Max FEINBERG, Deceased (Leila R. Taylor, as Independent Coexecutor of the Will of Max Feinberg, Deceased, Plaintiff-Appellant, v. Michael B. Feinberg, Individually and as Coexecutor of the Will of Max Feinberg, Deceased; Fifth Third Bank, as Trustee under ...

In re Estate of Ellis

Grace Ellis executed a will in 1964 naming Shriners Hospitals for Children (Shriners) as beneficiary of her estate if she died without direct descendants. In 1999, she executed a new will naming James G. Bauman as sole beneficiary. Bauman was the pastor of the church of which ...