Alexis Wills & Probate Lawyer, Illinois

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Philip Koenig
About | Practice Areas
Koenig Law Firm
1515 4th Ave Suite 201 Rock Island, IL 61201» view map
Estate Law
Estate Planning. Wills & Trusts.

Attorney Philip E. Koenig has more than 30 years of experience in trusts, wills, estate planning, tax, real estate, and general business issues.

800-978-4870
1. Philip Koenig Rock Island, IL
  Attorney at Law- IL, 1975
  Southwestern University School of Law, J.D. 1975
2. AboutKoenig Law Firm
  Estate Planning. Wills & Trusts.
3. Practice AreasExpertise
  Estate Law
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Includes: Estate Administration, Living Wills, Wills

Richard L. Whitman

Wills & Probate, Family Law, Corporate, Medical Malpractice

Status: Licensed: 53 Years

CONTACT

203 E Broadway Ave, Monmouth, IL 61462

John J. Blake

Transactions, Divorce & Family Law, Wills & Probate, Litigation, Real Estate

Status: Licensed: 75 Years

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303-5 Hill Arcade Building, Galesburg, IL 61401

James David Blake

Litigation, Wills & Probate, Divorce & Family Law, Transactions

Status: Licensed: 27 Years

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56 N Prairie St, Galesburg, IL 61401

800-814-6700

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LEGAL TERMS

TITLE COMPANY

A company that issues title insurance.

FAILURE OF ISSUE

A situation in which a person dies without children who could have inherited her property.

INHERIT

To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will... (more...)

To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.

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.

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.

PERSONAL PROPERTY

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, p... (more...)

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty. Compare real estate.

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.

PREDECEASED SPOUSE

In the law of wills, a spouse who dies before the will maker while still married to him or her.

SUMMARY PROBATE

A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are ... (more...)

A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are complicated, but a few examples include estates worth up to $100,000 in California; New York estates where property, excluding real estate and amounts that must be set aside for surviving family members, is worth $20,000 or less; and Texas estates where the value of property doesn't exceed what is needed to pay a family allowance and certain creditors.

SAMPLE LEGAL CASES

In re Estate of Ellis

... Bauman was the pastor of the church of which Ellis was a member. When Ellis died in 2003, the 1999 will was admitted to probate. ... The circuit court of Cook County dismissed all counts as untimely pursuant to section 8-1 of the Probate Act of 1975 (755 ILCS 5/8-1 (West 2006)). ...

Wackrow v. Niemi

... James Woods died in August 2002. Letters of office were issued and Woods' will was admitted to probate on October 23, 2002. ... The estate did not deliver the property or the $300,000 to plaintiff. On October 24, 2003, the probate court denied plaintiff's claim against the estate. ...

In re Estate of Feinberg

... freedom. The Probate Act places only two limits on the ability of a testator to choose the objects of his bounty. ... desire. Under the Probate Act, Max and Erla had no obligation to make any provision at all for their grandchildren. ...

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Alexis Wills & Probate Lawyer, Illinois

Sponsored Law Firm

Koenig Law Firm

SPONSORED LAWYERS

Richard L. Whitman

John J. Blake

James David Blake

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LEGAL TERMS

TITLE COMPANY

FAILURE OF ISSUE

INHERIT

GENERATION-SKIPPING TRANSFER TAX

AB TRUST

PERSONAL PROPERTY

RULE AGAINST PERPETUITIES

PREDECEASED SPOUSE

SUMMARY PROBATE

SAMPLE LEGAL CASES

In re Estate of Ellis

Wackrow v. Niemi

In re Estate of Feinberg

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