Galesburg Estate Planning Lawyer, Illinois, page 2

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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: Gift Taxation

Robert C. Stoerzbach

Estate Planning, Commercial Real Estate

Status: Licensed: 76 Years

CONTACT

2101 Windish Dr, Galesburg, IL 61401

N. Landon Hoyt

International Tax, Estate Planning, Commercial Real Estate

Status: Licensed: 47 Years

CONTACT

591 N Chambers St, Galesburg, IL 61401

Thomas Wayne Mcintire

Estate Planning, Corporate, Bankruptcy

Status: Licensed: 17 Years

CONTACT

256 South Soangetaha Road, Galesburg, IL 61401

800-814-6700

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LEGAL TERMS

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.

WARRANTY DEED

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

INTESTATE

The condition of dying without a valid will. The probate court appoints an administrator to distribute the deceased person's property according to state law.

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.

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.

QDOT TRUST

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spo... (more...)

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spouse. QDOT stands for qualified domestic trust.

INTESTATE SUCCESSION

The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest s... (more...)

The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.

TRUSTEE

The person who manages assets owned by a trust under the terms of the trust document. A trustee's purpose is to safeguard the trust and distribute trust income ... (more...)

The person who manages assets owned by a trust under the terms of the trust document. A trustee's purpose is to safeguard the trust and distribute trust income or principal as directed in the trust document. With a simple probate-avoidance living trust, the person who creates the trust is also the trustee.

ABATEMENT

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other exp... (more...)

A reduction. After a death, abatement occurs if the deceased person didn't leave enough property to fulfill all the bequests made in the will and meet other expenses. Gifts left in the will are cut back in order to pay taxes, satisfy debts or take care of other gifts that are given priority under law or by the will itself.

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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Galesburg Estate Planning Lawyer, Illinois, page 2

Sponsored Law Firm

Koenig Law Firm

SPONSORED LAWYERS

Robert C. Stoerzbach

N. Landon Hoyt

Thomas Wayne Mcintire

TIPS

LEGAL TERMS

PROVING A WILL

WARRANTY DEED

INTESTATE

POWER OF APPOINTMENT

QTIP TRUST

QDOT TRUST

INTESTATE SUCCESSION

TRUSTEE

ABATEMENT

SAMPLE LEGAL CASES

Dunn v. Patterson

Fitch v. McDermott, Will and Emery, LLP

In re Estate of Henry

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