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Mark T. Neil Lawyer

Mark T. Neil

VERIFIED
Estate, Estate Planning, Trusts, Wills & Probate, Business
We Listen to Our Clients' Needs and Develop Practical Solutions.

Mark T. Neil is an Honors graduate of Shimer College and a graduate of Northwestern University School of Law. He served as law clerk to Honorable Howa... (more)

Ira  Silverstein Lawyer

Ira Silverstein

VERIFIED
Estate, Elder Law, Power of Attorney, Divorce & Family Law, Accident & Injury

Senator Ira I. Silverstein was first elected to the Illinois Senate in 1998. Throughout his tenure representing the 8th Senate District, he has been a... (more)

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800-887-2130

Michael  Zweig Lawyer

Michael Zweig

VERIFIED
Accident & Injury, Workers' Compensation, Bankruptcy & Debt, Estate, Divorce & Family Law

Mr. Zweig was admitted to the Illinois State Bar, New York State Bar, the California Federal Court and United States Army Court of Military Review in ... (more)

Sidney B Margolis Lawyer

Sidney B Margolis

VERIFIED
Income Tax, Estate Planning, Trusts, Wills & Probate
Sophisticated Income and Estate Planning, Income Tax Return Preparation, and Probate Practice.

Sidney B. Margolis earned a Bachelor of Science in Accountancy Degree from the business school at the University of Illinois at Champaign, Illinois, a... (more)

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800-922-6780

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Erik B. Diggs Lawyer

Erik B. Diggs

VERIFIED
Divorce & Family Law, Estate

I am a problem solver, not just an Attorney. I look at the whole picture of the problem in order to help you resolve it, whether it is divorce, custod... (more)

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CONTACT

800-942-1310

Paul J. Prybylo Lawyer

Paul J. Prybylo

VERIFIED
Real Estate, Estate, DUI-DWI, Business, Wills & Probate

Attorney Paul Prybylo has 35 years of experience building long-term relationships with individuals and businesses in the Chicago area. He is a license... (more)

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800-708-3640

Monica-Kaye (MK)  Gamble Lawyer

Monica-Kaye (MK) Gamble

VERIFIED
Estate, Business, Divorce & Family Law, Real Estate, Accident & Injury
experience working and representing businesses, government entities, and individuals in Illinois

The peace of mind attained through competent legal representation is priceless. We make this goal easily attainable. We strive to address individual... (more)

Kenneth  Stoppa Lawyer

Kenneth Stoppa

VERIFIED
Estate, Real Estate, Trusts, Wills & Probate

A founding member of the Law Offices of Garrido & Stoppa, P.C., Kenneth Stoppa is a dedicated attorney who consistently strives to provide affordable,... (more)

Michael Andrew Otte Lawyer

Michael Andrew Otte

Estate, Elder Law, Wills, Trusts, Real Estate

Michael A. Otte concentrates his practice on estate planning, trust administration, and contested and litigated estates and trusts. Additionally, Mich... (more)

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Lawyer.com can help you easily and quickly find Chicago Estate Lawyers and Chicago 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

REMAINDERMAN

Someone who will inherit property in the future. For instance, if someone dies and leaves his home 'to Alma for life, and then to Barry,' Barry is a remainderma... (more...)
Someone who will inherit property in the future. For instance, if someone dies and leaves his home 'to Alma for life, and then to Barry,' Barry is a remainderman because he will inherit the home in the future, after Alma dies.

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.

NONPROBATE

The distribution of a deceased person's property by any means other than probate. Many types of property pass free of probate, including property left to a surv... (more...)
The distribution of a deceased person's property by any means other than probate. Many types of property pass free of probate, including property left to a surviving spouse and property left outside of a will through probate-avoidance methods such as pay-on-death designations, joint tenancy ownership, living trusts and life insurance. Property that avoids probate is sometimes described as the 'nonprobate estate.' Nonprobate distribution may also occur if the deceased person leaves an invalid will. In that case, property will pass according to the particular state's laws of intestate succession.

SURROGATE COURT

See probate court.

HEIR AT LAW

A person entitled to inherit property under intestate succession laws.

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).

SPRINKLING TRUST

A trust that gives the person managing it (the trustee) the discretion to disburse its funds among the beneficiaries in any way he or she sees fit.

LIFE INSURANCE

A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policy holder. In exchange, the policyholder pays... (more...)
A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policy holder. In exchange, the policyholder pays a regularly scheduled fee, known as the insurance premiums. The purpose of life insurance is to provide financial support to those who survive the policyholder, such as family members or business partners. When the policyholder dies, the insurance proceeds pass to the beneficiaries free of probate, though they are counted for federal estate tax purposes. group life insurance Life insurance available through an employer or association that covers participating employees and members under one master insurance policy. Most group life insurance policies are term insurance policies, that terminate when the member or employee reaches a certain age or leaves the organization and do not accumulate any cash surrender value. term life insurance No-frills life insurance, with neither cash surrender value nor loan value (an amount that can be used as collateral for a loan). Term life insurance provides a pre-set amount of coverage if the policyholder dies during the period of time specified in the policy. Policyholders usually have the option to renew at the end of the term for the period of years specified in the policy. Unlike whole life insurance, premiums generally increase as the insured person gets older and the risk of death increases.universal life insurance A type of whole life insurance that offers some additional features and advantages. Like whole life insurance, universal life insurance accumulates cash value through investment of the premium payments. The unique feature of universal life insurance is that it has variable premiums, benefits and payment schedules, all of which are tied to market interest rates and the performance of the investment portfolio. Also, universal life plicies normally provide you with more consumer information. For example, you are told how much of your policy payments goes for insurance company overhead expenses, reserves and policy proceed payments, and how much is retained and invested for your savings. This information isn't usually provided with whole life policies.variable life insurance A type of whole life insurance in which the amount of death benefits varies, depending on the performance of investments. The insurance company places some or all of the fixed premium payments into an investment account; some companies let the insured person decide how the money is invested. The policyholder bears the risk of investment losses, though there is a guaranteed minimum benefit payment. One benefit of variable insurance is that interest and dividend income from the investment account is not taxed until it is paid out to the policyholder.variable universal life insurance A type of whole life insurance that provides greater potential for financial gain--and brings greater risks. Like universal life insurance, variable universal life insurance offers flexible premiums, payment schedules and benefits. But variable universal life policies are riskier because the premiums are invested in stocks, rather than more predictable money market accounts and bonds. Also called universal variable life insurance.whole life insurance Life insurance that provides coverage for the entire life of the policyholder, who pays the same fixed premium throughout his or her life. The policy builds up cash reserves that may be paid out to the policyholder when he or she surrenders or partially surrenders the policy or uses the cash reserves to fund low-interest loans. The annual increase in the cash value of the policy is not taxed. If the policyholder surrenders the policy, a portion of the payment is not taxable. Also called straight life insurance or ordinary life insurance.

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.

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 ...