Wills and Estate Planning
After practicing law for several years at a Rock Island law firm, Phil started a solo practice that focuses heavily on his technical understanding and intense legal curiosity about estate planning. He is known for dogged determination in achieving solutions for his clients.
Phil takes sufficient time and listens closely enough to clients to gather any relevant information about their financial and family situation. Together you will inventory your real property and personal property, such as homes, vacation property, automotive vehicles, jewelry, housewares, and collectibles. Phil will analyze your business interests, including any family businesses and stock options. He will look at your retirement assets — such as IRAs, 401(k)s, pensions, and deferred compensation — and at financial assets including bank accounts, investments, and insurance benefits.
Together you will effectively construct a plan that manages the division and distribution of your wealth and property. When needed, provisions for the care of your minor children will be made through the appointment of a guardian.
Advice on Living Trusts
Phil often advises clients to consider the benefits of living trusts, which also are known as active or inter vivos trusts. By setting up a trust, clients create a legal entity that owns their assets. This arrangement allows rules to be established for the management and distribution of assets. During your lifetime, the rules can be changed or amended. Upon your death, property will be divided and distributed according to your wishes. The process avoids a court-supervised probate proceeding, which can take time and drain expenses. Such trusts can be especially helpful in dealing with tax issues or in addressing the special needs of family members.
Phil Koenig assists many individuals and families who are interested in learning more about how a will, trust, or estate plan can work effectively for them. Contact Phil today so he can begin to help you.