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Abraham Michelson
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The Michelson Law Office
203 North Lasalle Street Suite 2100 Chicago, IL 60601Â» view map
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800-824-6431
1. Abraham Michelson Chicago, IL
  Attorney at Law - Illinois, 2013
  Thomas Cooley, JD, 2004
2. AboutAbraham Michelson
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Includes: Gift Taxation

Britt Ashley Salazar

Real Estate, Estate Planning

Status: In Good Standing Licensed: 12 Years

CONTACT

1200 Harger Rd, Oak Brook, IL 60523

Britt Salazar

Real Estate, Estate Planning

Status: In Good Standing Licensed: 12 Years

CONTACT

1200 Harger Rd, Oak Brook, IL 60523

Jonathan David Herpy

Entertainment, Estate Planning, Civil Rights, Business

Status: In Good Standing Licensed: 12 Years

CONTACT

360 West Butterfield Road, Elmhurst, IL 60126

Martin Lillig

Landlord-Tenant, International Tax, Government, Estate Planning

Status: In Good Standing Licensed: 58 Years

CONTACT

1900 Spring Rd, Hinsdale, IL 60523

Martin J. Lillig

International Tax, Government, Estate Planning, Estate

Status: In Good Standing Licensed: 58 Years

CONTACT

1900 Spring Rd, Hinsdale, IL 60523

Gregory Francis Smith

Litigation, Estate Planning, Business & Trade, Corporate

Status: In Good Standing Licensed: 44 Years

CONTACT

1900 Spring Rd, Hinsdale, IL 60523

Marta Spagnuolo

Estate Planning, Family Law, Divorce & Family Law

Status: In Good Standing Licensed: 23 Years

CONTACT

1010 Jorie Blvd, Hinsdale, IL 60523

Marta Spagnuolo

Estate Planning, Family Law, Divorce & Family Law

Status: In Good Standing Licensed: 23 Years

CONTACT

1010 Jorie Blvd, Hinsdale, IL 60523

Edmund Lanphier

Estate Planning, Divorce, DUI-DWI, Civil Rights

Status: In Good Standing Licensed: 62 Years

CONTACT

568 Spring Rd, Elmhurst, IL 60126

Edmund Paul Lanphier

Estate Planning, Divorce, DUI-DWI, Civil Rights

Status: In Good Standing Licensed: 62 Years

CONTACT

568 Spring Rd, Elmhurst, IL 60126

800-923-0641

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LEGAL TERMS

ALTERNATE BENEFICIARY

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to ... (more...)

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.

FINAL BENEFICIARY

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jan... (more...)

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.

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.

EXEMPTION TRUST

A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth m... (more...)

A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property passes free from estate tax because of the personal exemption, and the rest is shielded from tax under the surviving spouse's marital deduction.

BENEFICIARY

A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.

SPECIFIC BEQUEST

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequ... (more...)

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequest fails. In other words, the beneficiary cannot substitute a similar item in the estate. Example: If John leaves his 1954 Mercedes to Patti, and when John dies the 1954 Mercedes is long gone, Patti doesn't receive John's current car or the cash equivalent of the Mercedes. See ademption.

SUCCESSION

The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which d... (more...)

The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.

SURVIVING SPOUSE'S TRUST

If a couple has created an AB trust, the revocable living trust (Trust B) of the surviving spouse, after the first spouse has died.

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.

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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Hillside Estate Planning Lawyer, Illinois, page 4

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Britt Ashley Salazar

Britt Salazar

Jonathan David Herpy

Martin Lillig

Martin J. Lillig

Gregory Francis Smith

Marta Spagnuolo

Marta Spagnuolo

Edmund Lanphier

Edmund Paul Lanphier

TIPS

LEGAL TERMS

ALTERNATE BENEFICIARY

FINAL BENEFICIARY

SPRINKLING TRUST

EXEMPTION TRUST

BENEFICIARY

SPECIFIC BEQUEST

SUCCESSION

SURVIVING SPOUSE'S TRUST

QTIP TRUST

SAMPLE LEGAL CASES

Dunn v. Patterson

Fitch v. McDermott, Will and Emery, LLP

In re Estate of Henry

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