Lincolnshire Estate Planning Lawyer, Illinois

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Abraham Michelson
About | Practice Areas
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

Betsy Kadus

Wills & Probate, Government Agencies, Elder Law, Estate Planning

Status: In Good Standing

FREE CONSULTATION

CONTACT

500 Skokie Blvd., Northbrook, IL 60062

Mimi L. Turney

Business Organization, Estate Planning

Status: In Good Standing

CONTACT

707 Skokie Blvd # 500, Northbrook, IL 60062

Neil S. Zweiban

Estate, Real Estate, Wills & Probate, Trusts, Estate Planning

Status: In Good Standing Licensed: 42 Years

CONTACT

3255 N Arlington Heights Rd, Arlington Heights, IL 60004

James C. Siebert

Wills & Probate, Trusts, Estate Planning, Elder Law

Status: In Good Standing Licensed: 43 Years

CONTACT

3325 North Arlington Heights Road, Arlington Heights, IL 60004

Alan R. Press

International Tax, Estate Planning, Transactions, Business

Status: In Good Standing Licensed: 31 Years

CONTACT

1 Overlook Pt, Lincolnshire, IL 60069

Alan George Orlowsky

Real Estate, Federal Appellate Practice, Estate Planning, Divorce & Family Law

Status: In Good Standing

CONTACT

250 Parkway Dr, Lincolnshire, IL 60069

Alan Orlowsky

Real Estate, Federal Appellate Practice, Estate Planning, Divorce & Family Law

Status: In Good Standing

CONTACT

250 Parkway Dr, Lincolnshire, IL 60069

Michele Rivkin

Estate Planning, Estate

Status: In Good Standing Licensed: 30 Years

CONTACT

475 Half Day Rd, Lincolnshire, IL 60069

Jennifer Hahn Axelsen

Estate Planning, Estate, Guardianships & Conservatorships, Elder Law

Status: In Good Standing Licensed: 31 Years

CONTACT

475 Half Day Rd, Lincolnshire, IL 60069

Michele Marie Rivkin

Estate Planning, Estate

Status: In Good Standing Licensed: 30 Years

CONTACT

475 Half Day Rd, Lincolnshire, IL 60069

800-923-0641

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LEGAL TERMS

POUR-OVER WILL

A will that 'pours over' property into a trust when the will maker dies. Property left through the will must go through probate before it goes into the trust.

HEIR AT LAW

A person entitled to inherit property under intestate succession laws.

ACCUMULATION TRUST

A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nic... (more...)

A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nick's benefit but stipulates that Nick will not get a penny until he gets a Ph.D. in French; Nick is the beneficiary of an accumulation trust.

ANCILLARY PROBATE

A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are... (more...)

A probate proceeding conducted in a different state from the one the deceased person resided in at the time of death. Usually, ancillary probate proceedings are necessary if the deceased person owned real estate in another state.

ESTATE TAXES

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and... (more...)

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and whether or not it goes through probate after your death, is subject to federal estate tax. Currently, however, federal estate tax is due only if your property is worth at least $2 million when you die. The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes. Many states now also impose their own estate taxes or inheritance taxes.

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.

RESIDUARY ESTATE

The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)

The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.

KINDRED

Under some state's probate codes, all relatives of a deceased person.

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.

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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Lincolnshire Estate Planning Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Betsy Kadus

Mimi L. Turney

Neil S. Zweiban

James C. Siebert

Alan R. Press

Alan George Orlowsky

Alan Orlowsky

Michele Rivkin

Jennifer Hahn Axelsen

Michele Marie Rivkin

TIPS

LEGAL TERMS

POUR-OVER WILL

HEIR AT LAW

ACCUMULATION TRUST

ANCILLARY PROBATE

ESTATE TAXES

TRUSTEE

RESIDUARY ESTATE

KINDRED

SPECIFIC BEQUEST

SAMPLE LEGAL CASES

Dunn v. Patterson

Fitch v. McDermott, Will and Emery, LLP

In re Estate of Henry

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