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Abraham Michelson
About | Practice Areas
The Michelson Law Office
203 North Lasalle Street Suite 2100 Chicago, IL 60601Â» view map
Bankruptcy, Chapter 7, Chapter 13
Chicago Bankruptcy Lawyer

When your finances are at stake, choose the best. Don't sink deeper in debt. Contact The Michelson Law Office

800-824-6431
1. Abraham Michelson Chicago, IL
  Attorney at Law - Illinois, 2013
  Thomas Cooley, JD, 2004
2. AboutAbraham Michelson
  Our legal team can advise you on your options for negotiating a solution.
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Includes: Gift Taxation

Moriah Adamo

Bankruptcy, Estate Planning, Guardianships & Conservatorships, Litigation

Status: In Good Standing

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3 Dakota Drive, Lake Success, NY 11042

John Belesi

Family Law, Antitrust, Estate Planning, Real Estate

Status: In Good Standing

CONTACT

1111 Marcus Avenue, New Hyde Park, NY 11042

Samuel J. Ferrara

Real Estate, Estate Planning, Family Law, Contract

Status: In Good Standing

CONTACT

1111 Marcus Avenue, New Hyde Park, NY 11042

Bruce A. Blakeman

Banking & Finance, Estate Planning, Family Law, Real Estate

Status: In Good Standing

CONTACT

1111 Marcus Avenue, New Hyde Park, NY 11042

Robert Abrams

Trusts, Estate Planning, Estate, Elder Law

Status: In Good Standing

CONTACT

1111 Marcus Avenue, New Hyde Park, NY 11042

Massimo A. Santoli

International, Trusts, Estate Planning, Estate

Status: In Good Standing

CONTACT

1010 Northern Blvd., Great Neck, NY 11021

Arfa Mahmud

Estate Planning, Trusts

Status: In Good Standing

CONTACT

1010 Northern Blvd., Great Neck, NY 11021

Dorothy J. Santos

Bankruptcy, Estate Administration, Estate Planning

Status: In Good Standing

CONTACT

1111 Marcus Avenue, New Hyde Park, NY 11042

Claudio A. De Vellis

Business Successions, Gift Taxation, Estate Planning, Tax

Status: In Good Standing

CONTACT

1111 Marcus Avenue, New Hyde Park, NY 11042

Steven J. Eisman

Divorce, Estate Planning, Family Law, Litigation

Status: In Good Standing

CONTACT

1111 Marcus Avenue, New Hyde Park, NY 11042

800-923-0641

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LEGAL TERMS

INCOMPETENCE

The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at ... (more...)

The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at which the person is present and/or represented by an attorney. A finding of incompetence may lead to the appointment of a conservator to manage the person's affairs. Also known as 'incompetency.'

INTER VIVOS TRUST

The Latin name, favored by some lawyers, for a living trust. 'Inter vivos' is Latin for 'between the living.'

LIFE BENEFICIARY

A person who receives benefits, under a trust or by will, for his or her lifetime. For an example, see AB trust.

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.

CURATOR

See conservator.

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.

AB TRUST

A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of... (more...)

A trust that allows couples to reduce or avoid estate taxes. Each spouse puts his or her property in an AB trust. When the first spouse dies, his or her half of the property goes to the beneficiaries named in the trust -- commonly, the grown children of the couple -- with the crucial condition that the surviving spouse has the right to use the property for life and is entitled to any income it generates. The surviving spouse may even be allowed to spend principal in certain circumstances. When the surviving spouse dies, the property passes to the trust beneficiaries. It is not considered part of the second spouse's estate for estate tax purposes. Using this kind of trust keeps the second spouse's taxable estate half the size it would be if the property were left directly to the spouse. This type of trust is also known as a bypass or credit shelter trust.

IN TERROREM

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement... (more...)

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement. For example, a will might state that an heir will forfeit her inheritance if she challenges the validity of the will. Of course, if the will is challenged and found to be invalid, then the clause itself is also invalid and the heir takes whatever she would have inherited if there were no will.

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

Schneider v. Finmann

... maintain an action for legal malpractice. We now reverse and reinstate plaintiff's claim. Strict privity, as applied in the context of estate planning malpractice actions, is a minority rule in the United States. [1] In New York, a third ...

Fielding v. Kupferman

... The documents at issue in Bishop were estate planning instruments executed by the plaintiff who believed that he was giving his wife a life estate and was not limiting his access to his life savings (Bishop, 33 AD3d 497, 501 [2006], affd 9 NY3d 910 [2007]). ...

Kram Knarf, LLC v. Djonovic

... The client's malpractice complaint was silent as to how the attorneys misled him, what they failed to explain to him concerning the estate planning documents he executed, and which of his instructions those documents did not reflect (33 AD3d at 498-499). ...

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Manhasset Estate Planning Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Moriah Adamo

John Belesi

Samuel J. Ferrara

Bruce A. Blakeman

Robert Abrams

Massimo A. Santoli

Arfa Mahmud

Dorothy J. Santos

Claudio A. De Vellis

Steven J. Eisman

TIPS

LEGAL TERMS

INCOMPETENCE

INTER VIVOS TRUST

LIFE BENEFICIARY

ALTERNATE BENEFICIARY

CURATOR

PROVING A WILL

AB TRUST

IN TERROREM

ABATEMENT

SAMPLE LEGAL CASES

Schneider v. Finmann

Fielding v. Kupferman

Kram Knarf, LLC v. Djonovic

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