Orland Park Estate Planning Lawyer, Illinois, page 5

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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
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Includes: Gift Taxation

David Arthur Fewkes

Traffic, Estate Planning, DUI-DWI, Personal Injury

Status: In Good Standing Licensed: 43 Years

CONTACT

7270 W College Dr, Palos Heights, IL 60463

Michelle Morrone

Real Estate, Estate Planning, Estate, Bankruptcy

Status: In Good Standing Licensed: 20 Years

CONTACT

12820 S Ridgeland Ave, Palos Heights, IL 60463

James Joseph Morrone

Federal Appellate Practice, Estate Planning, Divorce, Transactions

Status: In Good Standing Licensed: 36 Years

CONTACT

12820 South Ridgeland, Palos Heights, IL 60463

Michelle Marie Morrone

Real Estate, Estate Planning, Estate, Bankruptcy

Status: In Good Standing Licensed: 20 Years

CONTACT

12820 S Ridgeland Ave, Palos Heights, IL 60463

Stephen Allen Murphy

Estate Planning, Estate, Divorce & Family Law, Elder Law

Status: In Good Standing Licensed: 40 Years

CONTACT

12820 S Ridgeland Avenue, Palos Heights, IL 60463

Robert Salus

Estate Planning, Estate, Transactions, Business

Status: In Good Standing Licensed: 28 Years

CONTACT

18400 Maple Creek Drive, Tinley Park, IL 60477

Robert Roy Salus

Estate Planning, Estate, Transactions, Business

Status: In Good Standing Licensed: 28 Years

CONTACT

18400 Maple Creek Drive, Tinley Park, IL 60477

Jim L. Stortzum

Commercial Real Estate, Estate Planning, Transactions, Business

Status: In Good Standing Licensed: 48 Years

CONTACT

10725 W 159Th St, Orland Park, IL 60467

Jim Stortzum

Commercial Real Estate, Estate Planning, Transactions, Business

Status: In Good Standing Licensed: 48 Years

CONTACT

10725 W 159Th St, Orland Park, IL 60467

Demetrios Dalmares

Estate Planning, Family Law, Divorce, Criminal

Status: In Good Standing Licensed: 32 Years

CONTACT

16061 South 94Th Avenue, Tinley Park, IL 60487

800-923-0641

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LEGAL TERMS

ENTITY

An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from i... (more...)

An organization, institution or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from its individual members--for example, a corporation, partnership, trust, estate or government agency. The entity is treated like a person; it can function legally, be sued, and make decisions through agents.

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.'

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.

INTESTATE SUCCESSION

The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest s... (more...)

The method by which property is distributed when a person dies without a valid will. Each state's law provides that the property be distributed to the closest surviving relatives. In most states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.

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.

HEIR AT LAW

A person entitled to inherit property under intestate succession laws.

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.

POWER OF APPOINTMENT

The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust o... (more...)

The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.

TRUSTEE POWERS

The provisions in a trust document defining what the trustee may and may not do.

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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Orland Park Estate Planning Lawyer, Illinois, page 5

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

David Arthur Fewkes

Michelle Morrone

James Joseph Morrone

Michelle Marie Morrone

Stephen Allen Murphy

Robert Salus

Robert Roy Salus

Jim L. Stortzum

Jim Stortzum

Demetrios Dalmares

TIPS

LEGAL TERMS

ENTITY

INCOMPETENCE

NONPROBATE

INTESTATE SUCCESSION

ABATEMENT

HEIR AT LAW

EXEMPTION TRUST

POWER OF APPOINTMENT

TRUSTEE POWERS

SAMPLE LEGAL CASES

Dunn v. Patterson

Fitch v. McDermott, Will and Emery, LLP

In re Estate of Henry

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