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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.
3. Practice AreasServices
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Includes: Gift Taxation

David L Delvecchio

Bankruptcy, Contract, Estate Planning, Family Law

Status: In Good Standing

CONTACT

109 South Warren Street, Syracuse, NY 13202

Michael J. Ranieri

Animal Bite, Criminal, DUI-DWI, Estate Planning

Status: In Good Standing

FREE CONSULTATION

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407 South Warren Street, Syracuse, NY 13202

Jason L. Cassidy

Criminal, Estate Planning, Family Law, Litigation, Workers' Compensation

Status: In Good Standing

CONTACT

3300 Vickery Road, Syracuse, NY 13212

Howard Allen Port

General Practice

Status: In Good Standing Licensed: 54 Years

CONTACT

1060 Tunnel Ln, Cazenovia, NY 13035

Elizabeth Ann Kenny

Estate Planning, Divorce & Family Law, Elder Law

Status: In Good Standing Licensed: 21 Years

CONTACT

146 Stafford Ave, Waterville, NY 13480

Robert Justin Miller

Estate Planning, Medical Malpractice, Health Care, Commercial Real Estate, Mass Torts

Status: In Good Standing Licensed: 14 Years

CONTACT

Wampsville, NY 13163

Jennifer Caroline Hicks

Traffic, Federal Trial Practice, Estate Planning, Criminal, Trusts

Status: In Good Standing

CONTACT

133 S Peterboro St, Canastota, NY 13032

David J Zumpano

Wills, Estate Planning, Estate, Elder Law

Status: In Good Standing Licensed: 32 Years

CONTACT

555 French Rd, New Hartford, NY 13413

David Joseph Zumpano

Wills, Estate Planning, Estate, Elder Law

Status: In Good Standing

CONTACT

555 French Rd, New Hartford, NY 13413

Elizabeth Ann Evans

Other, Wills, Estate Planning, Estate

Status: In Good Standing Licensed: 16 Years

CONTACT

555 French Rd, New Hartford, NY 13413

800-923-0641

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LEGAL TERMS

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.

INHERITANCE TAXES

Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited prop... (more...)

Taxes some states impose on people or organizations who inherit property from a deceased person's estate. The taxes are based on the value of the inherited property.

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.

SUCCESSOR TRUSTEE

The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.

CREDIT SHELTER TRUST

See AB trust.

GROSS ESTATE

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of prob... (more...)

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.

ADEMPTION

The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she di... (more...)

The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she dies. Often this happens because the property has been sold, destroyed or given away to someone other than the beneficiary named in the will. A bequest may also be adeemed when the will maker, while still living, gives the property to the intended beneficiary (called 'ademption by satisfaction'). When a bequest is adeemed, the beneficiary named in the will is out of luck; he or she doesn't get cash or a different item of property to replace the one that was described in the will. For example, Mark writes in his will, 'I leave to Rob the family vehicle,' but then trades in his car in for a jet ski. When Mark dies, Rob will receive nothing. Frustrated beneficiaries may challenge an ademption in court, especially if the property was not clearly identified in the first place.

PROPERTY CONTROL TRUST

Any trust that imposes limits or controls over the rights of trust beneficiaries. These trusts include (1) special needs trusts designed to assist people who ha... (more...)

Any trust that imposes limits or controls over the rights of trust beneficiaries. These trusts include (1) special needs trusts designed to assist people who have special physical, emotional or other requirements, (2) spendthrift trusts designed to prevent a beneficiary from wasting the trust principal; and (3) sprinkling trusts that allow the trustee to decide how to distribute trust income or principal among the beneficiaries.

ADMINISTRATION (OF AN ESTATE)

The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. I... (more...)

The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. If not, the court appoints someone, who is generally known as the administrator. In some states, the person is called the 'personal representative' in either instance.

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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West Eaton Estate Planning Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

David L Delvecchio

Michael J. Ranieri

Jason L. Cassidy

Howard Allen Port

Elizabeth Ann Kenny

Robert Justin Miller

Jennifer Caroline Hicks

David J Zumpano

David Joseph Zumpano

Elizabeth Ann Evans

TIPS

LEGAL TERMS

POWER OF APPOINTMENT

INHERITANCE TAXES

ANCILLARY PROBATE

SUCCESSOR TRUSTEE

CREDIT SHELTER TRUST

GROSS ESTATE

ADEMPTION

PROPERTY CONTROL TRUST

ADMINISTRATION (OF AN ESTATE)

SAMPLE LEGAL CASES

Schneider v. Finmann

Fielding v. Kupferman

Kram Knarf, LLC v. Djonovic

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