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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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1. Abraham Michelson Chicago, IL
  Attorney at Law - Illinois, 2013
  Thomas Cooley, JD, 2004
2. AboutAbraham Michelson
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Marc Gugliuzza

Power of Attorney, Residential Real Estate, Wills & Probate, Trusts, Estate Planning

Status: In Good Standing Licensed: 19 Years

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1550 Spring Road, Oak Brook, IL 60523

Peter Mccabe

Class Action, Trusts, Criminal, Intellectual Property

Status: In Good Standing Licensed: 40 Years

CONTACT

3 Grant Square, Hinsdale, IL 60521

Thomas E. Long

Estate Planning, Trusts, Wills & Probate, Real Estate

Status: In Good Standing Licensed: 32 Years

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15 Spinning Wheel Road, Hinsdale, IL 60521

Jonathan David Lichterman

Insurance, Trusts, Criminal, Antitrust

Status: In Good Standing Licensed: 29 Years

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1144 W Lake St, Oak Park, IL 60301

Michael Scott Morrison

Tax, Real Estate, Trusts, Business & Trade

Status: In Good Standing Licensed: 43 Years

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110 E Schiller St, Elmhurst, IL 60126

Lesa Moskowitz

Estate, Real Estate, Trusts

Status: In Good Standing Licensed: 18 Years

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1220 Birks Court, La Grange, IL 60525

Ralph William Miller

Real Estate, Government, Wills & Probate, Trusts

Status: In Good Standing Licensed: 69 Years

CONTACT

936 Spring Rd, Elmhurst, IL 60126

Christina Mermigas

Corporate, International Tax, Trusts, Commercial Real Estate

Status: In Good Standing Licensed: 11 Years

CONTACT

361 Coventry Ct, Clarendon Hills, IL 60514

Megan Elizabeth Hamilton

Corporate, Trusts, Real Estate

Status: In Good Standing Licensed: 12 Years

CONTACT

492 S Parkview Ave, Elmhurst, IL 60126

800-923-0641

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LEGAL TERMS

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

GENERATION-SKIPPING TRUST

A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income fro... (more...)

A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income from the trust. Because the children (the middle generation) never legally own the property, it isn't subject to estate tax at their death. See generation-skipping transfer tax.

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.

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.

PROBATE COURT

A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate cour... (more...)

A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate court' in New York and several other states, this court normally examines the authenticity of a will -- or if a person dies intestate, figures out who receives her property under state law. It then oversees a procedure to pay the deceased person's debts and to distribute her assets to the proper inheritors. See probate.

FAILURE OF ISSUE

A situation in which a person dies without children who could have inherited her property.

TRUST MERGER

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separati... (more...)

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust 'merges' and ceases to exist.

TRUST CORPUS

Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, t... (more...)

Latin for 'the body' of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, that money is the corpus. Sometimes the trust corpus is known as the 'res,' a Latin word meaning 'thing.'

GRANT DEED

A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as descri... (more...)

A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed.

SAMPLE LEGAL CASES

In re Estate of Feinberg

... 534, 891 NE2d 549. In reaching this conclusion, the appellate court relied on decisions of this court dating back as far as 1898 and, as noted, on the Restatement (Third) of Trusts. ISSUE PRESENTED. ... Applicability of Restatement (Third) of Trusts. ...

In re Estate of Feinberg

... Max FEINBERG, Deceased (Leila R. Taylor, as Independent Coexecutor of the Will of Max Feinberg, Deceased, Plaintiff-Appellant, v. Michael B. Feinberg, Individually and as Coexecutor of the Will of Max Feinberg, Deceased; Fifth Third Bank, as Trustee under the Trusts of Max ...

Laubner v. JP Morgan Chase Bank, NA

... 747 Justice COOK delivered the opinion of the court: On October 31, 2007, plaintiffs Patricia A. Laubner and Pamela A. Larson filed an amended petition to remove codefendant Deborah B. Alley as trustee and to modify the distributions being made from the trusts. ...

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Westchester Trusts Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Marc Gugliuzza

Peter Mccabe

Thomas E. Long

Jonathan David Lichterman

Michael Scott Morrison

Lesa Moskowitz

Ralph William Miller

Christina Mermigas

Megan Elizabeth Hamilton

TIPS

LEGAL TERMS

GENERATION-SKIPPING TRANSFER TAX

GENERATION-SKIPPING TRUST

GROSS ESTATE

ABATEMENT

PROBATE COURT

FAILURE OF ISSUE

TRUST MERGER

TRUST CORPUS

GRANT DEED

SAMPLE LEGAL CASES

In re Estate of Feinberg

In re Estate of Feinberg

Laubner v. JP Morgan Chase Bank, NA

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