Aurora Wills & Probate Lawyer, Illinois, page 3

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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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Includes: Estate Administration, Living Wills, Wills

Monica J. Gurgiolo

Corporate, Estate Planning, Wills & Probate, Trusts

Status: In Good Standing

CONTACT

5600 N River Rd, Des Plaines, IL 60018

Jerome G McSherry

Real Estate, Wills & Probate, Trusts, Estate

Status: In Good Standing

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121 S. Wilke Rd., #407, Arlington Heights, IL 60005

Jay A. Andrew

Commercial Leasing, Estate Administration, Corporate, Banking & Finance

Status: In Good Standing

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800 Northwest Hwy, Palatine, IL 60074

Mollie A Whitehead

Elder Law, Estate Planning, Wills & Probate, Trusts

Status: In Good Standing

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4801 W. Peterson, Ste 412, Chicago, IL 60646

Elizabeth Fink

Elder Law, Estate Planning, Guardianships & Conservatorships, Living Wills

Status: In Good Standing

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4801 W. Peterson, Ste 412, Chicago, IL 60646

Julie A. Kolodziej

Estate Planning, Wills & Probate, Trusts

Status: In Good Standing

FREE CONSULTATION

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2235 N. Lister Ave, Chicago, IL 60614

Janet Rae Montgomery

Business Organization, Estate Planning, Wills & Probate, Real Estate

Status: In Good Standing

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Daluga & Boland, LLC, Chicago, IL 60606

Arieh M. Flemenbaum

International, Wills & Probate, Franchising, Banking & Finance

Status: In Good Standing

FREE CONSULTATION

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55 West Monroe Street, Chicago, IL 60603

George W. Phillips

Business Organization, Estate Administration, Estate Planning, Tax

Status: In Good Standing

CONTACT

20 North Clark Street, Chicago, IL 60602

Tim J Emmitt

Real Estate, Wills & Probate, Estate Planning, Business Organization

Status: In Good Standing

CONTACT

20 North Clark Street, Chicago, IL 60602

800-923-0641

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LEGAL TERMS

SUCCESSION

The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which d... (more...)

The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.

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.

GRANTOR RETAINED INCOME TRUST

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for ... (more...)

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries you've named. These trusts are for people who have enough wealth to feel comfortable giving away a substantial hunk of property. They come in three flavors: Grantor-Retained Annuity Trusts (GRATs), Grantor-Retained Unitrusts (GRUTs) and Grantor-Retained Income Trusts (GRITs).

INTER VIVOS TRUST

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

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.

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.

DEATH TAXES

Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who... (more...)

Taxes levied at death, based on the value of property left behind. Federal death taxes are called estate taxes. Some states levy inheritance taxes on people who inherit property.

REAL ESTATE AGENT

A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must hav... (more...)

A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must have a state license and be supervised by a real estate broker. Most agents are completely dependent upon commissions from sellers for their income, so it pays to find out which side the agent represents (buyer, seller or both) before you place too much trust in the agent's opinion.

DISINHERIT

To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit prope... (more...)

To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit property -- a close family member, for example -- should not receive it. In most states, you cannot completely disinherit your spouse; a surviving spouse has the right to claim a portion (usually one-third to one-half) of the deceased spouse's estate. With a few exceptions, however, you can expressly disinherit children.

SAMPLE LEGAL CASES

In re Estate of Ellis

... Bauman was the pastor of the church of which Ellis was a member. When Ellis died in 2003, the 1999 will was admitted to probate. ... The circuit court of Cook County dismissed all counts as untimely pursuant to section 8-1 of the Probate Act of 1975 (755 ILCS 5/8-1 (West 2006)). ...

Wackrow v. Niemi

... James Woods died in August 2002. Letters of office were issued and Woods' will was admitted to probate on October 23, 2002. ... The estate did not deliver the property or the $300,000 to plaintiff. On October 24, 2003, the probate court denied plaintiff's claim against the estate. ...

In re Estate of Feinberg

... freedom. The Probate Act places only two limits on the ability of a testator to choose the objects of his bounty. ... desire. Under the Probate Act, Max and Erla had no obligation to make any provision at all for their grandchildren. ...

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Aurora Wills & Probate Lawyer, Illinois, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Monica J. Gurgiolo

Jerome G McSherry

Jay A. Andrew

Mollie A Whitehead

Elizabeth Fink

Julie A. Kolodziej

Janet Rae Montgomery

Arieh M. Flemenbaum

George W. Phillips

Tim J Emmitt

TIPS

LEGAL TERMS

SUCCESSION

ADEMPTION

GRANTOR RETAINED INCOME TRUST

INTER VIVOS TRUST

INTESTATE SUCCESSION

EXEMPTION TRUST

DEATH TAXES

REAL ESTATE AGENT

DISINHERIT

SAMPLE LEGAL CASES

In re Estate of Ellis

Wackrow v. Niemi

In re Estate of Feinberg

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