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Abraham Michelson
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1. Abraham Michelson Chicago, IL
  Attorney at Law - Illinois, 2013
  Thomas Cooley, JD, 2004
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Suzanne Sias

Elder Law, Trusts

Status: In Good Standing Licensed: 21 Years

CONTACT

609 Versailles Dr, Bartlett, IL 60103

Suzanne L. Sias

Elder Law, Trusts

Status: In Good Standing Licensed: 21 Years

CONTACT

609 Versailles Dr, Bartlett, IL 60103

Raymond J. Wengel

Other, Commercial Real Estate, Trusts, Banking & Finance

Status: In Good Standing Licensed: 38 Years

CONTACT

1112 Sumac Ct, Bartlett, IL 60103

Karla R Hunter

International, Trusts, Elder Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 15 Years

CONTACT

804 Walnut Ave, Elgin, IL 60123

Saul S. Ramirez

Trusts, Estate, Criminal, Wrongful Death

Status: In Good Standing Licensed: 28 Years

CONTACT

28 North Grove Avenue, Elgin, IL 60120

Saul S Ramirez

Trusts, Estate, Criminal, Wrongful Death

Status: In Good Standing Licensed: 28 Years

CONTACT

28 North Grove Avenue, Elgin, IL 60120

Leia Lee

General Practice

Status: In Good Standing Licensed: 21 Years

CONTACT

684 S Barrington Rd, Streamwood, IL 60107

Leia Lee

General Practice

Status: In Good Standing Licensed: 21 Years

CONTACT

684 S Barrington Rd, Streamwood, IL 60107

Leia Lee

General Practice

Status: In Good Standing

CONTACT

684 S Barrington Rd, Streamwood, IL 60107

800-923-0641

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LEGAL TERMS

POUR-OVER WILL

A will that 'pours over' property into a trust when the will maker dies. Property left through the will must go through probate before it goes into the trust.

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.

RESIDUARY BENEFICIARY

A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leav... (more...)

A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leaving his home to Edwina and the remainder of his property to Elmo, then Elmo is the residuary beneficiary.

TRUST DEED

The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to... (more...)

The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to a trustee -- often a title company -- who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point, the trustee can sell the property and pay the lender from the proceeds.

GRANTOR

Someone who creates a trust. Also called a trustor or settlor.

LIVING TRUST

A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the t... (more...)

A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the trust during your life passes directly to the trust beneficiaries after you die, without court involvement. The successor trustee--the person you appoint to handle the trust after your death--simply transfers ownership to the beneficiaries you named in the trust. Living trusts are also called 'inter vivos trusts.'

SUCCESSOR TRUSTEE

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

IRREVOCABLE TRUST

A permanent trust. Once you create it, it cannot be revoked, amended or changed in any way.

SPRINKLING TRUST

A trust that gives the person managing it (the trustee) the discretion to disburse its funds among the beneficiaries in any way he or she sees fit.

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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Bartlett Trusts Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Suzanne Sias

Suzanne L. Sias

Raymond J. Wengel

Karla R Hunter

Saul S. Ramirez

Saul S Ramirez

Leia Lee

Leia Lee

Leia Lee

TIPS

LEGAL TERMS

POUR-OVER WILL

AB TRUST

RESIDUARY BENEFICIARY

TRUST DEED

GRANTOR

LIVING TRUST

SUCCESSOR TRUSTEE

IRREVOCABLE TRUST

SPRINKLING TRUST

SAMPLE LEGAL CASES

In re Estate of Feinberg

In re Estate of Feinberg

Laubner v. JP Morgan Chase Bank, NA

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