Bedford Hills Estate Planning Lawyer, New York

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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.
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Includes: Gift Taxation

Carolyn Ellen Harting

General Practice

Status: In Good Standing Licensed: 41 Years

CONTACT

Bedford, NY 10506

Allison Guthrie Fischer

Estate, Estate Planning

Status: In Good Standing Licensed: 27 Years

CONTACT

Cross River, NY 10518

George Hunter Roberts

Commercial Real Estate, Estate Planning, Estate, Elder Law

Status: In Good Standing

CONTACT

200 Katonah Ave, Katonah, NY 10536

Judith A. Aydelott

Estate Planning, Labor Law, Employment, Personal Injury

Status: In Good Standing Licensed: 45 Years

CONTACT

100 Maple Ave, Katonah, NY 10536

Moira Schneider Laidlaw

General Practice

Status: In Good Standing Licensed: 30 Years

CONTACT

55 Smith Ave, Mount Kisco, NY 10549

Neil H. Reig

Health Care, Estate Planning, Elder Law, Civil & Human Rights

Status: In Good Standing Licensed: 37 Years

CONTACT

67 Lakeside Rd, Mount Kisco, NY 10549

John Harris Gettinger

Real Estate Other, Estate Planning, Employment, Insurance

Status: In Good Standing

CONTACT

118 N Bedford Rd, Mount Kisco, NY 10549

Eric Christophe Newhart

Tax, Gift Taxation

Status: In Good Standing Licensed: 25 Years

CONTACT

1 Bittersweet Ln, Mount Kisco, NY 10549

Jessica Bonnie Bacal

Real Estate, Estate Planning, Estate, Divorce & Family Law, Business

Status: In Good Standing Licensed: 55 Years

CONTACT

61 Smith Ave, Mount Kisco, NY 10549

Renee Goldman Schwartz

Power of Attorney, Trusts, Estate Planning, Elder Law

Status: In Good Standing Licensed: 32 Years

CONTACT

100 S Bedford Rd, Mount Kisco, NY 10549

800-923-0641

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LEGAL TERMS

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.

SUMMARY PROBATE

A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are ... (more...)

A relatively simple probate proceeding available for 'small estates,' as that term is defined by state law. Every state's definition is different, and many are complicated, but a few examples include estates worth up to $100,000 in California; New York estates where property, excluding real estate and amounts that must be set aside for surviving family members, is worth $20,000 or less; and Texas estates where the value of property doesn't exceed what is needed to pay a family allowance and certain creditors.

OFFICER

A person elected by a profit or nonprofit corporation's board of directors, or by the manager of a limited liability company, to manage the day-to-day operation... (more...)

A person elected by a profit or nonprofit corporation's board of directors, or by the manager of a limited liability company, to manage the day-to-day operations of the organization. Officers generally hold titles such as President or Treasurer. Many states and most corporate bylaws or LLC operating agreements require a corporation or LLC to have a president, secretary and treasurer. Election of a vice president may be required by state law.

SPENDTHRIFT TRUST

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the benefi... (more...)

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.

FINAL BENEFICIARY

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jan... (more...)

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.

BYPASS TRUST

A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.

FAILURE OF ISSUE

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

SPECIAL ADMINISTRATOR

(1) In the law of wills and estates, a person appointed by the court to take charge of only a designated portion of an estate during probate. For example, a spe... (more...)

(1) In the law of wills and estates, a person appointed by the court to take charge of only a designated portion of an estate during probate. For example, a special administrator with particular expertise on art might be appointed to oversee the probate of a wealthy person's art collection, but not the entire estate. (2) A person appointed to be responsible for a deceased person's property for a limited time or during an emergency, such as a challenge to the will or to the qualifications of the named executor. In such cases, the special administrator's duty is to maintain and preserve the estate, not necessarily to take control of the probate process

LIFE BENEFICIARY

A person who receives benefits, under a trust or by will, for his or her lifetime. For an example, see AB trust.

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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Bedford Hills Estate Planning Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Carolyn Ellen Harting

Allison Guthrie Fischer

George Hunter Roberts

Judith A. Aydelott

Moira Schneider Laidlaw

Neil H. Reig

John Harris Gettinger

Eric Christophe Newhart

Jessica Bonnie Bacal

Renee Goldman Schwartz

TIPS

LEGAL TERMS

AB TRUST

SUMMARY PROBATE

OFFICER

SPENDTHRIFT TRUST

FINAL BENEFICIARY

BYPASS TRUST

FAILURE OF ISSUE

SPECIAL ADMINISTRATOR

LIFE BENEFICIARY

SAMPLE LEGAL CASES

Schneider v. Finmann

Fielding v. Kupferman

Kram Knarf, LLC v. Djonovic

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