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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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Jerald Mark Stein

Real Estate, Lawsuit & Dispute, Estate, Business

Status: Licensed: 34 Years

CONTACT

835 Main Street, Margaretville, NY 12455

John Joseph Darwak

Real Estate, Government, Estate

Status: Licensed: 54 Years

CONTACT

1969 Weaver Hollow Rd, Margaretville, NY 12455

Kurt D. Schulte

Real Estate, Estate, Divorce & Family Law

Status: Licensed: 41 Years

CONTACT

12 Club Ave, Oneonta, NY 13820

Marvin Daube Parshall

Real Estate, Lawsuit & Dispute, Estate, Divorce & Family Law

Status: Licensed: 64 Years

CONTACT

Worcester, NY 12197

Meredith Leigh Baio

Commercial Real Estate, Residential Real Estate, Wills & Probate, Trusts, Estate

Status: Licensed: 13 Years

CONTACT

1 Ford Ave, Oneonta, NY 13820

Michael P. Degroat

Real Estate, Industry Specialties, Estate

Status:

CONTACT

38 West St, Walton, NY 13856

Nancy B. Prior

Real Estate, Federal Appellate Practice, Estate Planning, Estate

Status: Licensed: 41 Years

CONTACT

Arkville, NY 12406

Paul John Millias

Real Estate, Litigation, Estate

Status: Licensed: 27 Years

CONTACT

222 Main St, Worcester, NY 12197

Richard A. Harlem

Real Estate, Estate, Estate Planning

Status: Licensed: 42 Years

CONTACT

493 Chestnut Street, Suite 2, Oneonta, NY 13820

Rodney L. Klafehn

Real Estate, Government, Estate, Civil & Human Rights

Status: Licensed: 49 Years

CONTACT

172 County Highway 12, Laurens, NY 13796

800-923-0641

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LEGAL TERMS

FUNDING A TRUST

Transferring ownership of property to a trust.

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.

SPECIFIC BEQUEST

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequ... (more...)

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequest fails. In other words, the beneficiary cannot substitute a similar item in the estate. Example: If John leaves his 1954 Mercedes to Patti, and when John dies the 1954 Mercedes is long gone, Patti doesn't receive John's current car or the cash equivalent of the Mercedes. See ademption.

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.

CREDIT SHELTER TRUST

See AB trust.

ESTATE TAXES

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and... (more...)

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and whether or not it goes through probate after your death, is subject to federal estate tax. Currently, however, federal estate tax is due only if your property is worth at least $2 million when you die. The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes. Many states now also impose their own estate taxes or inheritance taxes.

EXECUTOR

The person named in a will to handle the property of someone who has died. The executor collects the property, pays debts and taxes, and then distributes what's... (more...)

The person named in a will to handle the property of someone who has died. The executor collects the property, pays debts and taxes, and then distributes what's left, as specified in the will. The executor also handles any probate court proceedings and notifies people and organizations of the death. Also called personal representatives.

ALTERNATE BENEFICIARY

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to ... (more...)

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.

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.

SAMPLE LEGAL CASES

Step-Murphy, LLC v. B&B Brothers Real Estate Corp.

In 1986 Markatos Realtors, Inc. (hereinafter Markatos), Rutger's immediate predecessor in interest, along with Brookside Park Properties, Inc., the defendant's predecessor in interest, executed a written indenture providing, among other things, for mutual easements designating 12 ...

Colasacco v. Robert E. Lawrence Real Estate

In October 2002 the defendant Christopher DiCorato, a real estate agent employed by the defendant Robert E. Lawrence Real Estate (hereinafter Lawrence, and hereinafter together the defendants), met with the plaintiffs and showed them a parcel of vacant property that was ...

Kerusa Co. LLC v. W10Z/515 Real Estate Ltd. Partnership

In any event, plaintiff fails, as a matter of law, to demonstrate any injury for which it is entitled to hold defendant sponsors liable. Although the purchase agreement obligated defendant sponsors to provide plaintiff with a building and unit constructed "in a good and workman-like ...

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Bloomville Estate Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jerald Mark Stein

John Joseph Darwak

Kurt D. Schulte

Marvin Daube Parshall

Meredith Leigh Baio

Michael P. Degroat

Nancy B. Prior

Paul John Millias

Richard A. Harlem

Rodney L. Klafehn

TIPS

LEGAL TERMS

FUNDING A TRUST

POUR-OVER WILL

SPECIFIC BEQUEST

ABATEMENT

CREDIT SHELTER TRUST

ESTATE TAXES

EXECUTOR

ALTERNATE BENEFICIARY

SPENDTHRIFT TRUST

SAMPLE LEGAL CASES

Step-Murphy, LLC v. B&B Brothers Real Estate Corp.

Colasacco v. Robert E. Lawrence Real Estate

Kerusa Co. LLC v. W10Z/515 Real Estate Ltd. Partnership

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