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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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Johanna J. Allex

Tax, Trusts, Estate Planning, Business

Status: In Good Standing Licensed: 25 Years

CONTACT

2997 Yarmouth Greenway Dr, Madison, WI 53711

Iris M. Christenson

Real Estate, Wills & Probate, Trusts, Elder Law

Status: In Good Standing Licensed: 35 Years

CONTACT

2997 Yarmouth Greenway Dr, Madison, WI 53711

Zelotes S. Rice

Wills & Probate, Labor Law, Commercial Real Estate

Status: Inactive Licensed: 75 Years

CONTACT

Sparta, WI 54656

800-923-0641

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LEGAL TERMS

BENEFICIARY

A person or organization legally entitled to receive benefits through a legal device, such as a will, trust or life insurance policy.

POWER OF APPOINTMENT

The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust o... (more...)

The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.

ACCUMULATION TRUST

A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nic... (more...)

A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if Uncle Pierre creates a trust for Nick's benefit but stipulates that Nick will not get a penny until he gets a Ph.D. in French; Nick is the beneficiary of an accumulation 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.

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.

TITLE COMPANY

A company that issues title insurance.

SWEARING MATCH

A case that turns on the word of one witness versus another. The outcome of a swearing match usually depends on whom the jury finds most trustworthy.

IN TERROREM

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement... (more...)

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement. For example, a will might state that an heir will forfeit her inheritance if she challenges the validity of the will. Of course, if the will is challenged and found to be invalid, then the clause itself is also invalid and the heir takes whatever she would have inherited if there were no will.

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.

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Hillpoint Estate Lawyer, Wisconsin, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Johanna J. Allex

Iris M. Christenson

Zelotes S. Rice

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LEGAL TERMS

BENEFICIARY

POWER OF APPOINTMENT

ACCUMULATION TRUST

SUMMARY PROBATE

SUCCESSION

TITLE COMPANY

SWEARING MATCH

IN TERROREM

GENERATION-SKIPPING TRUST

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