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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
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Includes: Gift Taxation

Jason Rosenwasser

Estate Planning, Family Law, Litigation, Car Accident

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201 Ward Street, Montgomery, NY 12549

Bernadette M. Davidson

Divorce & Family Law, Residential Real Estate, Estate Planning

Status: Licensed: 24 Years

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42 Catharine Street, Poughkeepsie, NY 12601

David A. Rubel

Social Security -- Disability, Estate Planning, DUI-DWI, Divorce, Landlord-Tenant

Status: Licensed: 13 Years

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621 Route 52, Beacon, NY 12508

Eric Santos

Estate Planning, Employee Rights, Bankruptcy, Products Liability

Status: Licensed: 8 Years

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2649 South Rd, Poughkeepsie, NY 12601

James Gregory Yastion

Real Estate, Lawsuit & Dispute, Estate Planning, Estate

Status: Licensed: 23 Years

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275 Main St, New Paltz, NY 12561

Robert Edward Dinardo

Real Estate, Estate Planning, Business & Trade

Status: Licensed: 53 Years

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Orange Avenue, Walden, NY 12586

Steven Howard Klein

Divorce & Family Law, Child Custody, Child Support, Estate Planning

Status: Licensed: 27 Years

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40 Garden Street, Poughkeepsie, NY 12601

Stewart Parks Glenn

Estate Administration, Wills & Probate, Trusts, Estate Planning

Status: Licensed: 50 Years

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372 S Plank Rd, Newburgh, NY 12550

William J. Larkin

Estate Planning, Family Law, Divorce, Criminal

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356 Meadow Avenue, Newburgh, NY 12550

800-814-6700

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LEGAL TERMS

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

ABSTRACT OF TRUST

A condensed version of a living trust document, which leaves out details of what is in the trust and the identity of the beneficiaries. You can show an abstract... (more...)

A condensed version of a living trust document, which leaves out details of what is in the trust and the identity of the beneficiaries. You can show an abstract of trust to a financial organization or other institution to prove that you have established a valid living trust, without revealing specifics that you want to keep private. In some states, this document is called a 'certification of trust.'

PERSONAL PROPERTY

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, p... (more...)

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty. Compare real estate.

ESTATE PLANNING

The art of continuing to prosper when you're alive, and passing your property to your loved ones with a minimum of fuss and expense after you die. Planning your... (more...)

The art of continuing to prosper when you're alive, and passing your property to your loved ones with a minimum of fuss and expense after you die. Planning your estate may involve making a will, living trust, healthcare directives, durable power of attorney for finances or other documents.

AUGMENTED ESTATE

In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used on... (more...)

In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used only in some states. Its value is calculated only if a surviving spouse declines whatever he or she was left by will and instead claims a share of the deceased spouse's estate. (This is called taking against the will.) The amount of this 'statutory share' or 'elective share' depends on state law.

SURROGATE COURT

See probate court.

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.

PREDECEASED SPOUSE

In the law of wills, a spouse who dies before the will maker while still married to him or her.

TESTAMENTARY TRUST

A trust created by a will, effective only upon the death of the willmaker.

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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Modena Estate Planning Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jason Rosenwasser

Bernadette M. Davidson

David A. Rubel

Eric Santos

James Gregory Yastion

Robert Edward Dinardo

Steven Howard Klein

Stewart Parks Glenn

William J. Larkin

TIPS

LEGAL TERMS

GENERATION-SKIPPING TRANSFER TAX

ABSTRACT OF TRUST

PERSONAL PROPERTY

ESTATE PLANNING

AUGMENTED ESTATE

SURROGATE COURT

AB TRUST

PREDECEASED SPOUSE

TESTAMENTARY TRUST

SAMPLE LEGAL CASES

Schneider v. Finmann

Fielding v. Kupferman

Kram Knarf, LLC v. Djonovic

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