Nyack Estate Planning Lawyer, New York

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Abraham Michelson
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The Michelson Law Office
203 North Lasalle Street Suite 2100 Chicago, IL 60601Â» view map
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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

Albert James Kaiser

Income Tax, Corporate Tax, Tax, Gift Taxation

Status: In Good Standing Licensed: 40 Years

CONTACT

4 Laurel Rd, New City, NY 10956

Albert J. Kaiser

Wills & Probate, Trusts, Estate Planning, Elder Law

Status: In Good Standing

CONTACT

96 South Broadway, Nyack, NY 10960

Allison Elisabeth Rich

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

Status: In Good Standing Licensed: 13 Years

CONTACT

20 N Broadway, Nyack, NY 10960

Allison E. Rich

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

Status: In Good Standing Licensed: 13 Years

CONTACT

20 N Broadway, Nyack, NY 10960

Annmarie Conta

Trusts, Estate Planning, Elder Law

Status: In Good Standing Licensed: 29 Years

CONTACT

6 Darwood Pl, Hartsdale, NY 10530

Brian F. Wasser

Tax, Estate Planning, Trusts, Estate, Wills & Probate

Status: In Good Standing Licensed: 42 Years

CONTACT

7 Wilton Cir, New City, NY 10956

Brittnay Lee Wittnebel

Estate Planning, Business, Federal Appellate Practice

Status: In Good Standing Licensed: 8 Years

CONTACT

344 N Broadway, Nyack, NY 10960

David Isaacson

Traffic, Estate Planning, Family Law, DUI-DWI

Status: In Good Standing

CONTACT

130 N Main St, New City, NY 10956

Giulia Frasca

Civil Rights, Environmental Law, Estate Planning, Family Law

Status: In Good Standing

CONTACT

90 North Broadway, Irvington, NY 10533

Ira Michael Emanuel

Real Estate, Municipal, Wills & Probate, Estate Planning

Status: In Good Standing

CONTACT

4 Laurel Rd, New City, NY 10956

800-923-0641

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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.

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.

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.

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.

KINDRED

Under some state's probate codes, all relatives of a deceased person.

PER STIRPES

Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. F... (more...)

Under a will, a method of determining who inherits property when a joint beneficiary has died before the willmaker, leaving living children of his or her own. For example, Fred leaves his house jointly to his son Alan and his daughter Julie. But Alan dies before Fred, leaving two young children. If Fred's will states that heirs of a deceased beneficiary are to receive the property 'per stirpes,' Julie will receive one-half of the property, and Alan's two children will share his half in equal shares (through Alan by right of representation). If, on the other hand, Fred's will states that the property is to be divided per capita, Julie and the two grandchildren will each take a third.

CURATOR

See conservator.

GROSS ESTATE

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of prob... (more...)

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.

GRANTOR

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

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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Nyack Estate Planning Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Albert James Kaiser

Albert J. Kaiser

Allison Elisabeth Rich

Allison E. Rich

Annmarie Conta

Brian F. Wasser

Brittnay Lee Wittnebel

David Isaacson

Giulia Frasca

Ira Michael Emanuel

TIPS

LEGAL TERMS

GENERATION-SKIPPING TRANSFER TAX

BYPASS TRUST

RESIDUARY BENEFICIARY

AB TRUST

KINDRED

PER STIRPES

CURATOR

GROSS ESTATE

GRANTOR

SAMPLE LEGAL CASES

Schneider v. Finmann

Fielding v. Kupferman

Kram Knarf, LLC v. Djonovic

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