Ontario Center 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.
3. Practice AreasServices
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Includes: Gift Taxation

Richard S. Brovitz

Estate Planning, Corporate, Business Organization, Banking & Finance

Status: In Good Standing

CONTACT

295 Woodcliff Dr., Fairport, NY 14450

Jacqueline A. Constantino

Wills & Probate, Trusts, Estate Planning, Estate

Status: In Good Standing

CONTACT

3380 Monroe Avenue, Rochester, NY 14618

Robert E. Brennan

Wills & Probate, Estate Planning, Family Law, Personal Injury

Status: In Good Standing

CONTACT

Suite 1000, Crossroads Building, Rochester, NY 14614

Michelle Anne Hutchinson

Estate Planning, Employment, Family Law, Corporate

Status: In Good Standing

CONTACT

Two State Street, 925 Crossroads Building, Rochester, NY 14614

Michael Cobbs

Family Law, Corporate, Estate Planning, Employment, Estate

Status: In Good Standing

CONTACT

Two State Street, 925 Crossroads Building, Rochester, NY 14614

Ronit Zusman

Family Law, Estate Planning, Employment, Real Estate

Status: In Good Standing

CONTACT

Two State Street, 925 Crossroads Building, Rochester, NY 14614

Eugene Vanvoorhis

Land Use & Zoning, Wills & Probate, Estate Planning, Estate

Status: In Good Standing

CONTACT

300 Linden Oaks, Rochester, NY 14625

Kirsten W. Lamb

Wills & Probate, Estate Planning

Status: In Good Standing

CONTACT

421 Penbrooke Drive, Penfield, NY 14526

Kelly Lyn Odorisi

Trusts, Estate Planning, Elder Law

Status: In Good Standing Licensed: 28 Years

CONTACT

1170 East Avenue, Rochester, NY 14607

Judith Holender

Elder Law, Trusts, Estate Planning, Estate Administration

Status: In Good Standing Licensed: 41 Years

CONTACT

290 Linden Oaks, Rochester, NY 14625

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.

UNIFORM TRANSFER-ON-DEATH SECURITY ACT

A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using... (more...)

A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using a simple form that names a person to receive the property after the owner's death. Every state but Texas has adopted the statute.

ENDOWMENT INSURANCE

Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death.... (more...)

Provides that an insured person who lives for the specified endowment period receives the face value of the insurance policy--that is, the amount paid at death. If the policy-holder dies sooner, the beneficiary named in the policy receives the proceeds.

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.

EXEMPTION TRUST

A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth m... (more...)

A bypass trust funded with an amount no larger than the personal federal estate tax exemption in the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property passes free from estate tax because of the personal exemption, and the rest is shielded from tax under the surviving spouse's marital deduction.

CURATOR

See conservator.

MARITAL LIFE ESTATE TRUST

See AB trust.

PROVING A WILL

Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily sat... (more...)

Convincing a probate court that a document is truly the deceased person's will. Usually this is a simple formality that the executor or administrator easily satisfies by showing that the will was signed and dated by the deceased person in front of two or more witnesses. When the will is holographic -- that is, completely handwritten by the deceased and not witnessed, it is still valid in many states if the executor can produce relatives and friends to testify that the handwriting is that of the deceased.

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.

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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Ontario Center Estate Planning Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Richard S. Brovitz

Jacqueline A. Constantino

Robert E. Brennan

Michelle Anne Hutchinson

Michael Cobbs

Ronit Zusman

Eugene Vanvoorhis

Kirsten W. Lamb

Kelly Lyn Odorisi

Judith Holender

TIPS

LEGAL TERMS

AB TRUST

UNIFORM TRANSFER-ON-DEATH SECURITY ACT

ENDOWMENT INSURANCE

SUMMARY PROBATE

EXEMPTION TRUST

CURATOR

MARITAL LIFE ESTATE TRUST

PROVING A WILL

ESTATE TAXES

SAMPLE LEGAL CASES

Schneider v. Finmann

Fielding v. Kupferman

Kram Knarf, LLC v. Djonovic

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