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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
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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

Abigail M. Chiesa

Commercial Real Estate, Estate Planning, Estate, Guardianships & Conservatorships

Status: In Good Standing Licensed: 29 Years

CONTACT

1961 W Downer Pl, Aurora, IL 60506

Abigail Chiesa

Commercial Real Estate, Estate Planning, Estate, Guardianships & Conservatorships

Status: In Good Standing Licensed: 29 Years

CONTACT

1961 W Downer Pl, Aurora, IL 60506

Barbara Elaine Richardson

General Practice

Status: In Good Standing Licensed: 42 Years

CONTACT

1961 W Downer Place, Aurora, IL 60506

Brandan Rissman

General Practice

Status: In Good Standing

CONTACT

140 S Municipal Dr, Sugar Grove, IL 60554

Craig D. Hasenbalg

Landlord-Tenant, Estate Planning, Corporate, Banking & Finance

Status: In Good Standing Licensed: 31 Years

CONTACT

2000 West Galena Blvd, Aurora, IL 60506

D. J. Kramer

Estate Planning, Civil Rights, Criminal, Commercial Real Estate

Status: In Good Standing Licensed: 17 Years

CONTACT

1107 South Bridge St, Yorkville, IL 60560

Dallas Theadore Emmanual Bartz

International Tax, Estate Planning, Estate, Contract

Status: In Good Standing

CONTACT

2000 W Galena Blvd, Aurora, IL 60506

Dallas Clare Ingemunson

General Practice

Status: In Good Standing Licensed: 59 Years

CONTACT

Yorkville, IL 60560

Dallas G. Ingemunson

General Practice

Status: In Good Standing Licensed: 59 Years

CONTACT

759 John St, Yorkville, IL 60560

Daniel Reed

Tax, International Tax, Estate Planning, Transactions

Status: In Good Standing Licensed: 41 Years

CONTACT

1961 W Downer Pl, Aurora, IL 60506

800-923-0641

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LEGAL TERMS

INHERIT

To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will... (more...)

To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.

QTIP TRUST

A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the... (more...)

A type of trust for wealthy married couples that allows a surviving spouse to postpone estate taxes. A QTIP trust allows the surviving spouse to make use of the trust property tax-free. Taxes are deferred until the surviving spouse dies and the trust property is received by the final trust beneficiaries, who were named by the first spouse to die.

MINERAL RIGHTS

An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral right... (more...)

An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral rights is usually entitled to either take the minerals from the land himself or receive a royalty from the party that actually extracts the minerals.

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.

GRANTOR RETAINED INCOME TRUST

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for ... (more...)

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries you've named. These trusts are for people who have enough wealth to feel comfortable giving away a substantial hunk of property. They come in three flavors: Grantor-Retained Annuity Trusts (GRATs), Grantor-Retained Unitrusts (GRUTs) and Grantor-Retained Income Trusts (GRITs).

PROBATE COURT

A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate cour... (more...)

A specialized court or division of a state trial court that considers only cases concerning the distribution of deceased persons' estate. Called 'surrogate court' in New York and several other states, this court normally examines the authenticity of a will -- or if a person dies intestate, figures out who receives her property under state law. It then oversees a procedure to pay the deceased person's debts and to distribute her assets to the proper inheritors. See probate.

LAPSE

Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. S... (more...)

Under a will, the failure of a gift of property. A gift lapses when the beneficiary dies before the person who made the will, and no alternate has been named. Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.

DEED OF TRUST

See trust deed.

ADEMPTION

The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she di... (more...)

The failure of a bequest of property in a will. The gift fails (is 'adeemed') because the person who made the will no longer owns the property when he or she dies. Often this happens because the property has been sold, destroyed or given away to someone other than the beneficiary named in the will. A bequest may also be adeemed when the will maker, while still living, gives the property to the intended beneficiary (called 'ademption by satisfaction'). When a bequest is adeemed, the beneficiary named in the will is out of luck; he or she doesn't get cash or a different item of property to replace the one that was described in the will. For example, Mark writes in his will, 'I leave to Rob the family vehicle,' but then trades in his car in for a jet ski. When Mark dies, Rob will receive nothing. Frustrated beneficiaries may challenge an ademption in court, especially if the property was not clearly identified in the first place.

SAMPLE LEGAL CASES

Dunn v. Patterson

... for them. The circuit court of Will County entered judgment on the pleadings, finding, as a matter of law, that provisions in certain estate planning documents prepared by defendant were contrary to public policy and void. The ...

Fitch v. McDermott, Will and Emery, LLP

... Around the same time, defendants Joseph Dietrich and John Dietrich (hereafter the Dietrichs), both certified public accountants, provided financial and accounting services for estate planning purposes to Victoria and her husband, plaintiff Thomas Fitch. ...

In re Estate of Henry

... Accordingly, the estate petitioned the court to allow the estate to execute estate planning documents for Henry which, it contended, were consistent with his known wishes and which would be "free from the taint of the undue influence and fraud which was assembled upon the ...

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Plano Estate Planning Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Abigail M. Chiesa

Abigail Chiesa

Barbara Elaine Richardson

Brandan Rissman

Craig D. Hasenbalg

D. J. Kramer

Dallas Theadore Emmanual Bartz

Dallas Clare Ingemunson

Dallas G. Ingemunson

Daniel Reed

TIPS

LEGAL TERMS

INHERIT

QTIP TRUST

MINERAL RIGHTS

AUGMENTED ESTATE

GRANTOR RETAINED INCOME TRUST

PROBATE COURT

LAPSE

DEED OF TRUST

ADEMPTION

SAMPLE LEGAL CASES

Dunn v. Patterson

Fitch v. McDermott, Will and Emery, LLP

In re Estate of Henry

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