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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

Richard Robert Rodriguez

Municipal, Estate Planning, Criminal, Civil Rights

Status: In Good Standing Licensed: 27 Years

CONTACT

5404 W Elm St, Crystal Lake, IL 60050

Harry Semrow

International Tax, DUI-DWI, Traffic, Estate Planning

Status: In Good Standing Licensed: 44 Years

CONTACT

Mchenry, IL 60051

Ashley Marie Wilson

Estate Planning, Divorce & Family Law, Criminal, Business

Status: In Good Standing Licensed: 14 Years

CONTACT

2315 N Club Rd, Mchenry, IL 60051

David Connerton Lesueur

Landlord-Tenant, Estate Planning, Estate, Business

Status: In Good Standing Licensed: 45 Years

CONTACT

3431 W. Elm Street, McHenry, IL 60050

David Lesueur

Estate Planning, Estate, Employment, Business

Status: In Good Standing Licensed: 45 Years

CONTACT

3431 W. Elm Street, McHenry, IL 60050

Jane Agnes Abramson

Real Estate, Estate Planning, Transactions

Status: In Good Standing Licensed: 27 Years

CONTACT

Spring Grove, IL 60081

Jane Abramson

Real Estate, Estate Planning, Transactions

Status: In Good Standing Licensed: 27 Years

CONTACT

Spring Grove, IL 60081

Robert Gerhard Rosenberg

Estate Planning

Status: In Good Standing Licensed: 16 Years

CONTACT

2805 Aloha Court, Mchenry, IL 60050

Richard Rodriguez

Divorce & Family Law, Criminal, Civil Rights, Estate Planning

Status: In Good Standing Licensed: 28 Years

CONTACT

3431 W. Elm St., Mchenry, IL 60050

800-923-0641

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LEGAL TERMS

RESIDUARY ESTATE

The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)

The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.

CURATOR

See conservator.

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.

INTER VIVOS TRUST

The Latin name, favored by some lawyers, for a living trust. 'Inter vivos' is Latin for 'between the living.'

SPENDTHRIFT TRUST

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the benefi... (more...)

A trust created for a beneficiary the grantor considers irresponsible about money. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. These trusts are legal in most states, even though creditors hate them.

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).

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.

TRUSTEE POWERS

The provisions in a trust document defining what the trustee may and may not do.

DEVISEE

A person or entity who inherits real estate under the terms of a will.

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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Ringwood Estate Planning Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Richard Robert Rodriguez

Harry Semrow

Ashley Marie Wilson

David Connerton Lesueur

David Lesueur

Jane Agnes Abramson

Jane Abramson

Robert Gerhard Rosenberg

Richard Rodriguez

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LEGAL TERMS

RESIDUARY ESTATE

CURATOR

ADEMPTION

INTER VIVOS TRUST

SPENDTHRIFT TRUST

GRANTOR RETAINED INCOME TRUST

ESTATE PLANNING

TRUSTEE POWERS

DEVISEE

SAMPLE LEGAL CASES

Dunn v. Patterson

Fitch v. McDermott, Will and Emery, LLP

In re Estate of Henry

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