Sonyea 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
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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

Jacqueline A. Constantino

Wills & Probate, Trusts, Estate Planning, Estate

Status:

CONTACT

3380 Monroe Avenue, Rochester, NY 14618

Robert E. Brennan

Wills & Probate, Estate Planning, Family Law, Personal Injury, Occupational Safety & Health

Status:

CONTACT

Suite 1000, Crossroads Building, Rochester, NY 14614

Ronit Zusman

Family Law, Estate Planning, Employment, Real Estate

Status:

CONTACT

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

Richard S. Brovitz

Estate Planning, Corporate, Business Organization, Banking & Finance

Status:

CONTACT

295 Woodcliff Dr., Fairport, NY 14450

Nathan A Shoff

Divorce, Wills & Probate, Business, Estate Planning

Status:

CONTACT

102 Main Street, Bloomfield, NY 14469

Ernest Murray Found

Wills, Estate Planning, Wills & Probate

Status: Licensed: 73 Years

CONTACT

Batavia, NY 14020

Joseph Callahan

International Tax, Wills & Probate, Business, Estate Planning

Status:

CONTACT

510 Clinton Square, Rochester, NY 14604

Terrance W Emmens

Medicare & Medicaid, Estate Planning, Estate, Elder Law

Status: Licensed: 33 Years

CONTACT

130 E Main St, Rochester, NY 14604

Kelly Lyn Odorisi

Trusts, Estate Planning, Elder Law

Status: Licensed: 28 Years

CONTACT

1170 East Avenue, Rochester, NY 14607

Stanley Arthur Gordon

Commercial Real Estate, Estate Administration, Estate Planning, Corporate

Status: Licensed: 61 Years

CONTACT

2 State Street, Rochester, NY 14614

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.

FUNDING A TRUST

Transferring ownership of property to a trust.

WARRANTY DEED

A seldom-used type of deed that contains express assurances about the legal validity of the title being transferred.

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.

CREDIT SHELTER TRUST

See AB trust.

QDOT TRUST

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spo... (more...)

A trust used to postpone estate tax when more than the amount of the personal federal estate tax exemption is left to a non-U.S. citizen spouse by the other spouse. QDOT stands for qualified domestic trust.

SWEARING MATCH

A case that turns on the word of one witness versus another. The outcome of a swearing match usually depends on whom the jury finds most trustworthy.

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.

IN TERROREM

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement... (more...)

Latin meaning 'in fear.' This phrase is used to describe provisions in contracts or wills meant to scare a person into complying with the terms of the agreement. For example, a will might state that an heir will forfeit her inheritance if she challenges the validity of the will. Of course, if the will is challenged and found to be invalid, then the clause itself is also invalid and the heir takes whatever she would have inherited if there were no will.

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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Sonyea Estate Planning Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jacqueline A. Constantino

Robert E. Brennan

Ronit Zusman

Richard S. Brovitz

Nathan A Shoff

Ernest Murray Found

Joseph Callahan

Terrance W Emmens

Kelly Lyn Odorisi

Stanley Arthur Gordon

TIPS

LEGAL TERMS

GENERATION-SKIPPING TRANSFER TAX

FUNDING A TRUST

WARRANTY DEED

SPENDTHRIFT TRUST

CREDIT SHELTER TRUST

QDOT TRUST

SWEARING MATCH

ESTATE TAXES

IN TERROREM

SAMPLE LEGAL CASES

Schneider v. Finmann

Fielding v. Kupferman

Kram Knarf, LLC v. Djonovic

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