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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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Anton B. Nickolai

Estate Planning, Estate, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

FREE CONSULTATION

CONTACT

308 Milwaukee Ave, Burlington, WI 53105

Jessica Sippel

Real Estate, Government, Estate

Status: In Good Standing Licensed: 13 Years

CONTACT

Burlington, WI 53105

David M. Reddy

Real Estate, Lawsuit & Dispute, Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 37 Years

CONTACT

1800 County Rd Nn, Elkhorn, WI 53121

Daniel S. Johnson

Estate, Divorce & Family Law, Criminal

Status: In Good Standing Licensed: 22 Years

CONTACT

1800 County Rd Nn, Elkhorn, WI 53121

Thomas Edward Greenwald

Real Estate, Estate, Business

Status: In Good Standing Licensed: 55 Years

CONTACT

1095 Geneva National Avenue North, Lake Geneva, WI 53147

Christine Tomas

Real Estate, Estate, Family Law, Divorce & Family Law

Status: In Good Standing Licensed: 42 Years

CONTACT

500 Commercial Ct, Lake Geneva, WI 53147

Thomas E. Greenwald

Real Estate, Estate, Business

Status: In Good Standing Licensed: 55 Years

CONTACT

1095 Geneva National Avenue North, Lake Geneva, WI 53147

Kimberly Powers

Real Estate, Wills & Probate, Immigration, Estate, Criminal

Status: In Good Standing

CONTACT

647 Main Street, Lake Geneva, WI 53147

Patrick Demoon

Landlord-Tenant, Estate Planning, Business, Bankruptcy

Status: In Good Standing

CONTACT

500 Commercial Court, Lake Geneva, WI 53147

Thomas E. Greenwald

Real Estate, Estate, Accident & Injury

Status: In Good Standing Licensed: 55 Years

CONTACT

1095 Geneva National Avenue North, Lake Geneva, WI 53147

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.

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.

KINDRED

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

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.

PREDECEASED SPOUSE

In the law of wills, a spouse who dies before the will maker while still married to him or her.

INCOMPETENCE

The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at ... (more...)

The inability, as determined by a court, to handle one's own personal or financial affairs. A court may declare that a person is incompetent after a hearing at which the person is present and/or represented by an attorney. A finding of incompetence may lead to the appointment of a conservator to manage the person's affairs. Also known as 'incompetency.'

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.

OFFICER

A person elected by a profit or nonprofit corporation's board of directors, or by the manager of a limited liability company, to manage the day-to-day operation... (more...)

A person elected by a profit or nonprofit corporation's board of directors, or by the manager of a limited liability company, to manage the day-to-day operations of the organization. Officers generally hold titles such as President or Treasurer. Many states and most corporate bylaws or LLC operating agreements require a corporation or LLC to have a president, secretary and treasurer. Election of a vice president may be required by state law.

PERSONAL PROPERTY

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, p... (more...)

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty. Compare real estate.

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Genoa City Estate Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Anton B. Nickolai

Jessica Sippel

David M. Reddy

Daniel S. Johnson

Thomas Edward Greenwald

Christine Tomas

Thomas E. Greenwald

Kimberly Powers

Patrick Demoon

Thomas E. Greenwald

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LEGAL TERMS

GENERATION-SKIPPING TRANSFER TAX

QTIP TRUST

KINDRED

RESIDUARY ESTATE

PREDECEASED SPOUSE

INCOMPETENCE

EXEMPTION TRUST

OFFICER

PERSONAL PROPERTY

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