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Abraham Michelson
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203 North Lasalle Street Suite 2100 Chicago, IL 60601Â» view map
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1. Abraham Michelson Chicago, IL
  Attorney at Law - Illinois, 2013
  Thomas Cooley, JD, 2004
2. AboutAbraham Michelson
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Fred Larbi Otchere

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Estate

I am Fred Otchere. I am licensed to practice law in the state of Illinois. I specialize in Estate Planning: Wills, Trusts, Power of Attorney... (more)

CONTACT

847-331-2273

2211 Cardinal Ct, Gurnee, IL 60031

Howard Augustus

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

Status: In Good Standing Licensed: 54 Years

CONTACT

1800 Nations Drive, Gurnee, IL 60031

Judy Karmel Maldonado

Landlord-Tenant, Traffic, Estate Planning, Transactions

Status: In Good Standing Licensed: 21 Years

CONTACT

1800 Nations Dr, Gurnee, IL 60031

Judy Maldonado

Landlord-Tenant, Estate Planning, Divorce & Family Law, Transactions

Status: In Good Standing Licensed: 21 Years

CONTACT

1800 Nations Dr, Gurnee, IL 60031

Barbara J. Swanson

Real Estate, Estate Planning, Estate, Transactions

Status: In Good Standing Licensed: 41 Years

CONTACT

4473 Old Grand Ave, Gurnee, IL 60031

Saul Mayer Ferris

Estate, Workers' Compensation, Personal Injury, Medical Malpractice

Status: In Good Standing

CONTACT

103 S Greenleaf St, Gurnee, IL 60031

Gary R. Thompson

Estate, Workers' Compensation, Personal Injury, Medical Malpractice

Status: In Good Standing

CONTACT

103 S. Greenleaf Street, Gurnee, IL 60031

Saul Ferris

Wills & Probate, Workers' Compensation, Personal Injury, Medical Malpractice

Status: In Good Standing

CONTACT

103 S. Greenleaf Street, Gurnee, IL 60031

Gary Thompson

Wills & Probate, Workers' Compensation, Personal Injury, Medical Malpractice

Status: In Good Standing

CONTACT

103 S. Greenleaf Street, Gurnee, IL 60031

Charles E. Rapin

Traffic, Estate, Divorce & Family Law, Criminal

Status: In Good Standing Licensed: 32 Years

CONTACT

115 Commerce Dr, Grayslake, IL 60030

800-923-0641

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LEGAL TERMS

TRUST MERGER

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separati... (more...)

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust 'merges' and ceases to exist.

DISTRIBUTEE

(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (ca... (more...)

(1) Anyone who receives something. Usually, the term refers to someone who inherits a deceased person's property. If the deceased person dies without a will (called intestate), state law determines what each distributee will receive. Also called a beneficiary.

FINAL BENEFICIARY

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jan... (more...)

The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.

SPECIFIC BEQUEST

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequ... (more...)

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequest fails. In other words, the beneficiary cannot substitute a similar item in the estate. Example: If John leaves his 1954 Mercedes to Patti, and when John dies the 1954 Mercedes is long gone, Patti doesn't receive John's current car or the cash equivalent of the Mercedes. See ademption.

LIVING TRUST

A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the t... (more...)

A trust you can set up during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the trust during your life passes directly to the trust beneficiaries after you die, without court involvement. The successor trustee--the person you appoint to handle the trust after your death--simply transfers ownership to the beneficiaries you named in the trust. Living trusts are also called 'inter vivos trusts.'

DEED OF TRUST

See trust deed.

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.

PER CAPITA

Under a will, the most common method of determining what share of property each beneficiary gets when one of the beneficiaries dies before the willmaker, leavin... (more...)

Under a will, the most common method of determining what share of property each beneficiary gets when one of the beneficiaries dies before the willmaker, leaving children of his or her own. For example, Fred leaves his house jointly to his son Alan and his daughter Julie. But Alan dies before Fred, leaving two young children. If Fred's will states that heirs of a deceased beneficiary are to receive the property per capita, Julie and the two grandchildren will each take a third. If, on the other hand, Fred's will states that heirs of a deceased beneficiary are to receive the property per stirpes, Julie will receive one-half of the property, and Alan's two children will share his half in equal shares (through Alan by right of representation).

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.

SAMPLE LEGAL CASES

In re Estate of Feinberg

This case involves a dispute among the surviving children and grandchildren of Max and Erla Feinberg regarding the validity of a trust provision. The circuit court of Cook County found the trust provision unenforceable on the basis that it is contrary to the public policy of the state ...

In re Estate of Feinberg

In re ESTATE OF Max FEINBERG, Deceased (Leila R. Taylor, as Independent Coexecutor of the Will of Max Feinberg, Deceased, Plaintiff-Appellant, v. Michael B. Feinberg, Individually and as Coexecutor of the Will of Max Feinberg, Deceased; Fifth Third Bank, as Trustee under ...

In re Estate of Ellis

Grace Ellis executed a will in 1964 naming Shriners Hospitals for Children (Shriners) as beneficiary of her estate if she died without direct descendants. In 1999, she executed a new will naming James G. Bauman as sole beneficiary. Bauman was the pastor of the church of which ...

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Gurnee Estate Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Fred Larbi Otchere

Howard Augustus

Judy Karmel Maldonado

Judy Maldonado

Barbara J. Swanson

Saul Mayer Ferris

Gary R. Thompson

Saul Ferris

Gary Thompson

Charles E. Rapin

TIPS

LEGAL TERMS

TRUST MERGER

DISTRIBUTEE

FINAL BENEFICIARY

SPECIFIC BEQUEST

LIVING TRUST

DEED OF TRUST

AB TRUST

PER CAPITA

PERSONAL PROPERTY

SAMPLE LEGAL CASES

In re Estate of Feinberg

In re Estate of Feinberg

In re Estate of Ellis

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