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Abraham Michelson
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1. Abraham Michelson Chicago, IL
  Attorney at Law - Illinois, 2013
  Thomas Cooley, JD, 2004
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Andrew Garrett Besch

Tax, International Tax, Trusts, Estate Planning

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140 Pearl St, Buffalo, NY 14202

Andrew C. Hilton III

Real Estate, Trusts, Wills & Probate

Status: Licensed: 40 Years

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4063 N Buffalo St, Orchard Park, NY 14127

Britta L. Mckenna

Trusts, Estate, Civil & Human Rights, Business

Status: Licensed: 20 Years

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140 Pearl St, Buffalo, NY 14202

Catherine Barbara Eberl

International, Industry Specialties, Trusts, Estate

Status: Licensed: 18 Years

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95 Beard Ave, Buffalo, NY 14214

Charles E. Milch

Estate Administration, Trusts, Gift Taxation, Estate Planning

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69 Delaware Avenue, Buffalo, NY 14202

Charles Edward Telford

Trusts

Status: Licensed: 38 Years

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50 Fountain Plaza, Buffalo, NY 14202

Christina Hynes Arthurs

Trusts, Estate, Divorce & Family Law, Civil & Human Rights

Status: Licensed: 12 Years

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50 Fountain Plaza, Buffalo, NY 14202

Christopher Dale Porter

Trusts, Employee Rights, Civil Rights, Corporate

Status: Licensed: 33 Years

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1 Nfa Park, Buffalo, NY 14228

Darren Michael Swetz

Real Estate, Trusts, Estate, Bankruptcy

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5488 Sheridan Dr, Buffalo, NY 14221

David Christopher Sieling

Personal Injury, Trusts, Litigation, Estate

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29 W Main St, Honeoye Falls, NY 14472

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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.

ALTERNATE BENEFICIARY

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to ... (more...)

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.

DEVISEE

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

GROSS ESTATE

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of prob... (more...)

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.

PROPERTY CONTROL TRUST

Any trust that imposes limits or controls over the rights of trust beneficiaries. These trusts include (1) special needs trusts designed to assist people who ha... (more...)

Any trust that imposes limits or controls over the rights of trust beneficiaries. These trusts include (1) special needs trusts designed to assist people who have special physical, emotional or other requirements, (2) spendthrift trusts designed to prevent a beneficiary from wasting the trust principal; and (3) sprinkling trusts that allow the trustee to decide how to distribute trust income or principal among the beneficiaries.

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.

TRUSTEE POWERS

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

BEQUEATH

A legal term sometimes used in wills that means 'leave' -- for example, 'I bequeath my garden tools to my brother-in-law, Buster Jenkins.'

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.

SAMPLE LEGAL CASES

Tzolis v. Wolff

... Chancellor Walworth applied to a joint stock corporation â€” then a fairly new kind of entity â€” a familiar principle of the law of trusts: that a beneficiary (or "cestui que trust") could bring suit on behalf of a trust when a faithless trustee refused to do so. ...

IN THE MATTER OF DE SANCHEZ

... In 1927, two years before the Great Depression, Elizabeth Laurent de Sanchez, whose family owned a sugar plantation in Cuba, set up seven inter vivos trusts for the benefit of her six childrenâ€”Emilio (two trusts in his name), Jorge, Julio, Marcelo, Maria and Gabriela. ...

Matter of Mergenhagen

... as appealed from is unanimously reversed on the law without costs, 1487 the petitions are granted in part, the termination of trust dated October 10, 1994 is vacated, respondent David M. Mergenhagen is removed as trustee from the 1991 and 1994 irrevocable trusts, he is ...

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Rushford Trusts Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Andrew Garrett Besch

Andrew C. Hilton III

Britta L. Mckenna

Catherine Barbara Eberl

Charles E. Milch

Charles Edward Telford

Christina Hynes Arthurs

Christopher Dale Porter

Darren Michael Swetz

David Christopher Sieling

TIPS

LEGAL TERMS

GENERATION-SKIPPING TRANSFER TAX

ALTERNATE BENEFICIARY

DEVISEE

GROSS ESTATE

PROPERTY CONTROL TRUST

QDOT TRUST

TRUSTEE POWERS

BEQUEATH

AB TRUST

SAMPLE LEGAL CASES

Tzolis v. Wolff

IN THE MATTER OF DE SANCHEZ

Matter of Mergenhagen

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