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Abraham Michelson
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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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John V. Burns

Estate Planning, Family Law, Criminal, Bankruptcy

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1111 East Sumner Street, Hartford, WI 53027

Christopher M. Miller

Criminal, Estate Planning, Family Law, Insurance

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1111 East Sumner Street, Hartford, WI 53027

William J. Hickmann

Real Estate, Estate, Accident & Injury

Status: Licensed: 57 Years

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2125 W Washington St, West Bend, WI 53095

Jack A. Enea

International Tax, Wills & Probate, Estate Planning, Business

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143 S. Main Street, West Bend, WI 53095

Linda R. Renard

Real Estate Other, Wills & Probate, Estate Planning, Estate

Status: Licensed: 37 Years

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6749 Glacier Dr, West Bend, WI 53090

Jynine Anne Strand

Estate, Estate Planning, Real Estate, Traffic, Insurance

Status: Licensed: 34 Years

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W177 N9856 Rivercrest Dr, Germantown, WI 53022

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LEGAL TERMS

POWER OF APPOINTMENT

The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust o... (more...)

The legal authority to decide who will receive someone else's property, usually property held in a trust. Most trustees can distribute the income from a trust only according to the terms of the trust, but a trustee with a power of appointment can choose the beneficiaries, sometimes from a list of candidates specified by the grantor. For example, Karin creates a trust with power of appointment to benefit either the local art museum, symphony, library or park, depending on the trustee's assessment of need.

SUCCESSOR TRUSTEE

The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.

AUGMENTED ESTATE

In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used on... (more...)

In general terms, an augmented estate consists of property owned by both a deceased person and his or her spouse. The concept of the augmented estate is used only in some states. Its value is calculated only if a surviving spouse declines whatever he or she was left by will and instead claims a share of the deceased spouse's estate. (This is called taking against the will.) The amount of this 'statutory share' or 'elective share' depends on state law.

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).

IRREVOCABLE TRUST

A permanent trust. Once you create it, it cannot be revoked, amended or changed in any way.

MARITAL LIFE ESTATE TRUST

See AB trust.

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.

NET ESTATE

The value of all property owned at death less liabilities or debts.

FAILURE OF ISSUE

A situation in which a person dies without children who could have inherited her property.

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Slinger Estate Lawyer, Wisconsin

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John V. Burns

Christopher M. Miller

William J. Hickmann

Jack A. Enea

Linda R. Renard

Jynine Anne Strand

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LEGAL TERMS

POWER OF APPOINTMENT

SUCCESSOR TRUSTEE

AUGMENTED ESTATE

GRANTOR RETAINED INCOME TRUST

IRREVOCABLE TRUST

MARITAL LIFE ESTATE TRUST

EXEMPTION TRUST

NET ESTATE

FAILURE OF ISSUE

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