Gift giving without incurring a gift tax

Currently, if you give more than $14,000.00 a year in cash or assets to any one person, you must file a gift-tax return with the government. In 2013 the top tax rate for gifts and estates was 40%. In addition, the excess amount will be applied toward your unified lifetime gift and estate tax exclusion of $5.25 million.
Giving helps you reduce your taxable estate and can provide advanced help to your beneficiaries. However, you must plan carefully so you do not outlive your assets. There are several ways to give gifts without incurring a gift tax. One is to pay an unlimited amount in medical or educational expenses for another person if, you give the money directly to the institutions where the expenses were incurred.
Bradford Miller can help you with your estate planning needs. As you can see, it isn't just about how you want your assets distributed after you die, it's also about deciding how much you want to give while you are still alive.

Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298

http://www.bradfordmillerlaw.com

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It's a new year! Time to review your estate planning documents.

It's a good idea to review your legal documents annually to make sure they are correct and up to date. It's important that you are still comfortable with the designations that you have made to your will, trust and powers of  attorney on a regular basis.

Think about the changes in your life since you last updated your documents and decide what needs to be revised. To help you get started, here's a few changes that may have taken place in your life. Have you had a child or adopted a child? Have you gotten married or divorced? Moved to a different state? Had a major financial event? Do you want a particular person to receive a specific item of property? Do you want to leave a family pet to a specific person with a fund to pay for the pet's care?

Bradford Miller Law has been helping clients with their estate planning for several years. If you need new documents drawn up or need to make changes to your existing legal documents we can help. Call us for your estate planning needs.

Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, Il 6062
312-238-9298

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago estate planning attorney, Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

What to think about before sitting down with an attorney to plan your estate

It is important to have a basic estate plan in place no matter what your net worth to ensure that your family and financial goals are met. Estate planning may include a will, a trust and various powers of attorney.

Taking inventory of your assets is a good place to start. Your assets may include your investments, retirement savings, insurance policies, and real estate or business interests.

Then ask yourself these questions:

• Who do you want to inherit your assets?
• Who do you want to name as guardians for your minor children?
• Who do you want to handle your financial affairs if you are unable?
• Who do you want to make medical decisions on your behalf if you are unable to make them for yourself?

Bradford Miller Law has been helping clients with their Estate Plans for several years. Call us to help you plan your family and financial goals.

Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, Il 6062
312-238-9298

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago estate planning attorney, Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

Talking to your children about inheritance

Talking about how much money you have with your children can be a touchy subject. Many people consider it a private matter and, talking to your children about this can be difficult for many.
However, not letting your children know what they can expect may leave them unprepared and can hinder their ability to handle money and their inheritance wisely. Experts agree that it is important to talk to your children about money. You do not need to show them bank and financial statements, instead you can talk to them about your values, the opportunities money can provide and, what you may want them to accomplish with their inheritance.
The most effective way to teach your children about your views and values on money is by example. Let them see you using your money in ways that reinforce your own values. If your children see you being charitable, chances are they will also be charitable.  Many parents show how they value family relationships by going on family vacations or buying a second home for the family to enjoy together. If they see you looking for value on a purchase and comparison shopping, chances are they will not be wasteful with their own money or with their inheritance.

Posted by Bradford Miller Law, P.C.
134 N. LaSalle, Suite 1040
Chicago, Il 60602
312-238-9298

http://www.bradfordmillerlaw.com

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago Real Estate Attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.