Who inherits the cottage?

It’s almost summer and if you are fortunate enough to own a vacation home, you might want your family traditions to continue after you’re gone. If so, it's a good idea to sit down with your children to get their input before you meet with an attorney and put your wishes in writing. If you don’t, there could be trouble ahead if all siblings are not in agreement.

Making a succession plan can be complicated, but it is your opportunity to minimize conflict with your children. It is a good idea to include a buyout plan if your children do not agree about keeping the property. This can include a provision to minimize the financial burden for the family members who buy out a sibling. The buyout price is typically lower than if the property were sold to a third party. In this situation, a decision would  also have to be made about whether or not the bought-out sibling has the right to occupy, or even visit the property. Additionally, some adult children simply can’t afford the maintenance costs and property taxes. One way to alleviate this is to set up an endowment from other assets that will generate income to pay these expenses. The following issues should also be addressed in your succession plan:

•  Decision making about common issues such as repairs, updates and maintenance.
•  Scheduling of usage of the property.
•  What happens if one of the co-owner siblings dies. Does the surviving spouse or children inherit their share?

Bradford Miller Law can advise and direct you in matters such as this to help you avoid potential problems when updating or planning your estate. Give us a call so we can help you through this process and advise you from a legal standpoint. We will help you prepare all the legal documents suited to your personal situation. Visit our website for helpful information regarding Estate Planning.

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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Prepaid Funerals

The most important thing to do is to talk to your spouse and children if you already  purchased a prepaid full-burial policy. You don't want your family to find out  after they already paid for your arrangements that prepaid policy existed.  Funerals can be expensive, especially if you pay twice.  Trying to receive a refund can be time consuming and costly.

"Consumer surveys show that most people don't shop around for a funeral — they pick the funeral home closest to them, or the one their family has always used," says Josh Slocum of the Funeral Consumers Alliance.

It is important to do your homework. Some prepaid plans can actually cost you more in payments over time than the amount they'll pay out on your funeral. Instead, you may want to set up a "payable upon death" bank account. It will earn interest, be available for an emergency, and still provide financial support to your family when you pass away.

Bradford Miller Law can help you incorporate this information into your Estate documents. We can advise you from a legal standpoint and help you prepare all the documentation suited to your personal information.

See our website for helpful information regarding Estate Planning.

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

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

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

Estate Planning--Check out our website

Are you thinking about having a will or trust prepared?  Bradford Miller Law, located in downtown Chicago can help you with all your Estate Planning needs.

Go to our website at http://www.bradfordmillerlaw.com  to find helpful information regarding Estate Planning. If you wish, fill out the Estate Planning Questionnaire under "Forms" to help us better understand your specific situation. Upon receipt, we will review your information and provide you with a free 15-minute consultation. Or, simply contact our office at (312) 238-9298 for your 15-minute free consultation.

Bradford Miller Law can counsel you from a legal standpoint so you can make an educated decision about your estate. Give us a call so we can  help you prepare all the legal documents suited to your personal situation.

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

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago estate planning attorney, Estate Planning Lawyer, 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.

What is a revocable living trust?

A revocable living trust is a written agreement designating someone to be responsible for managing your assets, should you become too ill or disabled. It is called a living trust because you establish the trust while you are alive.

It is revocable because, as long as you are mentally competent, you can change or dissolve the trust at any time at your own discretion. It is wise to name yourself and your spouse as trustees of the living trust. As trustee, you will have full control of your assets while you are alive.

Whether a living revocable trust is right for you depends on your circumstances. Bradford Miller Law can counsel you from a legal standpoint so you can make an educated decision about your estate. Give us a call so we can  help you prepare all the legal documents suited to your personal situation.

See our website for helpful information regarding Estate Planning.

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

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

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