Part 1: Five standard forms of trusts

There are five standard forms of trusts. Each type has advantages and disadvantages, which you should discuss with your estate-planning attorney. The first type is as follows:

Credit-shelter trust: With a credit-shelter trust (also called a bypass or family trust), you write a will bequeathing an amount to the trust up to but not exceeding the estate-tax exemption. Then you pass the rest of your estate to your spouse tax-free. You also specify how you want the trust to be used -- for example, you may stipulate that income from the trust after you die goes to your spouse and that when he or she dies, the principal will be distributed tax-free among your children.

Since your spouse is also entitled to an estate-tax exemption, the two of you can effectively double (or more than double) that portion of your kids' inheritance that is shielded from estate taxes by using this strategy.

And there's an added bonus: Once money is placed in a bypass trust it is forever free of estate tax, even if it grows. So if your surviving spouse invests it wisely, he or she may add to your children's inheritance.

Of course, you can pass an amount equal to the estate-tax exemption directly to your kids when you die, but the reason for a bypass trust is to protect your spouse financially in the event he or she has need for income from the trust or in the event you think your children will squander their inheritance before the surviving parent dies.

Original Source: CNN Money, Money Essentials

Bradford Miller Law, P.C. can prepare all your legal estate planning documents. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. At http://www.bradfordmillerlaw.com you can find helpful information regarding Estate Planning and information about our firm. Give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602

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Your documents are prepared, now what?

Preparing instructions for your loved ones is very important, but what you do with them matters most.

• Talk about your wishes with your family or trusted friends. Review your legal documents with your designated health care agent and with the person you have named in your financial power of attorney.
• Keep a copy of all your legal documents in a safe, accessible place. Tell loved ones where to find them in an emergency.  Discuss any concerns, and make sure they have copies.
• Discuss advance directives with your doctor, and have a copy of them placed in your medical record. 
• Review your legal documents every year. These are tough issues, and your views may shift as your health or circumstances change. You can change your mind and your directives at any time. 

Original Source: AARP Living Longer, Living Smarter Resource Guide

Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. At www.bradfordmillerlaw.com you will find helpful information regarding Estate Planning. Give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.

Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning

134 N. LaSalle Street, Suite 1040

Chicago, Il 60602

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.

Peace of Mind

On  May 2, 2014, Jen Lupo Reese, of  AARP National  posted an article titled "Peace of Mind for Moms in the Middle" written by Jean C. Setzfand, Vice President of the Financial Security issues team in the Education and Outreach group at AARP.

The article states in part that a survey by Ameriprise Financial found that two thirds of Baby Boomers’ daughters help their parents with financial matters. Then there’s the other side of the equation. Have you talked with your adult kids about your financial matters, and your vision of how you’d like to live out your life as you age? Following are suggestions on how to talk to your parents and then turn around and talk to your kids. It’s time to get and give peace of mind.

Approaching Your Parents: Talking with your parents about their finances and caregiving preferences is bound to be awkward. They may become defensive, thinking that you don’t trust them to take care of things anymore. You know your parents best, so think about how to set them at ease. It’s helpful to say upfront that it’s a difficult conversation for both of you.  Before you talk, put together a list of financial and caregiving questions and information you will need to help them. When you’re ready, here are some tips on having the conversation.

• A great way to start the conversation is to share a story about a friend or neighbor that your parents could relate to.
• Be respectful and positive. Let your parents know that you’re interested in helping make their lives manageable as they age.
• Start small. If your parents are hesitant to talk, try taking on something small. For example, ask them to tell you where they keep their important documents.
• Ask them to talk about their caregiving preferences. Do they want to stay in their home? Would they be open to moving into a retirement community with continuing care options? Find out if they have long-term care insurance or other means of paying for care if they need it.

Talking to Your Adult Kids: They will likely appreciate that you initiated the conversation. It’s up to you how much you want to share with your kids. Think about what’s useful to know about your own parents, and let that be your guide.

Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. At www.bradfordmillerlaw.com you will find helpful information regarding Estate Planning. Give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602

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.

What is a letter of instruction?

People often prepare a letter of instruction, which tells loved ones how to find important information. A letter of instruction is a three-part personal letter that goes along with your Will. The first part includes instructions for planning a funeral and names of people to contact when you die. The second part covers financial affairs such as your assets, list of accounts, and phone numbers for your employer, insurance agent, or broker. In the final part, people often name who they want to receive specific personal  items and write special messages to loved ones.

Since a letter of instruction is not a legal document, it does not  have the same legal impact as your official Will in distributing your personal property. But it can go a long way in eliminating family discord over mementos, photo albums, and other personal items.

Original Source: AARP Living Longer, Living Smarter Resource Guide

Bradford Miller Law, P.C. can prepare all your legal estate planning documents. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. At http://www.bradfordmillerlaw.com you can find helpful information regarding Estate Planning and information about our firm. Give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602

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.

Trusts are flexible

Trusts are flexible, varied and complex. Each type has advantages and disadvantages, which you should discuss thoroughly with your estate-planning attorney before setting one up. Such a plan should include the trust setup, a will, a living will and a health-care proxy.

Please note that assets you want protected by the trust must be retitled in the name of the trust. Anything that is not so titled when you die will have to be probated and may not go to the heir you intended but to one the probate court chooses.

However, for a trust in which you want to put the majority of your assets, known as a revocable living trust you will also need a "pour-over will" to cover any holdings that might be outside of your trust should you die unexpectedly. A pour-over will essentially directs that any assets outside of the trust at the time of your death be put into it so it can go to the heirs of your choice.

Original Source: CNN Money, Money Essentials

Bradford Miller Law, P.C. can prepare all your estate planning documents. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. At http://www.bradfordmillerlaw.com you can find helpful information regarding Estate Planning and information about our firm. Give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298

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.

Chief advantages of trusts

Among the chief advantages of trusts, they let you:

1. Put conditions on how and when your assets are distributed after you die;
2. Reduce estate and gift taxes;
3. Distribute assets to heirs efficiently without the cost, delay and publicity of probate court. Probate can cost between 5% to 7% of your estate;
4. Better protect your assets from creditors and lawsuits;
5. Name a successor trustee, who not only manages your trust after you die, but is empowered to manage the trust assets if you become unable to do so.

Original Source: CNN Money, Money Essentials

Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
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.

Is a trust beneficial?

The truth is a trust may be a useful estate planning tool for your family if you have a net worth of at least $100,000 and meet one of the following conditions:

1. A sizable amount of your assets is in real estate, a business or an art collection;
2. You want to leave your estate to your heirs in a way that is not directly and immediately payable to them upon your death. For example, you may want to stipulate that they receive their inheritance in three parts, or upon certain conditions being met, such as graduating from college;
3. You want to support your surviving spouse, but also want to ensure that the principal or remainder of your estate goes to your chosen heirs (e.g., your children from a first marriage) after your spouse dies;
4. You and your spouse want to maximize your estate-tax exemptions;
5. You have a disabled relative whom you would like to provide for without disqualifying him or her from Medicaid or other government assistance.

Original Source: CNN Money, Money Essentials

Bradford Miller Law, P.C. can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
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.