Where should you keep your will?

A probate court usually requires your original Will before it can process your estate. Therefore, it is s important to keep the document safe yet accessible. The absence of an original Will can complicate matters. Without it there's no guarantee that your estate will be settled as you'd hoped.

Putting your original Will in a bank safe deposit box that only you can get into is not a good idea. Your family might need a court order to gain access. If someone else that you trust has access to your safe deposit box this is a good place to keep the original Will. Also, a waterproof and fireproof safe in your house may be a good alternative.

Your attorney or someone you trust should also keep signed copies in case the original is destroyed. Signed copies can be used to establish your intentions.

At 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.

Is a Trust an important component of your estate plan?

A living trust" is a trust that is set up and funded while the person doing so is alive. In contrast, many of our clients' current situations are best served through careful drafting of a will and a testamentary trust, sometimes called a contingent trust. This type of trust takes effect only upon death and is usually intended to provide for a minor child or children. Let the Attorneys at Bradford Miller Law, P.C. help you figure out exactly what your estate planning needs are. We  have excellent credentials, strong experience and wide-ranging knowledge of estate planning tools and the Illinois probate process.

 As Chicago living trusts attorneys, our strengths include:

• A practical, streamlined and cost-efficient approach to identifying and fulfilling your fundamental estate planning needs
• Proven, well-established ability to draft legally sound wills, powers of attorney, health care directives and other essential documents
• Avoidance of tools and vehicles that are more complex and costly than your situation requires
• Extensive knowledge of Illinois real estate law and the probate process that may prove invaluable as you develop your estate plan

At 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.

Your Last Will and Testament

Your Last Will and Testament is an extremely important document and having your will drafted professionally is essential. The issues at hand are simply too important to rely on do-it-yourself legal kits or a lawyer primarily focused on unrelated practice areas.

The Attorneys at Bradford Miller Law, P.C. have excellent credentials, strong experience and wide-ranging knowledge of estate planning tools and the Illinois probate process. We do not believe in pushing complex or costly services that our clients do not need. The clear priorities in our estate planning practice are:

• Carefully assessing your personal situation, needs and goals in order to draft a will and other estate planning documents ideally suited to your needs
• Encouraging clients to streamline the process by completing a straightforward questionnaire, so that we can have a framework in mind when we meet face-to-face
• Considering implementation of additional tools such as a contingent trust for children if financially and personally beneficial
• Making the entire process as convenient, painless and affordable as possible for you

At 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.

Let's go over some common estate planning mistakes

At Bradford Miller Law, P.C., we will guide you through the estate planning process as efficiently and effectively as possible, with an eye toward helping our clients avoid potentially serious mistakes such as:

• Failing to leave any will at all, forcing complex intestate proceedings
• Leaving a will that, due to technical or basic errors such as improper witnessing, may be declared invalid or subject to a will contest
• Allowing your will and other documents to become outdated although amendment is necessary to account for changes in family circumstances or other factors
• Not drafting powers of attorney or health care directives that appoint the people you want to make important decisions should you die or become incapacitated
• Missing opportunities to lawfully protect assets from excessive taxation through proper planning that may involve tools such as living trusts

Using do-it-yourself online resources or even a general practice law firm for estate planning could lead to serious oversights and problems. Our experienced Chicago, Illinois, lawyers are an excellent resource for people with basic or somewhat more complex estate planning needs. 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.

To get started or discuss whether our services are right for you, give us a call at 312-238-9298 for a FREE 15-minute consultation or contact us online today.  At  www.bradfordmillerlaw.com you can find helpful information regarding Estate Planning and information about our firm.

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.

Are you leaving a collection to your heirs?

It is advisable to get expert help when passing on collectible items that have a financial value. Parents' collectibles can hold emotional meaning for some adult children. Before you choose a beneficiary for your collection, sit down with your family and find out who may want the items. One may prefer cash instead of your rare books, while another may feel a strong connection to them. You want to avoid surprises and hard feelings when the Will is read.

You should also consider your wishes and goals for the collection. Do you want your children to pass on the collection to your grandchildren? If so, who will be the best person to handle this? Then consider whether you want to give away some items now, wait a few years or hold on to everything until you die.

One reason you may want to give away items before you die is that face to face giving is rewarding. Whether you pass on collections now or after you die, it is suggested that you provide information to the beneficiary about your collection including how to maintain, insure and sell the valuables.

If you decide to gift a collection during your lifetime, you should get an appraisal done before you start giving it away. An experienced estate planning attorney can then help you follow the estate and gift-tax rules for your state.

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 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.

Part 5: Five standard forms of trusts

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

Qualified terminable interest property trust: If you're part of a family where there have been divorces, remarriages and stepchildren, you may want to direct your assets to particular relatives through a qualified terminable interest property (QTIP) trust.

Your surviving spouse will receive income from the trust, and the beneficiaries you specify (e.g., your children from a first marriage) will get the principal or remainder after your spouse dies. People typically use QTIP trusts to ensure that a fair portion of their wealth ultimately passes to their own children.

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 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.

Part 4: Five standard forms of trusts

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

Irrevocable life insurance trust: An irrevocable life insurance trust (ILIT) can remove your life insurance from your taxable estate, help pay estate costs, and provide your heirs with cash for a variety of purposes. To remove the policy from your estate, you surrender ownership rights, which means you may no longer borrow against it or change beneficiaries. In return, the proceeds from the policy may be used to pay any estate costs after you die and provide your beneficiaries with tax-free income.

That can be useful in cases where you leave heirs an illiquid asset such as a business. The business might take a while to sell, and in the meantime your heirs will have to pay operating expenses.

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 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.

Part 3: Five standard forms of trusts

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

Qualified personal residence trust: A qualified personal residence trust (QPRT) can remove the value of your home or vacation dwelling from your estate and is particularly useful if your home is likely to appreciate in value.

A QPRT lets you give your home as a gift, most commonly to your children, while you keep control of it for a period that you stipulate, say 10 years. You may continue to live in the home and maintain full control of it during that time. In valuing the gift, the IRS assumes your home is worth less than its present-day value since your children won't take possession of it for several years. (The longer the term of the trust, the less the value of the gift.)

Say you put a $675,000 home in a 10-year QPRT. The value of that gift in 10 years will be assumed to be less, say, $400,000 based on IRS calculations that take into account current interest rates, your life expectancy and other factors. Even if the house appreciates in 10 years, the gift will still be valued at $400,000.

Here's the catch: If you don't outlive the trust, the full market value of your house at the time of your death will be counted in your estate. In order for the trust to be valid, you must outlive it, and then either move out of your home or pay your children fair market rent to continue living there. While that may not seem ideal, the upside is that the rent you pay will reduce your estate further.

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 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.

Part 2: Five standard forms of trusts

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

Generation-skipping trust: A generation-skipping trust (also called a dynasty trust) allows you to transfer a substantial amount of money tax-free to beneficiaries who are at least two generations your junior, typically your grandchildren.

You may specify that your children may receive income from the trust and even use its principal for almost anything that would benefit your grandchildren, including health care, housing or tuition bills.  Be advised that if you leave more than the exemption amount, the bequest will be subject to a generation-skipping transfer tax. This tax is separate from estate taxes, and is designed to stop wealthy seniors from funneling all their money to their grandchildren.

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 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.