ESTATE PLANNING BLOG

Bradford Miller Law, P.C. focuses on real estate law, landlord tenant law and estate planning. This is the estate planning blog. If you are interested in reading about landlord tenant law, visit that blog at http://chicagoltlaw.blogspot.com/. If you are interested in real estate law, visit http://chicagorealestatelawyers.blogspot.com/. The law firm's main website is www.bradfordmillerlaw.com.



This blog will focus on estate planning. If you are in need of an estate plan, call Attorney Bradford Miller at 312-238-9298 for a free consultation. Located at 10 S. LaSalle, Suite 2920, Chicago, IL 60603.

Saturday, December 11, 2010

Famous people who made the mistakes with estate planning

Celebrity: Jimi Hendrix
Mistake: Never writing a will.
Story: Music legend Jimi Hendrix died at age 27 in 1970 without a will. Under state law, his dad, Al, got everything, leaving his close brother Leon with nothing. Al built Hendrix's musical legacy into an $80 million venture, but in his own will cut out Leon and his family, in favor of his adopted daughter through a later marriage.
Lesson: Even young rock stars aren't immortal. Sign a will or living trust document.

Celebrity: Marlon Brando
Mistake: Making oral promises.
Story: Angela Borlaza, actor Brando's "major domo," claimed Brando gave her the house she lived in, saying he had kept it in his name for tax reasons. She settled with the executors of his estate for $125,000. She also claimed Brando promised her continued employment with a company he owned, and settled that claim out of court.
Lesson: Oral promises won't do; if you're serious, execute the right written documents.

Celebrity: Ted Williams
Mistake: Conflicting directions on burial wishes.
Story: In his will, baseball legend Ted Williams said he wished to be cremated. But his two children from a second marriage produced a grease-stained note saying he wished to be put in biostasis after his death, and they froze his body after his death in 2002. His eldest daughter fought to have his body unfrozen and cremated, but gave up the fight when she ran out of money.
Lesson: If you change your mind about your burial wishes, change your will by adding a codicil, or writing a new one.

There are many, many more stories.  No matter what your situation is, you need to think about estate planning.  Call my office for a free consultation.

Bradford Miller Law, P.C.
321 N. Clark, Suite 500
Chicago, IL 60654
312-238-9298
Experienced in real estate law, landlord tenant law, and estate planning

Friday, October 29, 2010

Asset protection

There are many ways to protect your assets:

-Transfer your assets to your spouse.  However, there are MANY factors to consider with this option including the health of the marriage and estate taxes.

-Statutory exemptions from enforcement of judgments. In Illinois, creditors cannot get your residence if the equity is below $7500 for a single person or $15,000 for married persons.

-Limited liability companies. If you own a business, you should strongly consider forming an LLC.  This will provide protection for you in a variety of ways.

-Tenancy by the entirety (a form of holding property). Must be married and it must be your personal residence.  The creditors of only one of the spouses cannot get the property.

-Living Trusts. You can set this up so that your creditors cannot get the trust assets.

If you are interested in any of the above, contact my office.  This is not intended to be legal advice - ALWAYS consult an Attorney before acting on any information on this blog.

Bradford Miller Law, P.C. is a law firm based in Chicago, IL.  Bradford Miller Law, P.C. regularly handles matters in the areas of Real Estate, Landlord/Tenant law, and Estate Planning.  For a free consultation, call the office at 312-238-9298.

Thursday, August 5, 2010

What is a Will?

Posted by Bradford Miller Law, P.C., a law firm practicing in the areas of real estate, landlord tenant law, and estate planning.  Contact Attorney Bradford Miller for a free consultation at 312-238-9298.

A Will is an instrument executed with certain formalities, that usually directs the disposition of a person's property at death. It is revocable during the lifetime of the testator (meaning it can be changed or voided) and is only operative at death.

Bradford Miller Law, P.C. focuses its practice on real estate law, landlord tenant law and estate planning. For a free consultation, call the office at 312-238-9298. You may also visit the main website at http://www.bradfordmillerlaw.com/.

Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.

Sunday, July 11, 2010

Funeral wishes

Did you know that you can make your wishes known in your estate plan?  This can prevent many problems and will help loved ones in an already difficult time.  If you do not have an estate plan, call Bradford Miller for a free consultation.

Bradford Miller Law PC
321 N. Clark, Suite 500
Chicago, IL 60654
312-238-9298

Wednesday, June 30, 2010

What does a Will do?

In the estate planning world, a Will is a fairly simple document.  It basically directs how a testator's property is to be divided up at the time of the testator's death.  It can also place restrictions on property.  If you do not have a Will,  the law of intestate succession comes into play and this will often differ from your own wishes.

To avoid additional stress on your loved ones, everyone should have a Will drafted.  It is not expensive and will bring peace of mind not only to you, but to your loved ones.  Contact my office to learn more.

Bradford Miller Law PC
321 N. Clark, #500
Chicago, IL 60654
Main: 312-238-9298

This is not intended to be legal advice and may be construed as advertising material.

Sunday, June 13, 2010

Updating your estate plan

Unfortunately, many people have outdated estate plans.


You should create or revise an existing estate plan when:

- Having a new child or grandchild

- Getting married or divorced

- Experiencing a substantial change in net worth

- Changing jobs or retiring

- Moving to another state

- Tax law changes

- Selling your business or losing a business partner

Bradford Miller Law, P.C. focuses its practice on real estate law, landlord tenant law and estate planning. For a free consultation, call the office at 312-238-9298. You may also visit the main website at http://www.bradfordmillerlaw.com/.

Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.

Friday, April 16, 2010

Avoid taxes upon death

Did you know that the federal government assesses taxes on estates when they are passed to the beneficiaries? Although the current year is a bit different with the estate tax, next year there will be a tax put on estates over a certain amount.  There are many techniques available for the reduction or elimination of estate taxes which can be matched to the particular circumstances of the individual. This can be accomplished by having a proper estate plan in place.


Bradford Miller Law, P.C. focuses its practice on real estate law, landlord tenant law and estate planning. For a free consultation, call the office at 312-238-9298. You may also visit the main website at http://www.bradfordmillerlaw.com/.

Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.

Sunday, March 21, 2010

Keeping the peace

Posted by Bradford Miller Law, P.C. - experienced in real estate law, landlord tenant law, and estate planning. Visit us online at http://www.bradfordmillerlaw.com/.

The easiest way to preserve family harmony is by setting up an estate plan.  Estate Planning can bring you and your family peace of mind by stating what your wishes and desires are when it comes to your estate.  You can also state what your wishes are when it comes to your funeral.  Call our office today to start the process of setting up an estate plan.  Remember that the most cost-effective way to settle future estate disputes is by completing a comprehensive estate plan today.

Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.

Saturday, February 27, 2010

What are the benefits of a revocable trust?

Posted by Bradford Miller Law, P.C. - experienced in real estate law, landlord tenant law, and estate planning.  Visit us online at http://www.bradfordmillerlaw.com/.

The following are the benefits upon death of establishing a revocable trust:

- Avoid probate proceedings
- Provide for the passage of property
- Preserve privacy regarding the disposition of the trust estate

For a free consultation, call the office at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.

Sunday, February 7, 2010

Protecting children in a Will

The parents of a minor can designate, in their wills, who they want to be appointed as guardian of their minor children, upon the parents deaths. This is important to protect the children's interests and the interests of the children's assets.

Bradford Miller Law, P.C. focuses its practice on real estate law, landlord tenant law and estate planning. For a free consultation, call the office at 312-238-9298. You may also visit the main website at http://www.bradfordmillerlaw.com/.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.

Sunday, January 31, 2010

Potential problems if you don't have a will

Potential problems if you don't have a will:

- If the deceased is survived by a spouse and children, property will be divided between the surviving spouse and children as provided by state law

- Conflicts can occur as to who should administer the estate

- Your assets are not being distributed as you would have desired

Bradford Miller Law, P.C. focuses its practice on real estate law, landlord tenant law and estate planning. For a free consultation, call the office at 312-238-9298. You may also visit the main website at http://www.bradfordmillerlaw.com/.

Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.