Let that rich Uncle or Aunt you know that they can give you up to $11,000 a year via a gift. The federal gift tax laws allow a person to make an unlimited number of gifts of up to 11,000 per year and these gifts do not reduce the unified credit of the person making the gift.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, April 26, 2011
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
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.
-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.
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
Bradford Miller Law PC
321 N. Clark, Suite 500
Chicago, IL 60654
312-238-9298
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