Dear Potential Land Contract Vendors and Vendees: There is a valid point to be made regarding a land contract. The paperwork is just a small part of the picture for any transaction. Always (and I mean always) strongly consider the person on the other side of the deal. You are hooking your wagon to […]
Here are some short but quick tips on setting up a solid LLC. File the dang thing. Yes I know, that is the easy part. Go on line and file your LLC with the Wisconsin Department of Financial Institutions. Be careful to search and verify that your name is not too similar to other names. […]
If I am already wanting to make a charitable gift, does it make sense to donate a percentage of my IRA or other Qualified Plan to charity upon death? Yes. In many cases it can makes sense to do this. Why? … When you designate a charity as a beneficiary to receive your IRA or […]
The probate process in Wisconsin can be complicated. There will be some work to do when your loved one passes. For instance, If your loved one left a Will, it must be filed with the Probate office within 30 days of death even if no probate proceeding is required. While an attorney is not required for […]
It is not silly to think about this topic. In fact, it is very normal for family members to want to keep sentimental items when they go to sell the family cabin. After all, items located at a family cabin are items that have been in the family for generations. Agree ahead of time Knowing this, […]
Answer: Yes. The Agent’s authority dies when the principle dies. Like so many useful and good things in life, an agent’s authority must end. In this case, under the law, an agent’s authority under a Durable Financial Power of Attorney will end when the principle dies. The applicable Wisconsin statute tells us how a […]
Yes indeed. You need to contact your insurance agent to discuss how your trust owned real estate is covered in the event of loss. Your property insurance agent can help you figure out how the trust ownership should be reflected on your policy. Here is the back story on this: People use revocable living trusts in an […]
What is a transfer on death deed? A transfer-on-death deed, or TOD deed, is a simple, inexpensive, and effective tool to transfer real property at the death of the owner. In the states where it is available, it has become very popular with attorneys, property owners, and beneficiaries alike. Why are transfer on death […]
One of the hardest things to deal with in life is the raw emotion that comes from the loss of a loving parent. What further devastates a family facing such emotion is when matters are not planned properly. Unfortunately, that “let the chips fall” mentality recently left a family at odds with each other on […]
The Question. Why do we have a pour over will when we already have a revocable living trust in our estate plan? Isn’t that repetitive? Let’s try to answer this age old question. Quick clarification. Your Trust is the Boss. Your trust is your featured/ main estate planning tool used to move your assets to the next generation. After […]
Use Care: Beneficiary Designations Override Your Will or Trust. Always a good thing to meet with your investment adviser and have your insurance coverage and investments properly aligned to meet your needs. However… Some times … after all that planning … the act of filling out your beneficiary designation forms might seem like an […]
What is a Land Contract A land contract is a form of seller financing. It is a written agreement by which a seller, or “vendor,” promises to convey to the purchaser, or “vendee,” real estate upon the completion of certain obligations, typically on an making payments under an installment payment plan. It allows the parties […]
The clinical truth… Estate planning professionals are taught early on that they need to be objective. It is an essential element of the practice to be dispassionate when approaching the work. We are brought into the mix to assist our clients with minimizing the costs of probate and to help them find ways to reduce […]
We received a call from a client who was on the wrong end of a social media barbecuing. The client wanted to know if we have laws to stop this kind of thing in Wisconsin. Wisconsin has a few laws on the books to deal with those sweethearts who are dispensing aggressive and foolish […]
A recent Caring.com article by Susan Kostal, Senior Editor of the Legal channel, tells us who to look for when searching for a Trust, Wills, and Estates Attorney. The article is a great read for people wondering how to find a qualified Trust and Estates Attorney. Most of the advice in the article is good quality […]