6 Things Your Estate Plan Must Include
It is essential not to leave anything out of your estate plan. Make sure to include these 6 important things to ensure that your heirs rightfully recover your assets upon your passing.
It is essential not to leave anything out of your estate plan. Make sure to include these 6 important things to ensure that your heirs rightfully recover your assets upon your passing.
No one likes to think about the end of their life, but it can happen before you expect it. Will your spouse, children, and other family members be provided for, or will they be fighting in court for years over what’s left of your estate? The more money, assets, and property you have, the greater your need for an estate plan...
Giving your house to your children can have tax consequences, but there are ways to accomplish it tax-free. The best method to use will depend on your individual circumstances and needs. Leave the house in your will The simplest way to give your house to your children may be to leave it to them...
No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your death, a prepaid funeral contract can be a good way to spend down assets in order to qualify for Medicaid. A prepaid or pr...
Americans are living longer than they did in years past, including those with disabilities. Planning by parents can make all the difference in the life of a child with a disability, as well as that of his or her siblings who may be left with the responsibility for caretaking (on top of their own ...
What does retirement look like to you? This is an essential question to ask when beginning to plan for retirement. A good starting place is to start jotting down your ideas and, if married, your spouses ideas for retirement. Maybe travel is in your plan. If not travel, then how do you plan to s...
While the execution of wills requires formalities, the reality is that most property passes to heirs through other, less formal means. Many bank and investments accounts, as well as real estate, have joint owners who take ownership automatically at the death of the primary owner. Other banks and...
People sometimes try to save money by not consulting with a qualified attorney when executing their will, instead using a pre-printed form or online program. A recent court case offers yet another example of the hazards of doing this. Deciding the long-running case, the Florida Supreme Court has...
Many people, especially seniors, see joint ownership of investment and bank accounts as a cheap and easy way to avoid probate since joint property passes automatically to the joint owner at death. Joint ownership can also be an easy way to plan for incapacity since the joint owner of accounts can...
A power of attorney may seem like a simple document, but there are several important decisions that need to be made when creating one. From whom to appoint to what powers to grant, care and consideration should be put into each choice. A power of attorney is one of the most important estate plan...
The phrase life estate often comes up in discussions of estate and Medicaid planning, but what exactly does it mean? A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner. Life estates can be used to avoi...
When leaving a home to your children, you can avoid probate by using either joint ownership or a revocable trust, but which is the better method? If you add your child as a joint tenant on your house, you will each have an equal ownership interest in the property. If one joint tenant dies, his ...
Estate planning is something that should be started long before you think you need it and revisited regularly when you need to make changes. Divorce, remarriages, new children and/or grandchildren, as well as other life events, can alter the way your estate is handled after you die. But despite your best efforts, you may inadvertently leave out some less obvious provisions that not everyone may think about. Don’t forget to include these provisions in your estate plan.
Older parents are becoming more common, driven in part by changing cultural norms and advances in infertility treatment. Comedian and author Steve Martin had his first child at age 67. Singer Billy Joel just welcomed his third daughter. Janet Jackson had a child at age 50. But later-in-life paren...
You may be afraid of losing your home if you have to enter a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home to your children is usually not the best way to protect it. Although you generally do not have to sell your home in order to qualify for Medica...
For a comprehensive plan that will meet your needs or the needs of a loved one, contact us today. Located in Downtown Milwaukee, we serve Milwaukee County, surrounding communities, and to clients across Wisconsin, Minnesota, Illinois, and California.