Category Archives: Estate Planning

ABLE Accounts Are a Potentially Powerful Tool for Those Who Qualify

Families with disabled children face a host of obstacles in ensuring the long-term care of their loved one. There are tools and resources available to help facilitate that care for the future. One potential tool is known as an ABLE account. In 2014, Congress enacted a law allowing qualified individuals to establish ABLE (Achieving a Better Life Experience) Account. These accounts give favorable tax treatment to contributors and beneficiaries, alike. Families of children who suffered a disabling condition prior to the age of 26 should consider creating an ABLE account.

As of this post’s publication, Wisconsin does not have its own ABLE account program, but Wisconsin residents may establish an ABLE account through another state’s program. Minnesota launched its own ABLE program at the end of January 2017. Continue reading →

Here Lies Wisconsin’s Deadman’s Statute: 1858-2016

Wisconsin has become the 37th state to do away with the so-called “Deadman’s Statute” after a November ruling by the State Supreme Court repealed the 158-year-old law. The intent of the statute was to prevent “interested parties”—anyone with a stake in the outcome of estate litigation—from testifying about conversations they had with a deceased or incompetent person.

The law (Wis. Stat. §§ 885.16 and 885.17) was considered by many to be an outdated relic, confusing, often unfair and sporadically enforced. The motivation behind the law was the idea that a witness who stood to gain a piece of a decedent’s estate could easily make fraudulent claims about conversations had with the now-dead person, who was of course unable to respond or contradict anything the witness said. Continue reading →

No-Contest Clauses in Wills and Trusts: What You Need to Know

family pic It seems like challenges to wills and trusts have become increasingly common. We often hear news stories about celebrities whose families spend a great deal of time and money fighting high-profile battles over their inheritances.

Many people who contact our law office for estate planning services follow the news. They ask us how to prevent fighting in their own families, ensuring that matters run smoothly as intended. We talk with them about the strategies available to minimize infighting, and the topic of a no-contest clause is often raised.

What Is a No-Contest Clause, Exactly?

A no-contest clause (sometimes called a “penalty clause” or “in terrorem clause” in Latin) is a special provision that can be added to a will or trust. It says that any beneficiary who tries to challenge the document will be eliminated from distribution of assets. In short, if you try to challenge the will, you will be cut out of it. If you try to challenge the trust agreement or the administration of the trust, you won’t receive any funds. Continue reading →

Can I See Your IRS Identification Card?

Taxes Pic If you receive a phone call from someone claiming to be an IRS tax collector, you have a right to be suspicious. Since 2013, con artists have stolen tens of millions of dollars from innocent people by claiming to be collecting back taxes. The Treasury Inspector General for Tax Administration has received nearly 900,000 complaints regarding phone scams of this type.

The IRS does use private collectors to gather back taxes owed to them. But this form of fraud is so common that you are safer assuming a caller is not legitimate, particularly if they ask you to make a wire transfer or use a prepaid debit card immediately to avoid penalties.

One hallmark of this tax scam is the aggressive and threatening nature of the calls. Scam artists need to get your money quickly—and without an obvious trail—to avoid landing in jail. They may threaten to have you arrested or deported. They may threaten to seize your bank accounts or repossess your vehicle. They may threaten to have your driver’s license revoked. In short, they will threaten you with anything to get your money. Continue reading →

Planning for Your Pets After You Pass: What You Need to Know

Dog Pic Legacies for companion animals have made the news many times in recent years, from the $12 Million that hotel mogul Leona Helmsley tried to leave her Maltese terrier in 2007, to the full range of support that Joan Rivers left her four dogs. While it is not often that you can pull solid life lessons from the tabloids, these stories offer great advice and guidance. They show how common it is becoming for owners to plan for the care of their pets in their estate plans. Keep reading to determine how you can apply their experiences to support your pet.

The Best Way to Protect Your Pet: The Pet Trust

In 2013, Wisconsin law added a provision allowing for the creation of trusts for the care of animals. This pet trust provides for ongoing payments to the named caregiver, along with specific care instructions that must be followed. Each trust includes as little or as much information as you wish, including: Continue reading →

3 Ways a Do-It-Yourself Estate Plan Can Fail You

Will Pic There is no question about it; lawyers are not cheap. The concern over costs often drives individuals to try handling certain legal tasks on their own. This is especially true in the realm of estate planning—people will often try a do-it-yourself will or trust based on an online form or book. And while DIY estate planning is absolutely the least expensive option up front, it often causes extensive grief and financial loss down the road.

3 Reasons You Should Have Hired a Lawyer in the First Place

You have a legal question. DIY providers do not and cannot offer legal advice. They are not able to advise you concerning your unique circumstances, goals and needs. And they provide standard documents that cannot take into account every state’s rules regarding estate planning and probate. So even if you choose to work through LegalZoom, Nolo or some other DIY provider, you may end up calling a lawyer anyway and having to pay for consultation time to discuss your questions or concerns.
You made a mistake. One term used incorrectly, one preference incorrectly stated, one detail completely left out, or an improperly executed document—these are just a few of the ways a DIY will can become null and void at worst, or cause extreme family strife in the least. If you are lucky enough to catch the mistake before you pass away, at least you have the chance to fix it. But fixing it will come at a cost, as you will need to work with a lawyer to discuss your intentions, review your will and make revisions.
You need help after you create your documents. You have a trust and a will. But are they effective? Are you certain you have set everything in motion to fund your trust? Are your named beneficiaries consistent across your will, life insurance policies, bank accounts, etc.? If you are unsure how to do all of this, you will need a lawyer to assist you. And the time it takes to catch your lawyer up, and have your lawyer review all of your documents, and then to gain assistance will likely cost you more than had you gone to a lawyer in the first place.

Continue reading →

Estate Planning: Preparing a Will, Hudson Wisconsin

Need Help Making out a Will? Preparing your Will is Important Business.

Elderly Lady Planning a Will As an Estate Planning Lawyer, I often meet new clients who tell me that they’ve been putting off having their will prepared for several years. It’s certainly an easy thing to postpone. When we’re younger we often feel invincible – as if we’ll live forever. We don’t think about preparing a Last Will and Testament until we’re prompted by a certain event in our life such as a death in the family, a medical crisis, or even taking a long-distance vacation. But it’s never to soon to be prepared – every adult should be thinking about their estate plan. And drafting a will should not be taken lightly, it’s very important business. Continue reading →

Estate Planning: Second Marriages and Blended Families

Estate Planning Becomes Challenging for Second Marriages and Blended Families

Estate Planning When one or both spouses are on their second or subsequent marriage, or in cases where families are blended together in a non-marital environment, Estate Planning can present some unique and challenging issues.

As an Estate Planning Attorney I often work with clients who are on their second or third marriage, and each spouse may have children from a previous marriage or relationship. They may also have children together. Other clients may live in a long-standing marriage-like relationship and they, too, frequently have children together or children from previous marriages or relationships. Continue reading →

Estate Planning: Assistance With Beneficiary Designations

Beneficiary Designations to Avoid Probate

estate-planning-lawyer-hudson-wisconsin Beneficiary Designations to Avoid Probate can be a Great Estate Planning Tool When Properly Used. But Use Caution to Avoid Common Pitfalls.

You may have heard that you can avoid probate upon your death by simply placing beneficiary designations on your assets. Beneficiary designations, sometimes referred to as Pay on Death or POD designations, can be a great estate planning tool when properly used. Individuals who are named as beneficiaries on your various bank and investment accounts, insurance policies, retirement plans and so forth, can receive their share of the asset or plan upon your death directly from the institution or company involved, without the asset or funds being included as part of your probate estate. Depending upon the nature of your assets, sometimes probate can be avoided entirely with properly designated beneficiaries. However, be sure to use caution to avoid some very common pitfalls. As an Estate Planning and Probate Attorney I’ve seen various unexpected results with beneficiary designations, including the following: Continue reading →

What Is a No-Contest Clause, Exactly?

Leave the Keys to Valuable Digital Property in Trusted Hands

The Best Way to Protect Your Pet: The Pet Trust

3 Reasons You Should Have Hired a Lawyer in the First Place

Beneficiary Designations to Avoid Probate