When someone dies, the disposition of their personal items, heirlooms and keepsakes are often the greatest source of contention among their surviving family members. However, during their lifetime many people fail to make arrangements to direct how those personal items should be distributed upon their death. Sometimes they make verbal assurances to certain family members during their lifetime, promising to leave them certain items upon death, but those promises are never put into writing. In order to avoid conflicts over the distribution of such items, and possibly avoid a lifetime of hard feelings between surviving relatives, it’s important to properly address these issues in your estate plan.
WHAT IS TANGIBLE PERSONAL PROPERTY?
The term tangible personal property refers to items of a personal nature, including things such as household goods, furniture, furnishings, jewelry, precious stones, photographs, books, silverware, china, crystal, antiques, paintings, sculptures and other works of art, collections, clothing, tools, machinery, equipment, appliances, automobiles, watercraft, recreational vehicles and equipment, pets, and other such personal effects
Tangible personal property does not include assets such as money, real estate, securities, stocks, bank accounts, investment accounts, promissory notes, IOU’s, or similar assets. Continue reading
As people get older it’s a natural desire to help their children financially, or perhaps make gifts to their grandchildren or other family members. But that generosity may later affect their eligibility for Medicaid benefits if they ever need long-term care.
Wisconsin’s Rental Weatherization Program has been in effect since 1985. The program was the result of State legislation passed at that time which directed the Department of Safety and Professional Services to develop energy conservation standards for rental properties. If you are a landlord or own a residential rental property in Wisconsin, chances are that you’ve had to deal with the legal requirements of this program. However, due to recent legislation, the program will sunset on January 1, 2018.
Real estate prices are up again, and you are considering selling your home. It’s a great home and you feel that you’ve done an admirable job maintaining it, but it does have its flaws and defects. Do you need to disclose these defects to your buyer? In Wisconsin the answer is “Yes”. The law requires persons who transfer real property located in this state to furnish a completed Real Estate Condition Report to the prospective buyer no later than 10 days after accepting a sales contract. Whether you are represented by a realtor or selling your home as a 
A power of attorney document permits the recipient—usually a trusted relative or friend—to exercise specific financial or medical decisions on your behalf. While you can find sample power of attorney (POA) forms online, it is in your best interests to work with an estate planning lawyer who can help you tailor the documents to your specific situation and wishes.
Wisconsin is one of several states that allow an individual’s assets to transfer to his or her heirs without going through an often lengthy and expensive probate procedure. This process, known as “Transfer by Affidavit,” is a potential alternative-to-probate option when the assets in the estate equal $50,000 or less.
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.
Whenever you rent a car, the rental company will attempt to sell you an insurance package for an additional (and sometimes hefty) cost. The decision to purchase or decline the insurance can be hard to make – how do you know if you really need it?
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 growing popularity of drones in the U.S. and around the world has regulators, businesses and every day enthusiasts all scrambling to understand what these unmanned vehicles are capable of and the roles they may play in our daily lives. With corporations openly stating their intent to use drones for everything from delivering packages to supplying internet connectivity, and private citizens buying them for recreational use, the law is having a difficult time trying to keep up with these fast-moving devices.