Articles Posted in Durable Power of Attorney

pexels-photo-335907-300x201There are some clear benefits to storing your will and documents online. You and your spouse (or other authorized people) can access them anytime, from anywhere. We are used to putting our lives online.  However, there are also some downsides to consider before doing so, according to a helpful article from CNBC titled “Here’s what you need to know before storing your will online.”

It’s good to have all your important documents in one place. Make sure that the people who will need access, such as executors, know that you’ve done so or the cloud storage may well be pointless.

Online storage can also facilitate family conversations about estate planning. Even tech savvy adult children who scoff at parents who don’t engage in social media, will be impressed by a decision to go digital.

However, there are pitfalls. Continue reading

hospital-6-1518170-1279x852-300x200“A bad medical diagnosis can make a person realize that he suddenly has far less time to get his affairs in order. What’s the best way to leave assets to your heirs? Should you pay off your mortgage?”

Receiving a terrifying medical diagnosis of a fatal illness, can leave you and your loved ones stunned and afraid. Once the initial shock has subsided and you have put the emotional and medical resources in place, it will be necessary to address the legal aspects, according to a recent article from CNBC titled “When end-of-life planning is suddenly a lot closer than you thought.” Continue reading

While planning for a catastrophic accident is something we may never want to think about, creating a power of attorney for someone to act in our best interest in the event that we become incapacitated is an important aspect of estate planning. Even in cases in which we make a full recovery, we still may need someone to take care of our finances or act on our behalf for a period of time while we recover.

In Wisconsin, these legal arrangements are called “durable powers of attorney” and allow someone to name another individual as the “attorney in fact” to make important healthcare decisions when someone faces an end of life scenario. Some of the scenarios where someone may have to exercise their durable power of attorney over another could be cases where someone is on a respirator or has severe brain damage and  unlikely to make a recovery.

Wisconsin law 155.01 et seq. Allows individuals to create a durable power of attorney for:

Which Of These Powerful Secrets Could You Use To Build Your Ideal Estate Planning Legal Program

  • Keep your estate settlement simple;
  • Avoid the court-supervised Probate process when you die;

Are You Making Some of the Biggest Estate-Planning Mistakes?

There are some things we just don’t like to think about, much less speak about. The universal truth is we are all going to pass away one day. The legacy you leave can either simplify the process of dealing with your personal and financial property, or it can be a worrisome burden for those you leave behind.

Legacy planning is as important as your final wishes. So, as much as you avoid the topic, it can’t be — and shouldn’t be — ignored.

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The Most Important Thing You Can Do For Your Aging Parents

How to Ensure Your Parents Don’t Lose Their Home, Bank Accounts, & Assets To Long Term Care Costs

A friend relayed a story that is one I hear all too often when it comes for caring for aging parents.

The young often think of themselves as invincible in the sense that in their protected world, nothing bad can happen to them, especially with their parents around. Studies show that over 90% of adults under 35 do not have a will, providing reasons like:young-family

  • It’s not necessary.
  • It’s too complicated for me to deal with right now.
  • It’s too expensive.
  • My parents will take care of all that.
  • I won’t need it for a long time anyway.
  • It takes too much time

According to surveys done by USA Life Expectancy, adults aged 15 to 34 rarely die from medical causes but the figures are high for accidents, poisoning, suicide, homicide, and injuries. This suggests that for young adults, death often comes unexpectedly. Continue reading

Top 5 Universal Estate Planning Mistakes to Avoid

As the saying goes, “Death and taxes are something you simply can’t ignore.” Both are inevitable and although most people understand this phenomenon and in turn, prepare by paying their taxes on a quarterly or yearly basis and others set up their estates to ensure that their affairs are in order and their families are protected when they make their transition. For many, however, death is simply too scary, safeDepositBoxpainful and heart wrenching and many people choose to not even think about it. Most realize that they will eventually pass on and have a general mental vision of what they want to happen to their estate but, for one reason or another, they fail to write it down or even when they do, they don’t keep it regularly updated. In fact, studies as recent as the last quarter of 2015 show that only 34% of Americans have a drafted will, while 69% have considered it but delayed doing anything concrete. Continue reading

If you are a farmer or a rancher, you are hardworking and dedicated. Your farm or your ranch is more than just a way to make a living — it is your legacy. You have spent your life building something that you can be proud of and that you want to pass down to your children so that they can preserve what you have built and they can continue to provide for themselves and their families. Unfortunately, if you do not make an estate plan, your land and your assets may be liquidated cutting your legacy short and ending your family’s unique lifestyle choice.
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Estate planning is important for everyone but especially for those who own their own business such as farmers and ranchers. If you avoid making or updating an estate plan, your assets will be subject to state intestate laws. Instead of you deciding how your estate will be settled upon your death, the courts will make that decision for you. Below are three common estate planning mistakes farmers and ranchers make and how to avoid them.
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Estate Planning for Baby Boomers1133299_mum_2 sxchu

According to financial planners interviewed for an article in USA Today, Baby Boomers are neglecting or simply ignoring the importance of estate planning. They are more focused on their retirement and focused on whether they will have sufficient income to provide for their needs and to do what they want during retirement. Ignoring the need to have an estate plan is not just a problem for Baby Boomers — no one really wants to think about their own death. People tend to put off estate planning because they think, “I will do that later.” Unfortunately for some, “later” is too late.

Why Do Baby Boomers Need to Have an Estate Plan?

Estate planning is an important part of your retirement plan. Your estate plan is more than telling your loved ones what you want to do with your property and financial assets after your death. Your estate plan also allows you to take care of your minor children, or grandchildren, and it allows you to make decisions about your medical care in the event you are unable to do so in the future.

What Estate Planning Tools are Available? Continue reading