Articles Tagged with Estate Planning Lawyer Wisconsin

bigstock-Extended-Family-Outside-Modern-13915094-300x200“Although we typically associate the term “estate” with the ultra-wealthy, estate planning is not just for the rich. Everyone, regardless of family dynamics or financial status, can benefit from having an estate plan—a collection of documents that specify how you want your assets distributed.”

Estate planning has a purpose while you are alive, with medical directives and power of attorney, as well as when you have passed. That is something most people don’t understand. As described in a recent article in Forbes, “6 Reasons Why You Need an Estate Plan,” most people continue to neglect to put a plan in place. A recent survey from caring.com found that less than half of American adults have estate planning documents, such as a will or a trust. Here are a few reasons why that’s a big mistake: Continue reading

investment-3247252_640-300x200“Most Americans enter retirement age with access to Social Security benefits. Many people also have Individual Retirement Accounts, including those that were funded by transferring money from workplace 401(k) plans.”

One trick to a successful retirement is to make your Social Security benefits coordinate optimally with your Individual Retirement Accounts (IRAs), says AZ Central in the article “Retirement planning: Connecting the dots between Social Security and IRAs.”

Not everyone takes a step back to think this way.  However, it is a smart thing to do. With proper planning, your retirement could lead to better results for your investments and a better decision on when to take Social Security benefits. Continue reading

accounting-calulator-paper-tape-1241883-640x480-300x225The Queen of Soul did not have an estate plan, a will or a trust when she died from pancreatic cancer recently, according to news reports. That’s especially surprising, said Investment News in the article “Aretha Franklin estate echoes planning problems of Prince,” since her estate has already been valued at as much as $80 million.

Franklin was not married, so the estate will pass to her four children. It’s similar to the situation that occurred when Prince died unmarried and without a will in 2016.

Had she been married her estate would have passed tax-free to a spouse and there would have been planning opportunities available at that time. Continue reading

pexels-photo-1128317-300x251No one likes to consider the prospect of tragedy striking, especially when children are young, but according to this article in the Lodi News Sentinel, “Planning for what comes last,” estate planning is especially important for families just starting out. When the children grow up, estate planning is important to protect the children, making their lives easier, when the time comes to pass assets along.

Think of an estate plan as a gift for the next generation, as is making funeral plans in advance. You can’t assume that your adult children will know what you want for your funeral and you don’t want them to have to make decisions during a time of great sadness. Continue reading

pexels-photo-941555-300x200This article from Money, “This is The Single Best Way Divorced Women Can Secure a Successful Retirement,” begins by noting the frequently referenced “divorce gap.” This was documented in 2008 by a professor at the University of Essex, who found that women who divorce see their income fall by more than a fifth, while the men they divorced see their household income rise by about a third. A more recent study offers more nuanced scenarios, with a more positive outlook. Continue reading

hands-walking-stick-elderly-old-person-300x200When you don’t have kids or close family members, making decisions about an assisted living facility can be lonely and daunting, often leading people to delay planning. For many people, says Financial Planning in a recent article “Planning challenge: aging clients, no kids, assisted living required,” just the thought of moving into an assisted living facility, means they are entering a dark tunnel or, as some say, heading into God’s waiting room.

The challenge is often the same for people whose adult children live far away or those who are not involved with their family. In coming decades, more Americans will find themselves in a similar situation, according to a 2013 study by AARP’s Public Policy Institute. Continue reading

dependent-dementia-woman-old-70578-300x225A Jamaica man was charged with tricking his 101-year-old neighbor into handing over the deed to his house last week. A trio of Maspeth thieves pleaded guilty to posing as grandchildren and even recruiting kids to rob senior citizens’ homes in July. In Flushing, a man allegedly begged an elderly victim to wire him $41,000 to post non-existent bail in the Dominican Republic. These are just three out of many elder abuse cases that have made their way to the Queens (New York) County Criminal Court in recent weeks, reports the Queens Daily Eagle in its article “Nuanced Directives, Power of Attorney Can Stem Elder Abuse.” These cases of elder abuse, fraud, and predation are reflective of a far larger problem. Continue reading

pexels-photo-534204-300x166Eight attorneys representing individuals and organizations connected to the late artist Robert Indiana, creator of the iconic “LOVE” sculpture, are asking that future hearings be held in closed sessions to protect people’s privacy and the value of some of his works of art, reports Press Herald in a recent article titled “Attorneys want hearings on the value of Robert Indiana’s estate held behind closed doors.”

Atty. James Brannan, who represents Indiana’s estate, is requesting information in a testimonial hearing to better determine the estate’s value. Continue reading

pexels-photo-300x205Retirement planning is not easy for couples or individuals, or the people who counsel them, according to a recent article in Wicked Local (Topsfield) titled “Your Financial Views: How your retirement can be the ‘golden years’.”

A conference on planning discussed a Harvard Business Review study called “The Crisis in Retirement Planning” that challenged how consumers and the financial industry look at retirement. The author said that the process is broken, which is why many families are not enjoying their “golden years.” The article presents five key risks and some solutions. Continue reading

pexels-photo-1305302-300x200A research assistant tested and placed sensors in the studio apartment of a 75-year-old Portland, OR resident one June morning. The man was basically allowing his house to be reconfigured, reported The Wall Street Journal in the article “A Tech Test to Keep Seniors in Their Homes Longer.”  The man was taking part in a large national study called CART–Collaborative Aging (In Place) Research Using Technology Initiative.

The study will allow researchers to monitor his daily activities by using sensors and other technology placed throughout his home. Continue reading