Articles Tagged with Wisconsin Estate Planning Attorney

packs-163497_640-300x200“My favorite aunt passed away last year, and I inherited $2,500,000 after her probate. The check came last week. It has been a nightmare! I am a pharmacist and know a lot about medicines but very little about managing money.”

The arrival of an enormous sum can be overwhelming to those who are not accustomed to handing money, even though it sounds like a problem we’d all love to have. The truth is, as discussed in “Take your time, plan wisely when you inherit” from Edmonds Beacon, when something like this happens it can be unnerving, like winning a huge lottery jackpot. Continue reading

person-731423_640-300x200“Over 30 years ago, researchers and geriatricians identified an “elder orphan” (sometimes called a “solo ager”), as a person aging alone with little support.”

Little is known about “elder orphans,” people who don’t have parents, a spouse or family members. Decades ago, when families stayed closer to each other, a single or widowed person would remain connected to the extended family throughout their lives. However, today, as reported in Next Avenue’s insightful article titled “Identifying the Unique Challenges of Solo Agers,” many without families lack support and their needs are different than others aging at home. Continue reading

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“A 401(k) plan ensures that you have money to spend during your retirement years. However, there are reasons why a 401(k) stinks.”

It’s almost always enlightening to hear from a different perspective, even in finance. This article from Born2Invest, “Retirement planning: The downsides of your 401(k),” takes a somewhat contrarian view of retirement accounts in general and the use of 401(k)s in particular. We may not agree. However, it’s worth the read. Continue reading

old-people-couple-together-connected-300x198“If you’re part of a married couple, it’s highly likely that one of you will become a widow or widower at some point. Married couples can ‘show each other the love’ by planning for this inevitability.”

If it’s any comfort, there are now some 20 million widows and widowers in America, according to a study from Merrill Lynch and Age Wave that focuses on widowhood, as reported by CBS News’ Moneywatch in “A retirement planning must-do for married couples.” The study, “Widowhood: The Loss Couples Rarely Plan for—and Should” takes a detailed look at what happens, when the first spouse dies. Continue reading

pexels-photo-796606-300x194The 50s are the time of life when your kids are starting to become more independent and may have already moved out. If that’s true, you may have a little more disposable income. That presents a good opportunity to ramp up your retirement savings, advises Sioux City Journal in the article “In Your 50s? Do These 3 Things to Plan for Your Retirement.” Continue reading

hand-2906456_640-300x223Aging in place is what most people hope for as they enter their 60s and 70s.  However, to make it a reality, there is a need to plan, according to the article “BBB On Homes: Focus on several things when aging in place,” from LMTonline.com. The Centers for Disease Control and Prevention define aging in place, as the ability to live in one’s own home and community safely, independently and comfortably regardless of age, income or ability level.

Changes in health or finances don’t always allow this to happen. Here are four things to keep in mind, when considering whether you or a parent will be able to remain at home: Continue reading

pexels-photo-955389-300x200Do not buy into the myth that estate planning is only relevant for wealthy individuals who need tax planning. A comprehensive estate plan is an easy way to make sure your wishes are followed should you become incapacitated, and upon your death.

One of an estate planning attorney’s main responsibilities is ensuring that clients understand the importance of addressing these matters before they become an issue, reports the New Jersey Herald in the article “The importance of putting plans in writing.”

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Trust-300x225You might think of a trust as something for wealthy people who want to dispose of high-end assets, like art work, collectible cars or businesses.  However, just like everyone needs an estate plan regardless of their asset level, says The New York Times in the article, “Life After Death? Here’s Why You Should Have a Trust,” many people who are not wealthy could benefit from having a trust. Continue reading

digital assetsEstate planning must now include intangible assets that didn’t exist just a few years ago, as well as those that have been around since people started owning private property. Today, says Forbes in the article “Estate Planning for Crypto And Other Digital Assets: What You Need to Know,” there are new kinds of property and new laws that govern them.

Some of the old rules still apply and you need a trust or a will. One of the things in that trust or will, needs to be naming a trustee or executor who will be in charge of ensuring that your assets are distributed, according to the wishes you state in your trust or will. When it comes to digital assets, things get a little tricky. Continue reading

thinking-about-the-time-1316649-640x480-300x225A man who makes loans in a company, that is not quite a bank and not quite a payday lending company, remembers when a young man came in for a loan to buy a truck. According to wbhm.com’s report “Uncovering Elder Financial Abuse? It’s Tricky,” the 19-year-old did not have any credit history and had only been employed for a few weeks, so he brought his grandfather with him to co-sign the loan application.

The grandfather told him, “I don’t really want to, but they’re saying it’s the only way he can get it.” This raised a red flag for the man as a possible instance of elder financial abuse, but it presented a difficult situation. He wanted to make the loan and avoid negative reviews on social media. What should he do? Continue reading