Articles Tagged with Wisconsin Estate Planning Lawyer

pexels-photo-267350-300x218“As our lives become more and more connected online, we increasingly need to also consider what to do with the digital estate, the online accounts of our dearly departed, many of which hold photos and personal memories, as well as sensitive financial information.”

Settling the estate of a loved family member or dear friend is a challenging and emotionally wearing process, reports The-Parallax in the article “How to settle your loved one’s digital estate.” If an estate plan is in place, some things are easier. However, even then, there are possessions to sort through, assets to distribute and many tasks that need to be done. Now, add digital assets to that list. Continue reading

accessory-adult-aged-1251174-300x251“Workers aren’t the only ones who need to double-check that they’re withholding sufficient taxes. The IRS is warning retirees to ensure they’re paying enough federal income tax.”

The IRS embarked on a big awareness campaign since the summer, telling taxpayers they should review and update their withholding numbers at work to ensure that they are paying enough federal income tax. But they’re not the only ones who should be checking their numbers, reports CNBC in the article “The IRS is warning retirees of this impending surprise tax.” Retirees who fail to update withholding from pensions or annuities may be in for a surprise, and it won’t be a good one. Continue reading

guns-rifle-weapon-target-50571-300x199“Most gun owners are cognizant of the strict regulations concerning ownership of a firearm. However, their family members and heirs are often unaware of the laws governing the disposition of a firearm, when the gun owner dies.”

The NY Secure Ammunition and Firearms Enforcement (SAFE) Act, enacted in response to the Sandy Hook shootings, amended many of New York’s laws to provide strict regulations, including guidelines and a timeframe for safeguarding firearms after a gun owner dies.  However, do the new laws leave family members and heirs at risk of criminal liability? Continue reading

calculator-1044172_640-300x200“Retirees living abroad have to take special care with their tax returns. If you forget to check it off this box on Schedule B when you live overseas, it could mean big trouble with the IRS.”

It’s something you don’t hear discussed often, but there are people who like to hide money overseas. Others just love the idea of retiring to a European country where they can live out a life-long dream. However, according to a recent article from CNBC titled “How to retire overseas and avoid IRS penalties,” Congress enacted the Foreign Account Tax Compliance Act, or FATCA, in 2010 expressly to increase tax compliance by Americans, who keep financial assets outside of the U.S. Continue reading

heartbeat-163709_640-300x169“An advance directive comes up frequently in conversations about health care decision-making, as people age. Their purpose is to provide written instructions for medical care, in instances where a patient is unable to communicate them herself.”

An advance directive is a legal document that states a person’s preferences for medical treatment and medical decision-making, reports Valley News in an informative article titled “Advance Directives Provide Clear Guidance for Care.” Continue reading

bigstock-Family-Couple-Relationships-Cr-5604405-300x185

“The problem is that my parents want to designate me as their power of attorney, for both health care and financial decisions, since I live in their community. Unfortunately, my siblings feel slighted.”

The reader who posed this scenario is not alone in facing siblings who live far away but feel like they are not being included in their parent’s plans. For this family, one sibling lives 500 miles away and another lives 800 miles in the opposite direction. The one daughter who lives in the same community is the logical choice for power of attorney. What can be done? Continue reading

pexels-photo-271722-300x169“There is no doubt that, for the most part, parents are much more involved with their children and their children’s more numerous activities, than parents were when we were kids.”

If this describes you and your kids, then you need to prepare yourself for the adjustments that happen when the last child leaves the house. It can be emotionally and financially challenging, according to the Daily Messenger in the article “John Ninfo: Some advice for empty nesters” Continue reading

pexels-photo-544965-300x200As business owners start thinking about the most valuable asset that they own, they need to make some major decisions about their estate plan: do they want to pass the company to the next generation or sell it? In both cases, says Smart Business in the article “Questions for business owners to consider when estate planning,” starting the process of planning needs to begin early to ensure a smooth transition.

If the owner waits until illness or disability occurs to begin planning, chances are good that it will be too late. Continue reading

retirementThere is a longstanding 4% rule of thumb that was developed in the mid-1990s, outlining how much a person could safely withdraw from retirement savings each year and still have a nest egg to last a lifetime (aka 30 years).

Scratch that rule, advisors are now saying, because there are too many other factors to consider. The old 4% rule, reports Forbes in the article “Here’s How to Refresh Your Retirement: The 4% Rule of Thumb,” doesn’t work anymore, in light of increasingly high healthcare costs, jobs that can be done well into one’s later years and a longer life expectancy. Continue reading