Month: July 2018

Joint Tenancy Pitfalls: The ‘Simple’ Fix that Can Leave Your Family Broke

residenceThere are many ways to own your assets. When you die, it is only natural that you want your family to share in the bounty of your hard work. As a way to simplify the transfer process and avoid probate, you may be tempted to add a child or other relative to the deed or bank account utilizing the ownership type of joint tenancy with right of survivorship (JTwROS). However, while this type of ownership delivers a lot of potential benefits, it may also be masking some dangerous pitfalls.

Do I Need a Will if I am a Young Adult With Few Assets?

If you are young and do not currently have a lot of assets, you might think you can get by without an estate plan. The flaw in that reasoning is that you can never be sure how much your future estate will actually be worth. For example, even if you do not own much now, what if you die in a car accident caused by a drunk driver and your estate wins a multi-million dollar personal injury judgment? Who gets that money if you never bothered to make a will?

Milwaukee Parents Fight Over Litigation Proceeds of Son’s Estate

Should I Make My Own Will Using an Online Service?

The Internet has made information more widely available than ever before. Online services also make it possible for many people to complete certain tasks and projects on their own–or at least, with a minimum of third-party assistance. Some companies have even gained popularity offering “do-it-yourself” legal services that purportedly allow you to make your own will or estate plan.

Is this really the best option for you and your family? While many people turn to DIY solutions because they think they are cheaper, estate planning is not the best place to look for discount providers who offer limited services. It is really not something you should try to do without professional assistance.

Keep this in mind: A will is not like a home renovation project. For example, let’s say you have a leaky faucet in your house. You might decide to try and fix it yourself, despite the fact you have no plumbing experience. In the worst-case scenario, you bust a pipe and need to call a plumber to deal with your flooded bathroom. If you make your own will and there is a problem with the document, odds are the mistake will not be discovered until after you are dead. At that point, the problem may not be fixable.

Here are some other things to consider before opting for a DIY estate planning service:

5 Reasons to Protect Your Retirement Accounts Now

retirement savings
money retirement

During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your lifelong, hard-earned savings could be gone.

Fortunately, there is an answer. A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited assets from your beneficiaries’ creditors. We’ll show you what we mean.

When your spouse, child, or other loved one inherits your retirement account, their creditors have the power to seize it and take it as their own.

If you’re like most people, you’re thinking of protecting your retirement account? Here are 5 reasons we think you’re right. …

5 Reasons to Protect Your Retirement Accounts Now

During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your lifelong, hard-earned savings could be gone.

Fortunately, there is an answer. A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited assets from your beneficiaries’ creditors. We’ll show you what we mean.

When your spouse, child, or other loved one inherits your retirement account, their creditors have the power to seize it and take it as their own.

If you’re like most people, you’re thinking of protecting your retirement account? Here are 5 reasons we think you’re right.

  1. You have substantial combined retirement plans. Spouses can use an SRT to shield one or the other from creditors.
  2. You believe your beneficiary may be “less than frugal” with the funds. Anyone concerned about how their beneficiary will spend the inheritance should absolutely consider an SRT as you can provide oversight and instruction on how much they receive – and when.
  3. You are concerned about lawsuits, divorce, or other possible legal actions. If your beneficiary is part of a lawsuit, is about to divorce, file for bankruptcy, or is involved in any type of legal action, an SRT can protect the assets they inherit from those creditors.
  4. You have beneficiaries who receive assistance. If one of your beneficiaries receives, or may qualify for, a need-based governmental assistance program, it’s important to know that inheriting from an IRA may cause them to lose those benefits. An SRT can avoid disqualification.
  5. You are remarried with children from a previous marriage. If you are remarried and have children from a previous marriage, your spouse could intentionally (or even unintentionally) disinherit your children. You can avoid this by naming the spouse as a lifetime beneficiary of the trust and then having assets pass onto your children after his or her death.

You’ve Worked Hard To Protect & Grow Your Wealth – Let’s Keep It That Way

You worked hard to save the money in those retirement accounts and your beneficiaries’ creditors shouldn’t be able to take it from them. Let us show you how an SRT can help you protect your assets as well as provide tax-deferred growth. NOW is the best time.

Get Help from a Wisconsin Probate and Estate Planning Attorney

The estate lawyers of Krause Donovan Estate Law Partners, LLC practice law in the areas of Probate, Wills, Estate Planning, and Trusts. We assist clients in and around Madison, Wisconsin with all matters related to estate planning, trusts, and probate matters. Our dedicated attorneys will even make house calls if you are unable to come to our office.

To attend a free estate planning workshop or to receive our client planner to assess your estate planning mindset, contact our office by calling (608) 268-5751 or use our online contact form.

What Does a Personal Representative do?

Many Wisconsin residents are appointed to serve as the personal representative for a family member’s estate without fully understanding the duties and responsibilities of the position. Handling an estate is not necessarily difficult, but it does require a certain attention to detail and the ability to meet specific legal deadlines.

The Basics of Administering a Wisconsin Estate

Do I Need to Include Bitcoin in My Estate Plan?

Estate planning is only effective if it includes all of your assets. In most cases this is not a big deal. Major assets like your home have a deed that clearly establishes legal title. Other liquid assets such as a brokerage account are maintained by a trusted third party that must follow certain regulatory standards.

How Cryptocurrencies Work

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