Estate Planning
Estate Planning for Second Marriages
Although second marriages are more common than ever, developing an estate plan for couples in second marriages can be complicated and challenging, especially when one or both spouses have children from prior relationships as well as an accumulation of wealth and...
What Does “Sound Mind” Mean When Writing a Will?
A last will and testament, along with other important estate planning documents, records a person’s decisions regarding the disposition of their property upon their death. Once you turn 18, you can write and amend your estate planning at any point during your life, so...
So, You Want to Sell Your Life Estate?
Many people have established a life estate in their residence to protect it if they require Medicaid benefits to pay for their long-term care. A person establishes a life estate in their residence by signing a deed which transfers ownership to their desired...
Three Considerations for Estate Planning During a Pandemic
The possibility of prolonged sickness or even death from COVID-19 has caused many individuals to feel more urgency to prepare advanced directives and undertake other estate planning. In addition, the unknown final impact of the economic crisis may raise questions...
What Happens If I Pass Without a Will?
“What will happen to my assets when I pass away?” This is the question that brings many clients into their attorney’s office for initial estate planning discussions. Typically, their estate planning attorney will ask questions to learn about their assets, family and...
What Is Divestment Under Medicaid Law?
Divestment is when you or your spouse give away assets belonging to either or both of you and sell assets for less than fair market value. Avoiding or refusing to accept income or assets you are entitled to, such as a pension income or an inheritance would also be...
Maximizing Bequests with Charitable Contributions
Many Americans wish to leave a donation to their favorite charity, community foundation or nonprofit organization when they pass away. You may be one of them. Often people decide to donate by gifting a specific dollar amount or percentage from the residue of their...
What Is Probate?
Probate is an often misunderstood but frequently heard term in relation to the death of a loved one. Perhaps in completing your estate planning you have been advised to “avoid probate.” But what is probate and why is to be avoided? Probate is the name of the legal...
Using a Special Needs Trust to Ensure Your Settlement Does Not Affect Public Benefits
In Wisconsin, Medicaid (sometimes also called Medical Assistance) covers 1 in 9 adults and 1 in 3 children; in fact, 16% of the Wisconsin population gets its health care coverage through Medicaid. Unlike the similar sounding Medicare, Medicaid is a means...