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Beneficiary
Friday, September 18, 2020
Confused about the differences between a will and a trust? If so, you are not alone. While it is always wise to contact experts like us, it is also important to understand the basics. Here is a quick and simple reference guide: What a Revocable Living Trust Can Do – That a Will Cannot - ●Avoid conservatorship and guardianship. A revocable living trust allows you to name your spouse, partner, child, or other trusted person to manage your money and property, that has been properly transferred to the trust, should you become unable to manage your own affairs. A will only becomes effective when you die, so a will is useless in avoiding conservatorship and guardianship proceedings during your life.
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Monday, September 14, 2020
The bad news: When a deceased person’s estate (all of their money and property) has to go through probate (the court-supervised process of distributing a deceased person’s money and property), it can be subject to a variety of costs stemming from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate's complexity, fees can run into tens of thousands of dollars. The good news: Many of these probate costs can be reduced by avoiding probate. It’s really that simple. Here are three simple ways to reduce or eliminate costs by avoiding probate: - Name a Beneficiary.
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Monday, September 14, 2020
You have searched for and found the love of your life, maybe your first love, or maybe after a previous marriage. As you have built your life together, you have probably weathered your fair share of storms and grown stronger because of them. To prepare for the future and the possibility of no longer being around for your spouse, it is important that you plan now to protect the surviving spouse later. As part of a married couple, you are uniquely situated to further protect your loved one upon your passing through the use of special planning techniques only available to married individuals.Read more . . .
Friday, August 21, 2020
If you are a parent, you probably love to do good things for your children—and leaving them an inheritance is one of the most tangible ways you can show your love once you are gone. What you may not know is that there are a variety of ways that you can leave money and property to your children, and you can choose the method you think best takes your goals, including their wellbeing, into account.Read more . . .
Tuesday, August 4, 2020
The death of a loved one is one of the most difficult times in a person’s life. Nothing can truly prepare a person for such a loss. However, dealing with the financial stress of frozen bank accounts can exacerbate the stress. Without proper planning, your significant other could struggle to gain access to your accounts. The frustration is especially distressing if the frozen account was the primary source for paying joint or household expenses.
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Monday, August 3, 2020
A savings bond is defined as “a debt security issued by the U.S. Department of the Treasury to help pay for the U.S. government’s borrowing needs. Read more . . .
Sunday, August 2, 2020
According to the Pew Research Center, in 2017, there were 44.4 million foreign-born people living in the United States, 55% of whom were non-citizens. As a result, there are many occasions when a non-citizen may be the beneficiary of the estate of a U.S. citizen, for example, if the non-citizen immigrant married a U.S. citizen. There are no laws prohibiting this, though non-citizen spouses—regardless of whether they are in the U.S. legally or illegally—may be treated differently for estate and gift tax purposes.Read more . . .
Sunday, July 26, 2020
Bankruptcy may be one of the last things on your mind when you are creating an estate plan. Fortunately, the number of bankruptcy filings have declined as the economy has improved, but there were still a whopping 969,397 bankruptcy filings during the period from June 30, 2018 to September 30, 2019. What happens to your estate if you file for bankruptcy protection, but die while still in bankruptcy? What if one of your beneficiaries is in bankruptcy or is likely to be soon? None of us knows what the future holds, so these are important considerations that you should take into account in your estate planning, even if the possibility of bankruptcy seems far-fetched right now.Read more . . .
Thursday, July 9, 2020
When it comes to returning to school in the fall, the details may still be unknown. Will students be attending classes in person, or will classes continue to be online? Will college students be allowed on campus, or will they be bunking with mom and dad for the fall semester? One thing is certain: education will still be costly. In times of uncertainty, it is important for your planning to be as flexible as possible while still meeting your needs. Some techniques for funding education expenses require that the funds be spent only on certain items to take full advantage of tax breaks and incentives. Other tools are less restrictive regarding how the money can be spent, allowing for more flexibility—which is important during these uncertain times. Read more . . .
Wednesday, February 26, 2020
On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which became effective on January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. It will have a positive impact for many older Americans but could have negative tax consequences for many beneficiaries of their retirement accounts.Read more . . .
Saturday, August 24, 2019
Over the years, we’ve discovered that many people make a BIG mistake, catapulting their assets and loved ones right into the court system. Most of our clients want to avoid probate because it has a reputation for being expensive, time consuming, stressful - and public, meaning anyone anywhere can see who got what and how to contact them. Beneficiaries may become victims to nosey neighbors, predators, and unscrupulous “charities.” Q: What’s the one mistake that causes all these problems? A: An unfunded trust. In this issue you will learn: - What it means to fund your trust
- What happens to assets left out of your trust
- Which assets should, and should not, be funded into your trust
- How funding your trust will ensure your final wishes are carried out and save your loved ones valuable time, money, and the frustration of going to court – while preserving privacy
Read more . . .
Nennig Law Offices, LLC assists clients in Madison, WI and throughout Southern Wisconsin including Verona, Middleton, Sun Prairie, Cross Plains,Sauk City, Belleville, Waunakee, Mount Horeb, Oregon, Black Earth, DeForest,Monona, McFarland, Stoughton, Cambridge, Deerfield and Fitchburg.
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