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Funding Your Trust
Friday, April 16, 2021
Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates. When your spouse, child, or other loved one inherits your retirement account, creditors have the power to seize it and use the funds to satisfy their claims. This means one lawsuit and POOF!—your life-long, hard-earned savings could be gone. Your loved one could be left penniless. Fortunately, there is a solution to this problem. Read more . . .
Sunday, April 11, 2021
Though many people are familiar with life insurance policies and have a general understanding of how they work, the process of selling a life insurance policy to a third party may be less commonly understood. When an insured party sells a life insurance policy to a third party investor, the transaction is called a life settlement. How Life Settlements Work Though the idea is counterintuitive to many people, life insurance policies are considered property and therefore can be bought and sold. A life settlement begins when an insured party chooses to sell this property for cash. The difference between the sales proceeds (the total amount you received) and the cost basis (the total amount you paid into the insurance policy) is a taxable gain. Read more . . .
Wednesday, February 3, 2021
Strategies to Enhance Your Success
Estate planning is complex and continually evolving. Often, affluent families are “early adopters” of the newest and best estate planning strategies. Luckily, by working with us, you can benefit from the same estate planning strategies that affluent families do. Here are a few techniques we should discuss soon. 1. Read more . . .
Thursday, November 5, 2020
The death of a loved one can be one of the most disorienting life events. But if the loved one dies while traveling in a foreign country, the emotional and bureaucratic burdens can multiply exponentially. Contact the United States Bureau of Consular Affairs If foreign local authorities report a death to a US embassy or consulate, the United States Bureau of Consular Affairs located in that country will attempt to identify and contact the next of kin of the deceased US citizen. In many cases, an individual who dies abroad is traveling with friends or family, who will contact the deceased’s family back in the United States. But even if you first learn of your loved one’s death through friends and family, you should still contact the Bureau of Consular Affairs in the country where your loved one died. Read more . . .
Wednesday, November 4, 2020
The mortgage business is booming in many parts of the country. Historically low interest rates have created an almost frenzied environment with homeowners scrambling to refinance their home loans at these low interest rates. Even a few tenths of a percentage point of interest, over thirty years, can make a massive difference in the amount of interest that is ultimately paid on a loan. For many, it makes perfect sense to take advantage of these interest rates. Besides the associated transaction fees of refinancing, there is frequently little to no downside to refinancing in times like these. Read more . . .
Monday, August 31, 2020
For many people, a revocable living trust is a valuable tool to ensure that their finances are well managed during periods of incapacity and that their loved ones are financially secure upon their passing. However, signing the trust agreement doesn’t end the estate planning process: To work properly, the trust needs to be funded. What Is Trust Funding? Trust funding is the process of transferring the ownership of accounts and property to the trust during your lifetime, or designating the trust as a beneficiary of an account or piece of property so that the trust will receive ownership upon your passing. Trust Funding as a First Step for Trust Administration Not only does a completely funded trust avoid the dreaded probate process, it can also make the trust administration process much easier. - ●Accessing your accounts and property will be less complicated.
Read more . . .
Friday, August 28, 2020
One of the main reasons for getting an annual physical is to detect and treat problems before an illness or health condition becomes serious. Likewise, it is important for your estate plan to get a regular check up to address changes in your life circumstances or in the law to ensure that optimal plans are in place to provide for you and your family’s future needs before any problems arise. Like an undetected medical condition, an out-of-date estate plan can have devastating, unintended consequences.Read more . . .
Monday, August 17, 2020
Real estate can take on different forms of ownership depending upon the number of parties and the unique circumstances involved. Understanding how your real estate is owned, or “titled,” is necessary because this determines the extent of control you have over your real estate, how susceptible your property is to creditors, and what will happen to it upon your death. Below are some of the common ways in which real estate is owned.Read more . . .
Friday, August 7, 2020
The internet offers all the information and tools we need at our fingertips to create our own estate plan, right? For most people, this is simply not true. Several years ago, Consumer Reports®, an independent nonprofit consumer watchdog group, created wills using the forms provided by DIY websites and asked three law professors to review them. Although the professors found that the wills drafted using the DIY services were better than wills drafted by non-lawyers on their own, they were inadequate to fully meet the needs of most consumers. Although your DIY “estate plan” may initially cost only $49.95, it may end up being much, much more expensive than an estate plan designed by an experienced estate planning attorney. 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 . . .
Thursday, August 8, 2019
Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers don’t fully protect their legacy with an up to date estate plan. An out of date or inadequate estate plan could result in a farm or ranch that has been passed down for generations ending up being sold and converted into non-agricultural use. Sadly, farmers and ranchers are not the only ones who avoid making or updating an estate plan – many others, including business owners and parents, also avoid planning, which can cut their legacy short. In this issue you will learn about three common estate planning mistakes farmers, ranchers, and others make and how you can avoid them. 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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