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Probate
Thursday, April 15, 2021
Approximately 600,000 people go missing in the United States each year.[1] The loved ones who are left behind must carry not only heavy emotional burdens but significant practical burdens too. People who go missing often leave behind real estate and personal property, debts and ongoing bills, insurance premium payments, employment or business concerns, pets, family support obligations, and more. But if someone is missing, and it is uncertain when or if they will ever return, these practical issues must be addressed at some point to prevent them from becoming even more burdensome in the future. Read more . . .
Wednesday, February 10, 2021
How your accounts are owned makes a big difference in estate planning. The main objective is usually to ensure that no accounts and property are in only your name when you die. Otherwise, they will be subject to probate, a costly, public, and time-consuming court process that many people prefer to avoid. Therefore, it is important that you review your accounts and beneficiary designations to be sure that the death of your loved one has not compromised your previously established plan. Accounts with beneficiary designations, such as life insurance policies, retirement accounts, and annuities, will be distributed at your death, without probate court involvement, to the beneficiaries you have named. Read more . . .
Tuesday, February 9, 2021
Owning real estate continues to be a very popular investment vehicle for individuals and couples alike. One attractive feature of investing in real estate is that investment property can also double as a personal residence. In other cases, real estate investments may be rental, recreational, commercial, or farm properties. Whatever the case, it is important to understand that real estate can be owned in several ways, each of which has important legal consequences when it comes to leaving that real estate to your loved ones upon your death. Failing to understand how you legally own your real estate and how it will be passed on to your loved ones can lead to unintended, and often negative, consequences. Read more . . .
Friday, February 5, 2021
With our society becoming increasingly mobile and international travel becoming more affordable than ever before, families and family-like relationships have steadily grown far more diverse in terms of citizenship. It is no longer uncommon for spouses from different countries to retain citizenship in their native countries. Many couples split their time between the United States and another country to be near their families and enjoy the many benefits of such a lifestyle. In addition, it is not uncommon for a couple’s children or other loved ones to move away from their country of origin and take up permanent residence abroad, or even renounce their home country citizenship, depending on their choices of careers or domestic partners or other considerations. Diversity of citizenship among friends and family also creates a fair share of complications. Read more . . .
Monday, February 1, 2021
Timeshares have come a long way since they first arrived in the real estate market back in the ’70s. In the early days of timeshare ownership, high-pressure sales tactics, exceedingly vague contracts, and inflexible scheduling policies caused many people to quickly regret such purchases. Over time, however, timeshares have become more consumer-friendly with greater transparency in the terms of the contract, more flexibility in scheduling timeshare weeks, more diversity in the location of the vacation properties, and less pressure during the sales experience. That is not to say that all timeshare companies are ethical and transparent. There are plenty of modern-day examples of abuses within the timeshare industry. Read more . . .
Wednesday, January 6, 2021
You just found out that your favorite aunt, Aunt Melba, has died. In the midst of your grief and sadness, you receive a notice from the attorney handling Aunt Melba's affairs stating that you are a beneficiary. Your best friend advises you to get an attorney. What should you do? Will Aunt Melba's attorney help you? After all, Aunt Melba's attorney has been helping your family for years. Since this attorney knows Melba and the family affairs, shouldn't her attorney be able to help you as well? That answer depends on the circumstances. Read more . . .
Tuesday, January 5, 2021
As the world becomes more of a global community, it is no longer uncommon for married couples to maintain different citizenships. While a difference in citizenship alone can present complexities from an everyday tax perspective, another set of challenges arises when a noncitizen spouse separates from the US spouse, returns to live in the noncitizen spouse’s home country, and then passes away. What are some of the issues you need to be aware of? Choice of Law One of the first questions that must be answered is which country’s laws will apply with respect to inheritance, division of property, child custody, and taxation. Depending on the noncitizen spouse’s country of residence at death, there can be very different legal consequences for owning property at death. Some countries have treaties with the United States that attempt to bring clarity to tax liability issues and division of property at the death of an individual who is married to a noncitizen. Read more . . .
Monday, December 28, 2020
Can Dual Citizenship Ruin Your Estate Plan? In early 2020, married actors Tom Hanks and Rita Wilson became honorary citizens of Greece. The president of Greece bestowed this honor upon them due in large part to their humanitarian work in the country after a deadly wildfire swept through Athens in 2018. Hanks and Wilson spend considerable time in Greece as it is one of their favorite spots for extended vacations, so when this honor was offered to them, they graciously accepted. Although neither of them gave up their US citizenship, there will nevertheless be important estate planning considerations that Hanks and Wilson must address. Any US citizen with dual citizenship must be prepared to carefully consider a variety of complex legal issues when planning for death. 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 . . .
Sunday, September 20, 2020
Most people understand that having some sort of an estate plan is a good thing. However, many of us do not take the first steps to get that estate plan in place because we do not understand the nuances between a will and trust – and dying without either. Here is what will generally happen if you die, intestate (without a will or trust), with a will, and with a revocable living trust (hereinafter trust). For this example, we are assuming you have two children, but no spouse: - 1.Intestate.
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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.
Read more . . .
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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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