Once a Will is written, signed, notarized, and witnessed, it is termed legal as long as it meets the State law requirements. In order to change a Will completely, you must either create a new one or a Codicil. However, you cannot modify it by merely crossing out something or including anything new.
Reasons for Making Will Updates
Some of the few reasons to update your Will are:
Marriage: You want to include your new spouse in your estate plan.
Divorce:...
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30 Nov
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Nursing Home Abuse
It is troublesome, for a significant number of us, to hand over our parents and grandparents to others. Among work and raising your children, it is difficult to maintain a balance of everyone’s needs. Further, a large number of us don’t have the required space. When we entrust a long-term care facility with the well-being and prosperity of our loved ones, we expect proper care. Nursing home abuse is appallingly common and may appear as emotional, physical and/or financial...
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24 Nov
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Is Your Social Security Income Taxable?
Is your social security income taxable? Only a tax professional can give a good answer to this question. Being a tax professional, the answer to the above question is ‘maybe’, because the taxation of your social security income is entirely dependent on how much additional income you receive from other sources such as income from part-time work, self-employment income, income from pension and distributions from retirement accounts. Therefore, your social security benefits may be tax free or partially taxed.
Social...
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21 Nov
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When Do You Need An Estate Planning Attorney?
There is a good chance that you will require a proficient estate planning attorney at some point in your life. The problem could be recognizing when you have the need for an estate planning attorney because, like most people, you may not be familiar with the different types of legal matters we handle. Though it would be impossible to list every scenario in which you might need us, it is beneficial for you to read some common scenarios. Let’s...
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14 Nov
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Start Financial Planning as Soon as Possible
People often think that financial planning is something one should start to look at when nearing retirement. However, it's a fact that the younger you start planning the more successful you are likely to be.
Early planning helps people examine their financial health, spending habits, and consider topics such as budgeting, saving, taxes, family planning, purchasing a home, children's education, and retirement.
Elder Law Center of Wisconsin, LLC is the place to start planning for your future.
When Should You Think About...
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07 Nov
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Assistance Provided By a Probate Attorney to a Personal Representative
When someone dies, the estate of the decedent typically has to go through a legal process known as probate. If the decedent has left behind a Last Will and Testament, the individual named as the Personal Representative in the Will is the person who is responsible for overseeing the estate throughout the probate process. If someone fails to have a will, the State of WI names your beneficiaries and the estate goes through probate. Ideally, a Testator/Testatrix, i.e. a...
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23 Oct
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Help Aging Parents
Our ability to deal with complex tasks diminishes as we get older. It’s important to start talking with your parents about managing money while they are still able to make solid financial decisions.
You could approach the topic by telling your parents that you have started discussing your financial and retirement plans with your own children or someone you trust. Ask your parent if they have prepared estate planning documents, started an asset protection plan for their hard earned money,...
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06 Oct
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The Indispensable Checklist of Estate Planning
Estate planning is one of the best investments you will ever make. A few dollars spent will usually save thousands or hundreds of thousands of dollars that would otherwise be lost to taxes, attorney fees, court costs of nursing homes. it does not need to be complicated in most instances and provides you with the great piece of mind. While meeting with you, we discuss your goals and concerns. You will be educated on various legal “tools” available to...
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