Residents of long-term care communities, such as assisted living facilities and nursing homes, retain the right to vote as long as they have the capacity to do so. Many of our clients in facilities request that their power of attorney act on their behalf to pay bills and make medical decisions. However, authority as a […]
Deciding who to name as the beneficiary of your 401(k), IRA, or other qualified retirement account is a crucial part of estate planning. This decision can significantly impact how your assets are distributed and taxed after your death. With the introduction of the SECURE (Setting Every Community Up for Retirement Enhancement) Act on January 1, […]
In Wisconsin, a Marital Property Agreement can be a valuable tool for estate planning, particularly for transferring property without going through probate, the legal process of distributing a deceased person’s estate, which is often both time-consuming and costly. Here’s how it works: What is a Marital Property Agreement? A Marital Property Agreement is a legal […]
When it comes to pursuing your passion for hunting, owning land can be a dream come true. However, not everyone chooses to purchase hunting land on their own. In such cases, jointly owning hunting land with friends or fellow hunting enthusiasts can be an excellent option. One popular and strategic method to jointly own hunting […]
Probate is a legal process that comes into effect upon your passing, and its purpose is to supervise the fair distribution of your assets to your heirs, beneficiaries or creditors. The process is triggered when your assets are frozen, which basically means that you haven’t designated any beneficiaries nor joint owners who could inherit your […]
For the first time since 2020, when the Coronavirus Aid, Relief and Economic Security (CARES) Act was passed in response to the pandemic designation, it is expected that the assistance plans put in place to help those receiving public benefits will come to a close at the end of March. As you probably recall, the […]
In a prior blog post, we discussed the temporary suspension of certain Medicaid and Family Care rules during the pandemic. That discussion included the impact of stimulus payments on asset levels and the temporary suspension of annual renewals and continuing benefits for recipients, even if they are over assets. The Wisconsin Department of Health Services […]
Wispact trusts are a popular topic on our blog (click here for our first four articles WisPACT 1, WisPACT 2, WisPACT 3, WisPACT 4). A quick refresher – WisPACT trusts allow loved ones to set funds aside for a disabled individual’s needs without jeopardizing eligibility for government benefits such as Supplement Security Income (SSI) or […]
COVID-19 has been hard on all of us, but especially on residents of nursing homes. Because nursing homes house our most vulnerable population, extra precautions needed to be implemented to protect them. This resulted in nursing homes being “locked down,” meaning residents were not allowed to leave, nor were they allowed visitors. Early on during […]
We have already discussed a bit of background on WisPACT trusts and the process to set up a WisPACT trust. While I strongly encourage clients to look at WisPACT options for beneficiaries with disabilities, there are some circumstances where WisPACT might not be the perfect fit. In those cases, clients can choose to set aside […]