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Thursday, April 26, 2018

Five Common Bankruptcy Myths

For those who are facing insurmountable debts, filing for Chapter 7 or Chapter 13 bankruptcy may be the only option. However, there are many misconceptions about the process. Let's take a look at five common bankruptcy myths.


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Wednesday, April 11, 2018

The Difference Between Equal and Equitable Inheritance

When it comes to estate planning, many individuals believe that dividing assets equally among adult children is the best choice. However, there are situations in which leaving each child the same amount might not be practical. For this reason, it is important to know the difference between an equal inheritance and an equitable inheritance, in which each child receives a fair share based on his or her circumstances.


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Wednesday, April 4, 2018

What Happens to Debt in Divorce

With all the focus on division of property in divorce, an important aspect often gets looked over. Where does the marital debt go? Marital debt will be subject to division just like the assets. From mortgages to credit card debt, someone will be responsible for taking on the repayment of these debts assumed during marriage.


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Friday, March 30, 2018

Returning to the United States after Deportation

Each year, hundreds of thousands of individuals are deported from the United States. For many of these people the dream of living and working in the U.S. is far from over. Unfortunately after deportation, the path to reenter and live in the U.S. is incredibly difficult. Depending on the reason for removal and number of violations, a deported individual may have to wait several years before reentry or they may be permanently banned from ever returning to the United States.


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Tuesday, March 13, 2018

Can I be discriminated against for filing bankruptcy?

Filing for bankruptcy can have long lasting consequences, not the least of which is that it will cause damage to your creditworthiness, making it harder for you to borrow money. At times, some individuals may also find that they are being discriminated against because of a bankruptcy filing. That's the bad news. The good news is that in many instances, this form of discrimination may be illegal.


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Friday, March 2, 2018

How a Prenuptial Agreement Can Protect Your Estate

There are many circumstances that can impact an estate plan, not the least of which is divorce. While ending a marriage is complicated, it is not only crucial to arrive at a fair and equitable distribution of the marital assets, but to preserve your estate as well.


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Wednesday, February 28, 2018

What Happens When Spouses Work Together and Get Divorced

We spend so much of our lives working, it is understandable that many of us end  in relationships with co-workers. In fact, CareerBuilder.com reports that 39% of people end up dating a co-worker and 30% of those people end up marrying the co-worker. Additionally, many small businesses are co-owned by couples. In as far back as 2000, an estimated 3 million of 22 million U.S. small businesses were couple owned and that number has greatly increased over the years. In 2007, 3.7 billion business were couple owned according to the Census Bureau.


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Monday, February 12, 2018

How to Get A Provisional Unlawful Presence Waiver


Under current law, many immigrants are required to travel abroad and apply for an immigrant visa from their home country before they can return and become lawful permanent residents of the U.S.  Immigrants in the United States illegally, however, may be barred from returning to the United States for either three years or ten years under Section 212(a)(9)(B) of the Immigration and Nationality Act.  

To avoid this bar, these foreign nationals must obtain a waiver of their unlawful presence when applying for an immigrant visa.  Seeking a waiver can lead to a Catch-22, however—leaving the U.
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Monday, February 5, 2018

What are Letters Testamentary?

An individual who has been named as a personal representative or executor in a will has a number of important duties. These include gathering the deceased person's property and transferring it to the beneficiaries through a court-supervised process known as probate. In order to initiate this proceeding, the executor must first obtain what are referred to as letters testamentary. This document gives the executor the legal authority to administer the deceased person's estate.

While the process varies from state to state, the executor must petition the probate court in the county in which the decedent lived. This typically requires submitting the death certificate and completing a short application. The application includes a sworn statement that the person has been named as the executor in the will, as well as an estimate of the estate's property and debts.

The probate court will then hold a hearing to verify that the individual meets the qualifications to act as executor. Generally he or she must be a mentally competent adult and not be a convicted felon. If approved, the court will issue letters testamentary and officially open probate.

In short, the letters allow the executor to collect the assets of the deceased which may be held by  another person or an institution such as a bank. Since banks and other institutions may want to keep the document on file, it is necessary to obtain multiple certified copies. The executor can also carry out his or her other duties such as inventorying and appraising assets, paying debts, and transferring property to beneficiaries, according to the terms of the will.

Letters of Administration

In the event a person dies without a valid will in place, an heir of the decedent, typically a legal relative, needs to petition the probate court for letters of administration. In this situation, the court will hold a hearing to appoint this individual to act as the estate administrator, issue the letters and open probate. The administrator then manages and distributes the assets according to the state's intestacy laws which generally give priority to spouses, children and parents.

 


Monday, January 29, 2018

Things to Consider When Picking an Executor

The role of an executor is to effectuate a deceased person’s wishes as declared in a will after he or she has passed on. The executor’s responsibilities include the distribution of assets according to the will, the maintenance of assets until the will is settled, and the paying of estate bills and debts. An old joke says that you should choose an enemy to perform the task because it is such a thankless job, even though the executor may take a percentage of the estate’s assets as a fee. The following issues should be considered when choosing an executor for one's estate.

Competency: The executor of an estate will be going through financial and legal documents and transferring documents from the testator to the beneficiaries. If there are legal proceedings, the executor must make all necessary court appearances. There is no requirement that a testator have any financial or legal training, but familiarity with these areas does avoid the intimidation felt by lay people, and potentially saves money on professional fees.

Trustworthiness: The signature of an executor is equivalent to that of the testator of an estate. The executor has full control over all of an estate’s assets. He or she will be required to go through all of the papers of the deceased to confirm what assets are available to be distributed. The temptation to transfer assets into the executor's own name always exists, particularly when there is a large estate. It is important to choose a person with integrity who will resist this temptation. It makes sense to utilize an individual who is an heir to fill the role to alleviate this concern.

Availability: The work of collecting rents, maintaining property, and paying debts can take more than a few hours a week. Selecting an executor with significant obligations to work or family may cause problems if he or she does not have the time available to devote to the task. If an executor must travel great distances to address issues that arise, there will be more of a time commitment necessary, not to mention greater expenses for the estate.

Family dynamics: Selection of the wrong person to act as executor can create resentment and hostility among an estate’s heirs. A testator should be aware of how family members interact with one another and avoid picking someone who may provoke conflict. Even the perception of impropriety can lead to a lawsuit, which will serve to take money out of the estate’s coffers and delay the legitimate distribution of the estate. 


Monday, January 15, 2018

How to Leave Gifts to Step-Children

Today, blended families have become increasingly common, and many individuals have step-children, that is, children of a spouse or partner. In situations where step-children have not been legally adopted, however, they do not have a legal right to an inheritance from a step-parent. For those who wish to leave step-children part of their estate , it is necessary to include them in an estate plan.

The easiest way to leave gifts to step-children is to name them in a will. As with any other gift, they can be given a percentage of the estate, or specific gifts. If there are other children involved, it is important to avoid confusion by naming each child and step-child by using their individual names, rather than terms such as "descendants," "heirs," or "children."

There are also a number of estate planning tools that can be utilized to include step-children in an inheritance. If the objective is to avoid probate, for example, a revocable living trust can be established in which a step-child is named as a beneficiary. Moreover, it may be necessary to provide for a disabled step-child who is eligible for public benefits by establishing a special needs trust. Lastly, a step-child can also be named as a beneficiary in a life insurance policy or a pay-on-death financial account.

While there is no legal obligation to leave step-children an inheritance, it may be the best choice for those who have a close relationship, or played a significant role, in raising them. However, this will reduce the amount of assets available to other children and beneficiaries. Because blended family relationships are complex and subject to emotional challenges, it is important to explain these decisions with all family members.

By engaging in an open and honest dialogue, you can minimize the potential for strife and the possibility of a will contest. In particular, it is important to clarify why you gave each recipient a gift, the selection of your executor, and your thoughts about the family.  Lastly, you are well advised to engage the services of an estate planning attorney who can help ensure your wishes regarding step-children are carried out.


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Serving Southeastern Wisconsin, with offices in Milwaukee and West Bend, Affliated Attorneys, LLC represent clients throughout Milwaukee County, Washington County, Waukesha County, Dodge County, Ozaukee County, Racine County, Sheboygan County, Jefferson County, Fond du Lac County and Walworth County.



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