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Estate Planning for Blended Families

Posted by Lanre J. Abiola | Jun 28, 2024 | 0 Comments

More American families are increasingly becoming blended families, where couples come together with children from previous relationships. Things often proceed smoothly until a parent dies and a lawyer, or the family's personal representative, begins reading the last will and testament.  Generally, when a parent dies, the standard procedure for most married couples is to transfer everything to the surviving spouse and then to their children. However, this approach can be disastrous for blended families because a surviving spouse often has no legal obligation to leave assets to stepchildren. There are instances where stepchildren lose out on their inheritance while stepsiblings receive everything. Therefore, for blended families, the key to avoiding crises later in life is to create comprehensive estate planning.

How Special Needs Trusts Work

Posted by Lanre J. Abiola | Mar 17, 2024 | 0 Comments

When there is a disability, chronic health issue, or addiction, parents often create a special needs trust, where funds in the trust are typically used for the child's treatment and recovery. Special needs trusts allow parents of special needs children to extend care and financial assistance for t...

Exempt Probate Assets in Wisconsin

Posted by Lanre J. Abiola | Feb 24, 2024 | 0 Comments

Probate is the legal process of transferring the property from a deceased person's estate to their heirs or beneficiaries. Additionally, probate is required in Wisconsin for any assets, without a trust, that exceeds $50,000. Probate is overseen by the local probate court.  When someone with asse...

Probate Duration in Wisconsin

Posted by Lanre J. Abiola | Jan 06, 2024 | 0 Comments

Probate is the legal process of transferring the property from a deceased person's estate to their heirs or beneficiaries. Additionally, probate is required in Wisconsin for any estate, without a trust, that exceeds $50,000. Probate is overseen by the local probate court.  Additionally, Wisconsi...

The Corporate Transparency Act ("CTA"): Enhanced Federal Anti-Money Laundering and Countering the Financing of Terrorism (AML/ CFT) Legislation

Posted by Lanre J. Abiola | Nov 30, 2023 | 0 Comments

The Anti-Money Laundering Act of 2020 (AMLA) established the Corporate Transparency Act (CTA), which creates a new beneficial ownership information reporting requirement as part of the United States government's efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies and/or other opaque ownership structures.

Power of Attorney for Parents that Want to Access their College Age Children's Medical & Financial Information

Posted by Lanre J. Abiola | Nov 25, 2023 | 0 Comments

Under Wisconsin law, unless you are under a legal guardianship due to disability, you become an adult at age 18. Most college age children are considered adults because they are at least 18 years old. Accordingly, when your child becomes an adult at age 18 and goes to college, you lose your parental rights to be involved in your child's medical and financial affairs—meaning that your child has the legal rights to manage his/her affairs independently without your consent or involvement. 

Leaving Assets to Your Beneficiaries and Not Their Spouses in a Revocable Trust in Wisconsin

Posted by Lanre J. Abiola | Sep 20, 2023 | 0 Comments

Having worked hard to build your wealth and wanting to transfer your wealth to your children, you may be concerned about the possibility of how your children's spouses, without prenuptial or postnuptial agreements, may mismanage your children's inheritance if there is a divorce. Fortunately, there are legal means to protect your wealth and ensure that only your children benefit from their inheritance. This blog will focus on leaving assets to your beneficiaries (i.e., children) and not their spouses in a revocable living trust in Wisconsin.  

Getting a Permit and Retail License to Sell Cigarette, Tobacco, and Vapor Products in Wisconsin

Posted by Lanre J. Abiola | Aug 31, 2023 | 0 Comments

A permit and retail license allows a person to sell cigarette, tobacco, and vapor products in Wisconsin. Under Wisconsin law, tobacco products include cigars, cheroots, granulated tobacco, plug cut tobacco, snuff, chewing tobacco, clippings, and other forms of tobacco prepared in such a manner as to be suitable for chewing or smoking in a pipe or otherwise. See Wis. Stat. § 139.75(12).

Wrongful Death and Survival Action/Claim

Posted by Lanre J. Abiola | Aug 26, 2023 | 0 Comments

A wrongful death action is a suit brought by the decedent's spouse or representative to recover losses suffered by the spouse or representative because of the decedent's death, caused by someone else's negligent act. As such, the surviving family has the right to pursue compensation for those los...

Why Setting up a Trust is Paramount

Posted by Lanre J. Abiola | Aug 21, 2023 | 0 Comments

Why do most people set up a trust? The most common answer is that people want to make sure that their loved ones are financially protected. Setting up a trust may also provide privacy and important tax advantages.  The individual arranging a trust is called a grantor or settlor. The grantor turns...

The Best Place to Keep Your Will

Posted by Lanre J. Abiola | Aug 18, 2023 | 0 Comments

When you choose not to have an attorney draft your will and/or create a trust, there may be conflict between your heirs/beneficiaries. For instance, Aretha Franklin made the right choice in drafting her last will and testament, but she made a mistake by refusing to properly keep the wi...

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