Probate & Estate Planning

In an increasingly digital age, our lives are intricately woven into the fabric of the online world. From financial accounts to cherished memories captured on social media, our digital footprint holds a significant part of our legacy. Yet, many individuals overlook the importance of including digital assets in their estate planning. Let’s explore why safeguarding your digital assets is crucial and how to ensure they are part of your comprehensive estate plan.

1. Understanding Digital Assets:

Digital assets encompass
Continue Reading Preserving Your Digital Assets

On November 1, 2023, the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits.  Almost all of the limits shown below have increased from last year.
 

Qualified Plan Limit
Cost-of-Living Adjustments

401(k) and 403(b) elective deferral limit

2023 – $22,500

2024 – $23,000

$200,000 compensation limit

2023 – $330,000

2024 – $345,000

$160,000 defined benefit limit

2023 – $265,000

2024 – $275,000

$40,000 defined contribution limit

2023 – $66,000

2024 – $69,000

$80,000 definition
Continue Reading 2024 Qualified Plan Cost of Living Increases, 2024 Social Security Taxable Wage Base

The United States Attorney’s Office from the Southern District of Ohio recently issued a press release that highlights how elderly individuals suffering from dementia may be vulnerable to financial abuse. The press release can be found here.

As the release explains, the attorney defrauded his client—an elderly woman in her 80s—over the course of seven years, between 2012 and 2019. The attorney’s law license was revoked in 2015. The attorney stole the funds using a myriad of methods,
Continue Reading Ex-Attorney Convicted of Stealing More Than $800,000 from Elderly Victim with Dementia

Death is an inevitable part of life, but dealing with the aftermath of a person’s death can be a challenging and emotional experience for their loved ones. When a person passes away, their estate will typically pass through probate court to ensure their debts are paid, their assets are distributed according to their wishes, and their affairs are wound up properly. However, disputes can arise during the probate process, especially if the decedent’s intentions were not clear or if
Continue Reading When Is Fiduciary Litigation Necessary in Probate Cases?

Beneficiary designations (or sometimes called TOD [Transfer on Death] or POD [Payable on Death] designations) may be placed on almost any financial asset.  A Non-Probate Transfer at Death Deed (“TOD Deed”) may be used to transfer Wisconsin real estate without court to whomever the grantor names in the TOD Deed.  If a Decedent designates beneficiaries on all but fifty thousand dollars’ worth of his or her property, the Decedent will have avoided probate. While this strategy is not appropriate
Continue Reading Satisfying Bequests in a Will While Avoiding Probate

Starting a business can be a daunting task, especially when it comes to choosing the right business structure. Three common options are sole proprietorships, DBAs, and limited liability companies (LLCs). While each structure has its advantages and disadvantages, understanding the differences between them is important to help you make an informed decision.

A sole proprietorship is the simplest and most common business structure. In reality, it isn’t a business structure at all.  It is a business owned and run
Continue Reading What is the Difference Between a Sole Proprietorship, a DBA, and an LLC?

What to do with an inherited IRA can seem overwhelming at first, but inheriting an IRA can be a significant financial asset. It’s important to understand the options available to you and how to make the most of the money you’ve inherited. If you’ve inherited an individual retirement account, there are many planning decisions that need to be made from tax implications to planning for your new investment. Learn the steps you should take and learn what to do
Continue Reading 4 Things To Do When You Inherit an IRA

It is no secret that interest rates have been rising over the last year and it is unclear whether interest rates will come down any time soon.  As widely reported, the rise in interest rates has cooled the real estate market causing some buyers to pause moving forward with real estate purchases. As an alternative to traditional financing, a land contract, also known as a contract for deed, is a legal agreement in which the real estate seller agrees
Continue Reading Land Contracts in Wisconsin: What Buyers and Sellers Need to Know

The Federal Trade Commission (FTC) recently proposed a rule that would ban the use of noncompete clauses in employment contracts.  Noncompete clauses have faced increased scrutiny by the FTC and the proposed rule is part of the FTC’s larger effort to promote competition and protect consumer welfare.

The FTC and other proponents of the abolition allege that noncompete clauses reduce employee mobility and lead to reduced innovation and higher prices for consumers. By banning noncompete clauses, the FTC hopes
Continue Reading Noncompete Agreements in the Crosshairs: What Business Owners and Employees Need to Know

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The post Attorney Gina Ziegelbauer – Just the Facts 11/23/22 – Personalizing Your Estate Plan: Beware of Online Estate Planning Forms appeared first on Steimle Birschbach, LLC.
Continue Reading Attorney Gina Ziegelbauer – Just the Facts 11/23/22 – Personalizing Your Estate Plan: Beware of Online Estate Planning Forms

In April of 2022, Governor Tony Evers signed into law 2021 Wisconsin Act 258, introducing significant changes to the law governing Wisconsin limited liability companies (LLCs). On January 1, 2023, the Revised Uniform Limited Liability Company Act will govern Wisconsin LLCs (WULLCL).

How Does This Change Affect My Current LLC?

For currently formed Wisconsin LLCs or LLCs created on or before December 31, 2022, you have three options:

1) File a Statement of Nonapplicability with the Wisconsin Department of
Continue Reading Business Owner Alert: Limited Liability Company Law Changes Coming in 2023

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The post Attorney Andrew Steimle – Just the Facts 9/21/2022 – Items to Consider if Buying or Selling a Business in 2022 appeared first on Steimle Birschbach, LLC.
Continue Reading Attorney Andrew Steimle – Just the Facts 9/21/2022 – Items to Consider if Buying or Selling a Business in 2022

Steimle Birschbach, LLC, a boutique law firm concentrating in matters relating to business, real estate and estate planning (including elder law and post-death administrations), is seeking an attorney to join our team.  The ideal candidate will have 2-3 years’ experience but all applicants will be considered.  Steimle Birschbach, LLC has a northeastern WI presence with offices in Manitowoc and Sheboygan.  This position is intended to focus on our Manitowoc market.  This is a fantastic opportunity to build a career
Continue Reading We Are Hiring – Business, Real Estate and Estate Planning Attorney – Manitowoc, WI

By: Attorney Thomas A. Griesbach and Attorney Samuel J. Spurney

The Corporate Transparency Act became law on January 1, 2022 and implements Beneficial Ownership Information (“B.O.I.”) reporting requirements on most small businesses in the United States.  The Act will create a national database available to law enforcement to crack down on money laundering through “shell corporations”.  The reporting requirements will not come into effect until the Treasury issues final regulations on the matter, but all business owners should be
Continue Reading Corporate Transparency Act: New Beneficial Ownership Information Reporting Requirements