Probate & Estate Planning

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If you’ve lost a loved one or are planning for the future, understanding the probate process in Illinois is essential. Whether you live in Lake County or anywhere in the state, probate can be a complicated legal process that adds stress during an already difficult time. In this post, we’ll walk through the basics of probate in Illinois, what it involves, and how proper estate planning can help you minimize—or even avoid—it.

What Is the Probate Process in Illinois?
Continue Reading What You Need to Know About the Probate Process in Illinois

Probate is the legal process through which a deceased person’s assets that are not otherwise distributed by operation of law are distributed and their debts are settled. In Wisconsin, like in other states, the probate process ensures that the wishes of the deceased are respected, while also providing a legal mechanism for creditors to claim what they are owed. It involves a Court-supervised procedure that can vary in complexity based on the size and nature of the deceased person’s…
Continue Reading Wisconsin Probate Basics

When a loved one passes away, settling their estate is often a necessary yet overwhelming task. While it’s natural to want a quick resolution during such an emotional time, the process of settling an estate can take longer than expected. Here, we’ll walk through the factors that affect how long it may take to settle an estate and provide insights on what you can expect along the way.
Factors That Affect The Timeframe to Settle an Estate
Every estate…
Continue Reading How Long Does It Take to Settle an Estate?

Digital Estate Planning: Protect Your Loved Ones
In today’s digital age, our online lives have become an integral part of our personal and financial well-being. Unfortunately, many people overlook the importance of planning for their digital assets in their estate plans. This oversight can lead to significant challenges for executors and heirs, including increased costs and delays in estate administration.
Understanding Your Digital Footprint
Your digital footprint encompasses a wide range of online accounts and services, from email and…
Continue Reading Digital Estate Planning: Protect Your Loved Ones

Global communication network concept. Worldwide business.

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

Selective focus of a stack of black paper written with Probate and small cardboard house.
Selective focus of a stack of black paper written with Probate and small cardboard house.

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

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The post Attorney Andrew J. Steimle – Just the Facts 2/9/2023 – Potential Enforcement Changes Regarding Non-Compete Agreements, Changes to WI’s LLC laws, and Top-10 Contract Tips appeared first on Steimle Birschbach, LLC.
Continue Reading Attorney Andrew J. Steimle – Just the Facts 2/9/2023 – Potential Enforcement Changes Regarding Non-Compete Agreements, Changes to WI’s LLC laws, and Top-10 Contract Tips

By:  Attorney Alison C. Petri
You hear about it all the time and don’t think it will happen to you but what should you do if you or your loved ones are a victim of a fraud or con.
Scams arise in many ways by phone, mail and the internet.  According to the FBI, fraud of Americans over the age of 60 resulted in more than $966 million dollars stolen in 2020 alone[1].  The loss of money…
Continue Reading Beware of Scams!

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