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
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Steimle Birschbach LLC Blogs
Latest from Steimle Birschbach LLC
What is the Difference Between a Sole Proprietorship, a DBA, and an LLC?
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
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Land Contracts in Wisconsin: What Buyers and Sellers Need to Know
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
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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
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Beware of Scams!
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
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Noncompete Agreements in the Crosshairs: What Business Owners and Employees 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
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Attorney Gina Ziegelbauer – Just the Facts 11/23/22 – Personalizing Your Estate Plan: Beware of Online Estate Planning Forms
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Business Owner Alert: Limited Liability Company Law Changes Coming in 2023
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
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Attorney Andrew Steimle – Just the Facts 9/21/2022 – Items to Consider if Buying or Selling a Business in 2022
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We Are Hiring – Business, Real Estate and Estate Planning Attorney – Manitowoc, WI
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
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Corporate Transparency Act: New Beneficial Ownership Information Reporting Requirements
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
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Buying A Business – “They’re Asking How Much?!”
When buying a company, buyers often value them lower than what sellers think they are worth. This is a natural and expected “tug of war” that goes on with most acquisitions. It is rare that the parties agree on the value of a company without some negotiation.
Third party financing also plays a significant role. When buyers seek a loan from a seasoned bank, the bank is likely to lend money mainly on the value of hard assets of
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Attorney Thomas Griesbach – Just the Facts 7/20/2022 – Probate Property – Now What?
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Attorney Alison Petri – Just the Facts 5/25/22 – Unique Estate Planning Considerations for Adult Children with Disabilities
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Proposed Regulations on the SECURE ACT
Earlier this year the IRS released proposed regulations on the SECURE ACT. The SECURE ACT made drastic changes to the rules governing inherited retirement accounts, effective January 1, 2020, but there has been little guidance from the IRS on the Act’s provisions until now.
The SECURE ACT seemed to replace the rule that a designated beneficiary must take out a yearly required minimum distribution (“RMD”) based upon his or her life expectancy (the “Life Expectancy Rule”) with a simple
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What’s Wrong with Online Will Forms?
These days there are several websites offering online do-it-yourself legal forms that promise easy, inexpensive legal forms. One such website says “there’s no easier way.” However, the biggest problem with these sites is they cannot provide any advice. When it comes to estate planning or business formation, there is a lot more involved than just filling out forms.
Details Matter. In estate planning, and any other legal documents for that matter, the details matter. Seemingly minor things like whether
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