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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

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
Continue Reading Buying A Business – “They’re Asking How Much?!”

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The post Attorney Alison Petri – Just the Facts 5/25/22 – Unique Estate Planning Considerations for Adult Children with Disabilities appeared first on Steimle Birschbach, LLC.
Continue Reading Attorney Alison Petri – Just the Facts 5/25/22 – Unique Estate Planning Considerations for Adult Children with Disabilities

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
Continue Reading Proposed Regulations on the SECURE ACT

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
Continue Reading What’s Wrong with Online Will Forms?

2021 was the busiest year ever at Steimle Birschbach in terms of the number of transactions closed.  It was the second highest year in terms of total transaction dollar amounts.  We attribute this to a few consistent themes.

First, there was significant concern about a potential change in tax rates.  As you may recall, early in the Biden administration, there was talk of modifying capital gain tax rates to equal ordinary income tax rates for anyone with income in
Continue Reading 2021 Business Transactions Year in Review

By:  Attorney Gina C. Ziegelbauer
When someone dies, one of the first things loved ones are faced with is what to do with all of physical things your loved one owned. Sorting through a loved one’s tangible personal property can be an overwhelming task depending on how much stuff there is, the value of the property (monetary or sentimental), the number of heirs supposed to receive the items, and how well the heirs get along. Sometimes the question of
Continue Reading What Happens To My Belongings When I Die?

By:  Attorney Samuel J. Spurney
“Leave the Gun. Take the cannoli” is arguably one of the most famous lines in movie history.  In the movie, The Godfather, Peter Clemenza – fictional hitman for the Corleone crime family – utters this line after avenging the betrayal of the Corleone family by one of its members.
​Asset Purchase Acquisition Structure
The same can be said for business acquisitions structured as an asset purchase – one of the key advantages of acquiring
Continue Reading “Leave the Gun. Take the Cannoli.” Structuring Your Business Purchase to Avoid Taking On Unwanted Seller Liabilities

By: Steimle Birschbach, LLC 2021

On September 24, 2021, we posted a blog entitled “Federal Estate Tax Law Changes Are Near” that summarized the provisions of draft legislation approved by the House Ways and Means Committee on September 15, 2021, that would have made drastic changes to the federal estate tax law. Many practitioners and political analysts expected some form of the legislation to be passed before year end. Since our blog post, the estate tax related provisions have
Continue Reading Federal Estate Tax Law Changes – Stalled or Dead?

Simply transferring a farm to the next generation is quite easy.  Successfully transitioning a farm business for the mutual benefit of all parties involved, however, is much more complicated.  It takes time, planning and the weighing of a multitude of considerations.

Step One is to identify the successor.  Will the farm be transitioning to family or to a third party?  If to family, does s/he understand the commitment it takes to own and operate the farm business?  Doe s/he
Continue Reading Farm Succession Planning