Monthly Archives May 2019

A Trust with Restrictions

When the person creating a trust has concerns about the spending habits of a beneficiary of that trust, a “spendthrift trust” may be created that provides an independent trustee with authority to make decisions about how the trust’s funds may be spent. The terms of the trust, which can be wide-ranging in possibilities, place the trustee in control of the trust property. The grantor must consider how much control to give to the trustee and describe the trustee’s power in detail. The grantor must also decide how and when the trust will end. Establishing a spendthrift trust is the same
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The Real Deal

When it comes to making the largest purchase in their lives, home buyers should leave nothing to chance. It is important that an attorney who has real estate experience review a real estate contract and provide advice that could help avoid errors, omissions, misinterpretations, or even misrepresentations that could jeopardize a sale or lead to a legal problem. For instance, by making a sales contract when contingent upon a professional home inspection, the right language needs to accompany this phrase so that the buyer is not stuck with an undesirable property. Buying or selling your home can be one of
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Is Bankruptcy Right for You?

If you are paying off existing debt with more than 40 percent of your income, then bankruptcy might be right for you. This “debt-to-income ratio,” which is a marker of potential financial distress, can indicate that your debts are too high to pay off on your own. Furthermore, if you are using debt to pay off debt or if you are forgoing essentials, such as going without medical attention or even food, you are most likely in a debt spiral. Lastly, if your debts are the kind that bankruptcy would wipe out, consult with an attorney. Filing for bankruptcy is
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The Many Paths to Adoption

The pathways to adoption are varied. The adoptive child may be a relative, a foster child, or a stranger; he or she may have been born around the corner or on the other side of the world. The adoptive parent(s) may already know the adoptive child or may be meeting their child for the very first time. The child welfare agency may be local or international. One common element? Unless the biological parent is deceased, there must be a court order terminating the parental rights of the biological parent(s) in order for a child to be eligible for adoption. Termination
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Buckle Up

BUCKLE UP Typically, in the State of Wisconsin, when someone dies with more than $50,000 worth of assets that have no beneficiary designation on the assets, the person’s estate is headed for probate. Some people create trusts and have assets transferred into the name of the trust to avoid probate. If you find yourself in the midst of a probate as a personal representative, buckle up because it could be a long ride. Most probates take between 9 and 14 months, however, some can last years. Authority is granted to the personal representative by the Probate Court to act on
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