Monthly Archives October 2020

What is Probate?

According to Black’s Law Dictionary, probate is a court procedure by which a will is proved to be valid or invalid.  That sounds simple enough, however, a probate in Wisconsin is required if a person dies with more than $50,000.00 of assets solely in his or her name, without beneficiary designations. The average probate lasts between 9 -13 months and some are well over two years with a cost in the thousands. Consequently, avoiding probate is the way to go. Wisconsin statutes dictate what must be done in probate cases. A Notice to Creditors is filed to allow claims to
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What is the Secure Act?

Two years ago, the SECURE ACT was signed into law and substantially changed the rules regarding your retirement accounts. This has changed how people handle their retirement finances. One important change is the age year from which you must take your first required minimum distribution (RMD) from 70.5 to 72. The second important change is that the account holder beneficiaries are no longer able to “stretch” out their inherited IRAs over their own lifetimes. Once an account holder passes away, any non-spousal beneficiary has only up to ten years to withdraw the assets from that retirement account. This can have
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