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Recent Blog Posts
How to Avoid Probate
By Attorney Denis Regan
Sorting through the sometimes murky waters of an estate after a loved one has passed away can be a difficult and confusing proposition. Add to this the potential of going through a long probate battle and it can become doubly challenging. The mere mention of the word probate can strike fear into the hearts of even the heartiest of souls.
Probate is the legal process for the distribution of an individual's assets after they have passed away. In essence the court inventories the assets of the deceased individual and distributes them to the appropriate heirs or beneficiaries after all debts are paid. Many people falsely believe that if you have a will, you will avoid probate. However, this is not the case. In actuality, probate comes from the Latin word for "prove" meaning that the probate process proves the validity of the will.
National Estate Planning Awareness Week, October 19-25, 2015
In 2008, Congress passed a resolution proclaiming the third week in October as National Estate Planning Awareness Week. The resolution noted that “Many Americans are unaware that lack of estate planning and financial illiteracy may cause their assets to be disposed of to unintended parties by default through the complex process of probate.” It is estimated that more than 50% of the adult population, roughly 150 million Americans, do not have an up-to-date estate plan to protect themselves, and their families’ assets.
Who Benefits From Estate Planning?
The purpose of estate planning is to develop a strategy that will maintain the financial security of individuals through their lifetime and ensure the intended transfer of their property and assets at death, while taking into consideration the unique circumstances of their families. All too often, we hear:
Wisconsin Businesses and Retailers Should Assess the Importance of Walgreens Decision in Pursuing Tax Refund Actions
The Wisconsin Supreme Court has paved the way for many Milwaukee businesses and retailers to take advantage of a number of benefits associated with the sale-leaseback transaction and business model. In Walgreen Co., v. City of Madison, 2008 WI 80, the Court made two major rulings: 1) the assessor was required to determine the value of leased properties under the income approach using the market rent terms rather than contract rent terms; and 2) the assessor could not include real estate's atypical financing or above market rent when assessing the property under the income approach.
In so doing, the Court also confirmed that assessors must use and adhere to the Wisconsin Property Assessment Manual in the absence of other conflicting law. (Id. at ¶3). What the manual did, and what the Court found, is that the analysis required "an income approach assessment of a leased retail property's fair market value of the fee simple interest to be based on market lease rates, not actual contract rates, as long as encumbrances to the property do not cause its leased fee value to fall below a market rate value." Id.
