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Waukesha Law Blog

4 conversations wealthy parents should have with their kids

Having a lot of money comes with some concerns and obligations people often overlook or minimize. For instance, as a wealthy parent, you will likely have to have some difficult conversations with your kids about money and what will happen to your wealth when you are gone.

It can be very difficult to talk to your kids about money and estate planning. However, having the following four conversations with your kids, provided they are an appropriate age, can be of great benefit and relief to everyone when the time comes to carry out your wishes.

You found the perfect piece of commercial property. Now what?

After painstakingly looking for and researching commercial properties for your business, you finally found the one that's right for you. At least you think you have. Before you take any further action or even make an offer on the property, you may need answers to numerous questions.

Completing a commercial real estate transaction often involves several moving parts. Missing any one of those parts could cost you time and money at some point in the future. Therefore, it may be to your advantage to enlist the aid of others who understand the process and can provide you with the answers you need.

What you should know if a debtor files for bankruptcy

Collecting money from debtors is rarely a business owner's favorite part of the job, but it is necessary. You business, your employees and your financial well-being depends on people repaying loans you have given out. 

This is why it can be so frustrating when a debtor files for bankruptcy. This decision could mean that the courts discharge the debt owed to you, and that money is simply gone. In order to avoid this, you may want to consider objecting to the discharge of your debt. Understand, though, that you must follow strict rules when it comes to objecting to a debtor's discharge.

How are assets divided in a Wisconsin divorce?

Dividing assets in a divorce can make people feel angry, scared and confused, especially if they don't understand how the process works.

In an effort to provide clarity and possibly alleviate some anxiety you might be feeling if you have concerns about asset division in Wisconsin, we will provide an overview of the process in this post. 

If a parenting plan isn’t working, consider modification

There is a saying that the best laid plans often go awry, and this is certainly relevant in child custody cases. If you are going to share custody of your kids, you and your ex may spend hours and hours creating a parenting plan that you both agree with. However, things can change.

Below, we look at why and how parenting plans can be modified. We also provide a few suggestions for what you can do when your plans go awry.

Who are my heirs?

When it comes to planning your estate, naming your heirs is one of the most crucial steps you will take. This is because the way you name your heirs and how you distribute your assets to them may vary from the way the courts would do it.

Without guidance in a will or other estate planning documents, the courts will pass your property on to heirs specified under the law, and in a specific order. This order follows below.

Despite tech tools, construction defects still plague projects

Construction projects have the potential to be massive, complex undertakings. This is especially true when the project involves commercial property or other large-scale operations. Between the number of people involved and the scale of work being performed, there are a lot details and moving parts to keep track of.

For example, construction defects are details that need to be monitored and tracked throughout a project. Failure to note and address a defect can lead to serious problems with the property and the cost of completing a project. Thankfully, there are a number of tools available, including various apps, that should make defect tracking easier.

Who cares for children when the court terminates parental rights?

Anyone in Wisconsin who cares for children on a regular basis understands how challenging it can be. Today's world presents so many types of obstacles, problems and situations that were extremely rare or non-existent several decades ago. Some people say advanced technology is a crucial leading factor in the changing landscape of parenting and family life throughout the nation.

Regardless of what has caused such changes, the fact remains that raising children in 2017 may be a rewarding experience indeed, but is also often wrought with complicated issues that make parents, grandparents and other caregivers feel overwhelmed and unsure where to turn for help. Sometimes, the gravity of a particular situation may lead to parental rights termination.

Why would a proposed merger or acquisition be blocked?

If you own a business, you have a number of difficult decisions to make on a regular basis. You are frequently going to be the final word in hiring and firing decisions, budgetary concerns and partnerships with other companies.

However, there situations in which you are not going to be the one who approves or denies an act that could affect your company’s future. For instance, if you want to participate in a merger or acquisition with another company that is valued at over $78.2 million, the Federal Trade Commission and the Department of Justice will actually make the decision on whether that can happen or not.

If we share custody, does someone still pay child support?

Child support was established at a time when courts typically awarded primary custody of the children to mothers, who often did not work outside the home. In most cases, there was an obvious need for financial assistance from the noncustodial parent.

Because of how and why child support began, you might assume that if two parents are sharing custody of their kids, there would be no need for child support. However, you can expect that even if you share custody of your kids with the other parent, one of you will still be ordered to pay child support