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December 2018 Archives

Using multiple trusts in an estate plan

When Wisconsin estate owners think about planning for the future, they may want to take advantage of the additional flexibility and control provided by trusts. Some may wonder if it's possible to create more than one trust to handle different parts of an estate. By creating a new trust, one won't revoke a previous trust unless the document explicitly seeks to address the original document. This is one aspect that differentiates trusts from wills.

Estate planning basics

Many people in Wisconsin are aware of the importance of estate planning. However, they tend to stop after creating a will. While a will is often a good start to a comprehensive estate plan, it is often not enough to address the personal, financial and family considerations that come up at the end of a person's life.

Powers of attorney generally terminate in three ways

Powers of attorney are an important part of many estate plans in Wisconsin. They can be designed to fit the needs of the client, but there are situations in which the person who executed the document will want to terminate it. Generally speaking, there are three ways a power of attorney terminates. The first is that it will terminate on the date specified in the document. Durable powers of attorney are often designed to last indefinitely, though, and many powers of attorney do not include termination dates.

How to talk finances before a marriage

Married couples in Wisconsin tend to do better when they share similar values related to money. According to an Experian survey in 2017, 59 percent of respondents said that financial issues played some role in their marriages coming to an end. Furthermore, 26 percent said that their spouse's credit score strained their relationships to some degree.

How parents may share custody despite conflict

Not all parents in Wisconsin may be able to create a healthy co-parenting relationship after a divorce. While maintaining positive communication is ideal, there might simply be too many negative feelings for parents to move forward in a cooperative manner. However, parents can share custody, or one might have visitation rights. The goal is to keep parental conflict to a minimum as this can be emotionally damaging to the kids.

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