Mudge Porter Lundeen & Seguin, S.C.Dedicated Legal Counsel In Hudson And Throughout Western Wisconsin2024-03-15T20:15:06Zhttps://www.mpl-s.com/feed/atom/WordPress/wp-content/uploads/sites/1200670/2019/08/cropped-fav-512-32x32.pngOn Behalf of Mudge Porter Lundeen & Seguin, S.C.https://www.mpl-s.com/?p=509652024-03-15T20:15:06Z2024-03-15T20:15:06ZNeglecting to create a will
In 2023, only 46% of Americans over 55 years of age had wills. Failing to create a will means that your estate will get distributed according to state laws, which may not align with your wishes. Without a will, your loved ones could face lengthy legal battles and unnecessary stress.
Forgetting to update your estate plan
Many people forget to update their plans after major life events, such as marriage, divorce or the birth of a child. Failing to update your plan can result in assets going to unintended beneficiaries or ex-spouses.
In addition, certain assets, such as retirement accounts and life insurance policies, pass directly to beneficiaries outside of your will. Regularly review and update beneficiary designations to ensure they align with your wishes.
Not planning for incapacity
Estate planning is not just about what happens after you pass away. It is also about planning for incapacity. Failing to designate someone to make medical and financial decisions on your behalf if you become incapacitated can lead to confusion and disputes among family members.
Not considering taxes
Failing to consider tax implications when creating your estate plan can result in a larger tax burden for your heirs.
Estate planning is complex, and each individual's situation is unique. Ensure that your estate plan addresses your specific needs and goals.]]>On Behalf of Mudge Porter Lundeen & Seguin, S.C.https://www.mpl-s.com/?p=509632024-02-07T20:52:49Z2024-02-07T20:52:49ZInitiating control and influence
When one spouse files for divorce, they take the initiative and set the tone for the proceedings. The petitioner becomes the party that sets forth the initial terms and conditions for the divorce. By filing first, you may have more control over the narrative and the pace of the divorce process.
Timing can impact strategy
The timing of filing can also impact the overall strategy in divorce proceedings. For example, if one spouse is financially dependent on the other, filing first may allow them to secure temporary financial support or exclusive use of the family home during the divorce process. This strategic move can provide stability and control during a tumultuous time.
Psychological impact on the respondent
Being the respondent in a divorce case can have psychological implications. The person served with divorce papers may feel blindsided or emotionally unprepared, potentially disadvantaging them. The emotional impact can influence their response and decision-making throughout the divorce proceedings.
Jurisdiction matters
Sometimes, the jurisdiction where you file for divorce can impact the outcome. By filing first, a spouse may have the opportunity to choose a jurisdiction that aligns more favorably with their desired outcome.
Strategic considerations
Initiating the divorce provides you with a sense of control. It also allows for strategic decision-making and can impact the psychological state of your spouse. Understanding these aspects can help individuals navigate the complexities of divorce and make informed decisions throughout the proceedings.]]>On Behalf of Mudge Porter Lundeen & Seguin, S.C.https://www.mpl-s.com/?p=509622024-01-10T21:55:43Z2024-01-10T21:55:43ZMarriage or divorce
In the year 2020 alone, there were over 26,000 weddings and nearly 12,000 divorces in Wisconsin. If you undergo one of these pivotal life events, bear in mind the impact they have on your legal and financial affairs.
When you tie the knot, it is important to update your will to include your spouse as a beneficiary. Conversely, if you experience a divorce, revising your will becomes necessary to remove the ex-spouse from any designated roles or inheritance. Failing to update your will after such changes may result in unintended consequences, potentially leaving your assets in the wrong hands.
Birth or adoption of children
The addition of new family members, whether through birth or adoption, is a significant life change that necessitates a review of your will. It is important to clearly specify how your assets transfer to your children, providing for each child according to your wishes. Failing to update your will in the face of new family dynamics may lead to complications and disputes among heirs.
Changes in financial situation
Fluctuations in financial circumstances occur throughout your lifetime, and these changes can impact the distribution of your assets. Whether you experience a windfall, such as an inheritance or a successful investment, or face financial challenges, it is essential to reflect these changes in your will. Adjusting the beneficiaries and the allocation of assets based on your current financial situation ensures that your wishes align with the reality of your estate.
Regularly reassessing your will guarantees that it remains a true representation of your intentions and helps prevent potential complications or disputes among your heirs.]]>On Behalf of Mudge Porter Lundeen & Seguin, S.C.https://www.mpl-s.com/?p=509612024-01-02T12:08:57Z2024-01-02T12:08:57ZPhysical placement refers to direct daily responsibility
The parent who has physical placement of the children at any given moment is the one directly responsible for their care. If the child falls ill while at school, the parent with physical placement that day usually needs to arrange to pick them up from class early and take them to a doctor. Physical placement also means providing a place to live and other basic necessities, like food and clothing. Parents often share physical placement, although one parent may have slightly more time with the children overall.
Legal custody is parental authority
Although the term legal custody might make people think of time with the children granted by the courts, it actually refers to the right of parents to make decisions on behalf of children. Legal custody is what allows an adult to enroll a child in school or make decisions about medical care on their behalf. Like physical placements, legal custody is often split between the adults and the family. They may both have the authority to make decisions that require immediate answers during their parenting time and to have a say in decisions that have a big-picture impact on the children in the family.
Pursuing both physical placement and legal custody are often key priorities for parents facing divorce or legal separation in Wisconsin. Those who have questions about this process can seek personalized legal guidance at any time.]]>On Behalf of Mudge Porter Lundeen & Seguin, S.C.https://www.mpl-s.com/?p=509602023-12-23T16:46:31Z2023-12-23T16:46:31ZResist the urge to argue
When pulled over, it is natural to feel a range of emotions, but arguing with the police is not the solution. Refrain from questioning their decision to stop you or expressing frustration. Instead, remain calm and collected. Arguments can escalate the situation and may lead to complications.
Avoid sudden movements
Police officers prioritize their safety during traffic stops. To minimize tension, avoid sudden movements that may seem like a threat. Keep your hands visible on the steering wheel, and inform the officer before reaching for anything, such as your license or registration.
Do not provide excessive information
While it is important to cooperate, avoid volunteering extra information. Stick to the officer's questions and provide concise, truthful answers. Offering too much information may raise suspicions or complicate the interaction, potentially leading to further scrutiny.
Refrain from admitting guilt
Resist the temptation to admit guilt immediately, even if you believe you made an error. Wait for the officer to present the reason for the stop, and respond thoughtfully. Admitting guilt prematurely may impact any potential legal proceedings and is not required during the initial interaction.
Steer clear of unneeded confessions
In line with avoiding guilt, refrain from confessing to unrelated offenses. Officers mostly focus on the current situation, and volunteering additional information may lead to unintended consequences. Stick to the matter at hand to maintain clarity.
There were over 14,700 general police agencies in America in 2020 alone. Interacting with the police during a traffic stop requires careful consideration and a calm mind.]]>On Behalf of Mudge Porter Lundeen & Seguin, S.C.https://www.mpl-s.com/?p=509592023-12-04T19:25:52Z2023-12-04T19:25:52Z1. Distribution of profits
One common cause of shareholder disputes revolves around the distribution of profits. Differing opinions on how to distribute earnings can strain relationships among shareholders. To resolve this, establish transparent profit-sharing mechanisms and ensure all shareholders have a clear understanding of how to distribute profits.
2. Decision-making authority
Disagreements over decision-making authority can lead to power struggles within a company. Clearly defined roles and responsibilities, along with open communication, can mitigate such conflicts. Establishing a structured decision-making process can also help prevent disputes and maintain a harmonious working environment.
3. Management style conflicts
Divergent management styles among shareholders can cause friction. Fostering an inclusive and collaborative culture that values diverse perspectives is important. Adopting a cohesive management approach through open conversation and team-building exercises helps promote a positive work culture.
4. Valuation of company shares
Valuing company shares often becomes a contentious issue. Valuation disputes often occur during buyouts or changes in ownership structure. Implement a fair and transparent valuation process to discourage disputes. Make sure the valuation reflects industry standards. Seeking input from independent experts can also provide an unbiased assessment.
5. Breach of shareholder agreements
When someone breaches a shareholders' agreement, tensions escalate. Clearly drafted shareholder agreements, reviewed and understood by all parties, can prevent misunderstandings. Companies should open channels for discussing concerns to help address potential breaches before they escalate.
6. Succession planning
Issues related to succession planning can arise, especially in family-owned businesses. e a clear succession plan and involving all stakeholders in the process can prevent conflicts. Ensuring open communication about long-term goals and plans for leadership transitions is important for the sustained success of the company.
If you experience any of these disputes when you own a significant business share, knowing how to identify the issues may help you understand when to seek help.]]>On Behalf of Mudge Porter Lundeen & Seguin, S.C.https://www.mpl-s.com/?p=509582023-10-26T15:42:23Z2023-10-26T15:42:23ZAdvance directives and powers of attorney
Once a person turns 18, they’re typically legally considered an adult. That means their parents can no longer make medical decisions for them without permission. If a young person is involved in a serious accident or becomes severely ill and isn’t conscious or able to make informed decisions, their parents can’t automatically do make decisions for them, as a result.
That’s why it’s wise when a young person turns 18 to put an advance health care directive in place. In Wisconsin, this documentation is called a Declaration to Health Care Professionals and commonly known as a living will. It allows someone to list their wishes for what life-prolonging measures they do and don’t want taken if they’re no longer in a position to advocate on behalf of their own interests.
It’s also important to name a health care proxy who has your permission to talk with your medical team and make decisions for you. Those decisions will not override any instructions left in your living will. Your proxy needs to be granted power of attorney (POA) authority over your health care if you’re unable to speak for yourself.
It’s also wise to appoint someone to have POA for finances and property if you’re unable to handle them due to incapacitation. Even if you don’t have a home, investments or much else in your name yet, you may need someone to access your bank account and take care of bills and other financial obligations if you can’t.
An estate plan should evolve throughout your life
Throughout your life, as things change, you’ll add more to your estate plan. If you have a child, you’ll want to name a legal guardian in case something were to happen to you and their other parent, for example. You may want to craft a will and/or trust to address your assets. No matter what resources you utilize, however, it’s important to understand that estate planning isn’t a “one-and-done” process. It’s something that will evolve throughout your life. Having sound legal guidance from the beginning can help you rest assured that you’ve got a solid foundation in place for this process moving forward.]]>On Behalf of Mudge Porter Lundeen & Seguin, S.C.https://www.mpl-s.com/?p=509562023-09-28T23:20:16Z2023-09-28T23:20:16Z1. Nature of the offense
The gravity of the offense carries immense weight in the decision-making process. Crimes with higher severity, such as violent offenses or those involving weapons, often lean toward adult charges. Approximately 8% of youth arrests involve violent crime. The nature of the crime significantly impacts potential consequences and the likelihood of facing adult court proceedings.
2. Age of the child
Wisconsin law designates a specific age threshold, typically 17, that may automatically result in adult charges. Younger individuals, however, are generally inclined toward juvenile proceedings, emphasizing rehabilitation over punishment. This recognizes the evolving cognitive and emotional development of adolescents.
3. Criminal history
The child's criminal history is another pivotal consideration. Prior delinquent acts or criminal convictions, especially those displaying an escalating pattern of severity, can sway the decision toward adult charges. Conversely, a clean record can bolster arguments for a juvenile approach, emphasizing the potential for rehabilitation.
4. Circumstances of the case
The presence of aggravating or mitigating circumstances plays a role in the decision-making process. Factors like the child's level of involvement, whether they acted alone and the harm caused to others can tip the scales either way. Cooperation with authorities, expressions of remorse and willingness to engage in rehabilitative programs can also influence the court's decision.
This intricate decision-making process aims to strike a delicate balance between accountability and rehabilitation, with the overarching goal of providing young individuals with the best opportunity for reintegration into society while ensuring public safety.]]>On Behalf of Mudge Porter Lundeen & Seguin, S.C.https://www.mpl-s.com/?p=509542023-08-31T19:44:55Z2023-08-31T19:44:55ZSelect a good time and place
Pick a comfortable and quiet environment where everyone can talk openly without distractions. Finding a moment when everyone feels relaxed and free from stress can help create a respectful atmosphere for this serious discussion.
Use open-ended questions
Start the conversation by asking questions that encourage your parents to share their thoughts and concerns about the future. Open-ended questions can lead to a more natural and less intimidating discussion. Since only about 33% of Americans have a settled estate plan, it can help them to talk openly and think seriously about what they want.
Highlight the benefits
Discuss the advantages of having a plan in place. Mention how it can provide clarity and reduce conflicts among family members in the future. This can help the conversation stay positive.
Bring up specifics
Once the conversation is partway through, bring up specific topics related to estate planning, such as wills, beneficiaries and medical directives. Ask if they have thought about these aspects and if they have any wishes they would like to express.
Talk about support
Let your parents know that you are there to support them throughout the process. Offer to assist with organizing documents or researching options, if they are open to it.
Suggest professional help
If you think that your parents may benefit from talking to a professional rather than just yourself, bring up the idea. Gently suggest the idea of seeking professional guidance to make sure people write down their wishes and manage them properly.
Discussing estate planning with your aging parents is a thoughtful and caring step that shows your concern for their future well-being. By approaching the conversation with sensitivity and respect, you can make sure everyone involved knows their wishes.]]>On Behalf of Mudge Porter Lundeen & Seguin, S.C.https://www.mpl-s.com/?p=509532023-08-27T18:01:18Z2023-08-27T18:01:18ZWisconsin probate statutes as the personal representative of an estate, is required to fulfill many important responsibilities.
It is their job to communicate with the courts and the deceased’s creditors. They need to secure, manage and distribute assets from the estate. Their role is, therefore, crucial to successful estate administration. The three tips below can increase someone's chances of selecting the right candidate to serve as the representative of their estate.
Consider someone's age
Investing hours into the process of selecting an executor could go to waste if the party chosen is unlikely to outlive the testator. Generally, it is best to choose a personal representative who should survive for several decades longer than the testator. Considering someone's age can help avoid scenarios in which the representative dies before the testator, forcing a revision of the estate.
Think about organizational skills and other obligations
The personal representative of an estate will need to balance their daily life with the rigors of probate administration. They will need to make time for court and have the ability to balance their household obligations with the needs of the estate that they must administer. It takes quite a bit of organization to continue to manage one's own life in addition to the estate of another person. The degree of personal responsibility an individual has, including the number of children in their household and the demands of their career, can also influence whether or not they would be a good choice to serve as personal representative.
Review family relationships carefully
A testator needs to be able to trust that the person they name as the representative of their estate will follow their wishes and state law. Someone who has a history of stealing or addiction, for example, may not be the best choice as they may find the resources included in the estate too tempting. Not only will someone's personal ethics influence whether or not they can properly manage estate administration, but the relationships they have with the different beneficiaries of the estate can also influence whether or not they are the right candidate. Someone who cannot set aside their personal vindictiveness may intentionally withhold assets from one individual or unfairly divide property for the benefit of others.
Ideally, the candidate someone chooses will be young enough to outlive the testator, responsible enough to manage the obligations involved and ethical enough to put the wishes of the testator ahead of their own. Selecting the right executor or personal representative can be one of the most important steps someone takes when planning their estate.]]>