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Horn & Johnsen News

Horn & Johnsen SC > Horn & Johnsen News (Page 5)

Wisconsin Pet Trusts

The Attorneys and staff at Horn & Johnsen SC know that our pets are friends, companions and family rather than property. >Unfortunately, Wisconsin law views our pets as property. The bottom line is: without written instructions of your wishes, your "property" can be legally destroyed. Every hour of everyday 50 companion animals are euthanized in US animal shelters simply because their human companions died and made no arrangements for their continuous care. Moreover, informal arrangements are not enforceable.  Leaving your pet and some cash to a beneficiary in your will could result in the pet being euthanized and the money being pocketed. In...

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Who is Responsible for the Debts of My Parents When They are Gone?

Over the years, I have received many questions from clients and others regarding estates. A very common question is, “Who will be responsible for the debts of my parents when they are gone?” This question is most concerning when you become aware that your parent(s) do not have sufficient assets of their own to pay their debts. Children are not personally responsible for their parents’ debts. Your parent’s estate will be held responsible for his or her debts and, if there are any assets left over after all debts and expenses have been paid, the beneficiaries of his or her estate...

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The Nursing Home Dilemma

Clients and prospective clients often ask me about legal options available so that they might qualify for Medical Assistance in the event they need nursing home care at some time in the future. Some suggest gifting to their children during their lifetimes while others suggest establishing an irrevocable trust known as a “Medical Assistance” trust to protect their assets. This is a very tricky question and if you are considering this approach I would strongly urge you to read the following article published in the personal finance section of the Forbes website: Beware of This Financial Advice About Aging Parents. While there are...

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Do I Really Need an Attorney to Set Up an LLC?

There can be many benefits to creating a Limited Liability Company, whether you own an apartment complex, have a consulting business or are selling cupcakes. With a properly organized and managed LLC, you can protect your personal assets from the debts, obligations, and potential lawsuits of your business. In addition, a Limited Liability Company can provide for continuity in the event an owner dies, becomes incapacitated, or leaves the business. In Wisconsin, the Department of Financial Institutions offers an online method to quickly file Articles of Organization for a Limited Liability Company. Many assume that, after answering a few questions online and paying...

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What Is a WisPACT?

Many individuals, whether young or old, are receiving valuable public benefits such as Supplemental Security Income (SSI) and Medical Assistance. Anyone who has gone through the qualification process for these types of entitlement programs is well aware that the application process alone can be a nightmare!   Sometimes, a well-meaning relative will leave an inheritance directly to a beneficiary who is receiving public benefits. This can be through a will, or possibly through a beneficiary designation on a bank account, a retirement account, or a life insurance policy. Other times, a person who is receiving public benefits will suddenly become the recipient...

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