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reading to child

Even though there are now vaccines for the pandemic and the number of new cases is on the decline, becoming infected is still a very real possibility. And for parents who suffer from any debilitating illness, it can be a colossal challenge to navigate your typical parenting responsibilities, while trying to recover. This is especially true for single parents who are the sole caregiver, with limited outside child-care options.

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Even though there are now vaccines for COVID-19 and the number of new cases is on the decline, becoming infected with the virus is still a very real possibility. And for parents who become infected, it can be a colossal challenge to navigate your typical parenting responsibilities, while trying to recover from the illness.

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teens

While estate planning is probably one of the last things your teenage kids are thinking about, given the dire threat coronavirus represents, when they turn 18, it should be their (and your) number-one priority. Here’s why: At 18, they become legal adults in the eyes of the law, so you no longer have the authority to make decisions regarding their healthcare, nor will you have access to their financial accounts if something happens to them.

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People often come to me curious (or confused) about trusts and taxes. So today’s article is going to sort it out and clarify things for you. 

The first step is to understand the two types of trusts and their different tax consequences.

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accounting
larry king

Larry King’s Death Highlights the Importance of Updating Your Estate Plan for Divorce and Death—Part 1

With his success in the media and the fact he continued working long after most people would have retired, Larry amassed a fortune estimated to be worth some $50 million. In addition to Larry’s fame as a broadcaster, he also became equally well known for his numerous marriages. With so much money, so many spouses, and so many children, it was practically guaranteed there would be some conflict over Larry’s estate following his death.

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Last week, in part one of this series, we discussed how Larry’s decision to create a handwritten will, rather than take the time to consult with legal counsel to properly update his plan for his impending divorce, is likely to result in a lengthy court battle between Larry’s seventh wife, Shawn Southwick King, and his surviving children. Moreover, we also noted that Larry would have been far better off using a Lifetime Asset Protection Trust, instead of a will, to distribute his assets to his children upon his death.

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larry and shawn
larry king

With his success in the media and the fact he continued working long after most people would have retired, Larry amassed a fortune estimated to be worth some $50 million. In addition to Larry’s fame as a broadcaster, he also became equally well known for his numerous marriages. With so much money, so many spouses, and so many children, it was practically guaranteed there would be some conflict over Larry’s estate following his death.

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If you use Facebook to share, track, and report on important life events, it can provide an intimate snapshot of your life, and it can also serve as a key part of your legacy—and one you’ll likely want to protect following your death. With this in mind, as with any other digital asset you own, you should include your Facebook profile as part of your estate plan.

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facebook login on a phone
umbrellas

Within the past year, a combination of new legislation and the recent change of leadership in the White House and Congress stands to dramatically increase the income taxes your loved ones will have to pay on inherited retirement accounts as well as increasing the income taxes you owe on your taxable investments. However, purchasing life insurance may offer you the opportunity to minimize the effect of these developments.

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If you own a business, you almost certainly have intellectual property. However, because your intellectual property is intangible, it can be invisible to you and those who aren’t familiar with the nature of intellectual property and its value, so it often gets overlooked, especially when it comes to estate planning. Yet, if you fail to properly document your intellectual property, your estate plan will likely not protect it—and this could cause your loved ones to miss out on what can be among your most valuable assets.

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IP
grandma

Seeing that the pandemic currently seems to be getting worse, there’s no telling how long it will be before these social distancing restrictions will be lifted. With no end in sight, it’s important for grandparents and grandkids to find ways of staying connected during this period and not miss out on the beneficial effects a close relationship can engender.

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Since people change jobs so frequently, it's easy to lose track of an old 401(k) or retirement account, especially if you only worked in a position for a short time. In fact, forgetting plans is quite common: it’s estimated that roughly 900,000 workers lose track of their 401(k) plans each year. And when you forget to cash out your 401(k) upon leaving a job, your former employer might no longer have control of your account.

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money and calculator
an playing tennis

With people living longer than ever before, more and more seniors require long-term healthcare services in nursing homes and assisted living facilities. However, such care is extremely expensive, especially when it’s needed for extended periods of time.

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Last week we discussed how Hsieh became an Internet pioneer, starting two wildly successful companies, LinkExchange and Zappos, the latter of which he sold to Amazon for $1.2 billion. It was as CEO of the online shoe brand Zappos where Hsieh developed his vision for life and business: delivering happiness.

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Tony Hsieh
toney hsieh dies

Hsieh was renowned for his kindness, generosity, and always putting others first, yet by dying without a will, he left his loved ones a colossal mess to clean up. Indeed, it will likely take his family many months just to account for all of his assets, and it’s likely they will overlook—and may even never find—some of those assets. 

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Your 2020 holiday season may not feature the big family get-togethers of years past, but you’ll still likely be visiting with loved ones in some fashion. And though the holidays are always a good time to bring up estate planning, given the ongoing pandemic, talking about these issues is particularly urgent this time around.

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family in front of fireplace with stockings
Latino family

A will is one of the most basic estate planning tools. While relying solely on a will is rarely a suitable option for most people, just about every estate plan includes this key document in one form or another. 

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Today, we’re seeing more and more people getting divorced in middle age and beyond. Indeed, the trend of couples getting divorced after age 50 has grown so common, it’s even garnered its own nickname: “gray divorce.”

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mature man drinking coffee
french bulldog

If you're a pet lover, you know your pet is more than a fixture in your home that adds a little dog hair to your favorite sweaters. To you, pets are family, and you want to make sure they are provided for if something happened to you. This week, I’m going to give you the steps to take in creating a pet trust to provide for your companion animal, or animals, if you cannot be there.

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In the first part of this series Covid 19 Highlights - Part 1, we discussed the vital importance of having updated advance directives in place in light of COVID-19. Here, we’ll look at several additional provisions you should consider adding to your directives to address potential contingencies related to the pandemic. 

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covid19
covid-19 statistics

As the COVID-19 pandemic continues to ravage the country, doctors across the nation are joining lawyers in urging Americans to create the proper estate planning documents, so medical providers can better coordinate their care should they become hospitalized with the virus.

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You've always heard that you should shop around when looking to hire a service. But hiring an attorney based on who has the lowest price can leave your family with a mess, or worse, a plan that doesn't work when you need it. Do I need a POA?

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man holding out paper money
man signing document

You know you need to get an estate plan in place, but aren't sure what you even need. You imagine you need a will, but what exactly will it do for your loved ones? What is the difference between a will and a trust? This article will discuss which document might be right for you.

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Trinkl Estate Planning, S.C.

PO Box 70542 Milwaukee, Wisconsin 53207

E: info@trinklplanning.com P: 414-502-7712

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Monday to Friday 8:30 am - 4:30 pm

Other meeting times available by appointment