Sole beneficiary of IRA. Account holder was 70 1/2+. Opened an Inherited IRA Life Expectancy Method. Can I withdraw all funds?: I am the sole beneficiary of an IRA. The account holder was over 70 1/2. I opened an Inherited IRA under the Life Expectancy Method. Can I withdraw all funds from this account? Tax free fund growth is not my goal
Kevin’s answer: You are entitled to withdraw the funds if the account is now in your name, but the withdrawal will be taxed. You will want to review with an attorney or a financial professional before doing so to determine what your tax liability will be and whether it makes more sense (cents!) to maintain it as an IRA or withdraw and reallocate the funds elsewhere.
Can I draft a document that protects my fiancee (after we marry) from obligations of an underwater property?:
I have a home with acreage in the City of Mequon and I am the sole owner and borrower on 2 mortgages. If I were to pass on after we marry, I would like it if my wife was not responsible for the loans or taxes. Can this be done? I would like to work directly with someone who could help me get this together.
Are there other scenarios that I should think about? For instance, what if a developer comes along with way more than it's worth and I've already passed on before the property is sold?
Kevin’s answer:
While the answer to "can this be done" is a "yes, it can be accomplished," your inquiry is not something that can be readily addressed in a brief forum such as this. Yes, there are many other scenarios and possible outcomes you should be aware of before you decide what legal documentation should be put in place.
You will want to review ALL of your circumstances with an experienced asset protection and estate planning attorney - not someone who "sure, can do that for you." An experienced asset protection attorney can help identify the risks and the tools to address those risks, based on your specific circumstances.
Advice. Disorderly conduct when I was defending myself...?: I confronted a family that swung their door full force into mine, causing a huge dent and deep scratch in my car. Their kid fessed up so I asked for their insurance. At that point they became belligerent, saying she doesn't deserve this and she's been through a lot, which I replied I just wanted my car fixed, it was an accident. I then took a pic of the damage and went to take a pic of the license plate. At that time the dad came running at me and hit my arm with a force causing my phone to fly 15 ft. I didn't know his mental state, if he had a weapon or if I was going to be assaulted again, so I quickly put my leg behind his and took him to the ground until help arrived. I then called the police and we were both given disorderly conduct tickets. They told me I should have just ran away.
Kevin’s answer: Disorderly Conduct under Wisconsin Statutes is "conduct under circumstances in which the conduct tends to cause or provoke a disturbance." While you don't specifically ask a question, I'll provide some general information regarding the situation you find yourself in. The statute defining Disorderly Conduct is broad and vague, and basically allows for persons to be charged for being involved in altercations, whether they believe they are at fault for the altercation or not.. In short, when officers are called to respond to an incident, something likely occurred that meets the Disorderly Conduct - "conduct tending to cause a disturbance"there are two sides to every story, and often officers responding to fights and squabbles simply issue citations to all involved. In many instances this is appropriate, as two people engaged in a fight or argument such as to "cause a disturbance" are both acting in a manner that falls within the statute's definition, regardless of who started it. Self-defense is not a defense to disorderly conduct, although if you can demonstrate to the municipal attorney, DA, Judge or Jury that you were not disorderly, but rather only taking the minimum necessary actions to defend yourself, then, perhaps you can beat the charge.