I was gifted a parcel of land several years ago by my 80 year old parents. They were planning to transfer it to me upon death, in there Will anyway. The intent was to transfer ownership early, as I was planning to invest in upgrading the buildings...
Real property gifted to a donee upon the death of a donor receives new basis upon the death of the donor. So if you father owned the land and left it you via his will or trust at his death, the land would get new basis at his death for tax purposes. This basis could be either higher or lower than its current tax basis, based on the current appraisal of the fair market value of the property at the date of your father's death (however a basis today is usually higher than 30 years ago that is why many people favor this approach). If you were planning to sell the land after his death, this may be useful to you. However, medicaid concerns and gift tax returns and compliance also come into play if you transfer this property back to your father. I agree with all of the other attorney answers that you should discuss this with an estate planning attorney in your area so that you can compare the costs and benefits of the approach you are suggesting.See question
My mother is 84 y/o and has asked me to be her POA for finance. She has no property except her personal belongings and savings is mostly cd's. She has a will.
I agree with the previous attorney's answer that you should consult with a local attorney. However, if you decide not to consult with an attorney and decide to complete the POA for Finances form yourself, I suggest you use the statutory form. It is provided free in the Wisconsin statutes. I have provided a link to this form. However, I feel I should point out that it is your mother who should complete the form, you can assist her if needed, but make sure she signs it and that it is her wishes reflected on the form. I highly suggest you sign it in front of a notary. Finally, you should check with her bank to see if they have a special form to be filled out if it is your mother's wish that you be able to access her accounts to manage her finances.See question
Yes, an attorney licensed in Wisconsin can help you with a Power of Attorney. You can use the internet to find an attorney in your area, or use the WI State Bar Lawyer Referral Service. http://www.wisbar.org/forpublic/ineedalawyer/pages/lris.aspxSee question
My son ,15, wants to register a business name for his YouTube channel and potential videography business. Is there an inexpensive way to register/protect his chosen business name? He obviously has minimal funds at this time and it may not expand...
You can register a Tradename or Trademark with the Wisconsin Secretary of State's Office. The filing fee is $15 and the registration remains effective for 15 years. Please note, this does not give you federal trademark protection, nor does it give you ownership of the name, but it does make a public record of your son's usage of the name. You can read more about what this type of registration means on the DFI website at this link https://www.wdfi.org/Notary_Public_and_Trademarks/defaultTrademark.htmSee question
i need an attorney to draw up my will
Avvo can be useful tool for finding a Wisconsin licensed attorney in your area. You should consult with a Wisconsin licensed estate planning attorney and they can help you craft a Will that meets your wishes.See question
2 properties - 1 in WI and the other, co-owner of a working farm in MN. Total value of her share $900,000. Currently has a Will (son and daughter 50/50) but no living trust. Will doing the above keep the property out of probate at time of death...
From what you are describing under the current arrangement, it looks like two probate actions would need to be taken at your mother's death. One probate case in Wisconsin for your mother's real property located there and a separate Minnesota probate case for your Mother's real property located there. As the other attorneys have suggested, if you are looking to avoid probate, you could transfer all of the above mentioned assets into a trust while she is living, and if done properly, avoid probate. Your mother's Will (assuming it is properly executed) will accomplish her intent of getting the property to you and your sibling, it may just cost more under the current method you described, due to needing two probate actions in two states. However, remember that a living trust also requires proper setup and maintenance in order to make sure it accomplishes your goal of avoiding probate. All property must be re-titled into the name of the trust to make sure there are no assets that would still need to go through probate at death. I recommend that your mother consult with an estate planning attorney in your area to discuss this situation as there are many factors that go into deciding the best course of action in each particular situation.See question
can your land lord deduct pass rent from your security deposit
I am assuming you are asking about whether a landlord can withhold from a security deposit for past rent due? It likely depends on whether you legally owe the rent. A landlord can withhold unpaid rent for which a tenant is legally responsible. See Wis. Stat. 704.28(1)(b). Under Wis. Stat. 704.29 a landlord has a duty to attempt to mitigate damages by re-renting the apartment if a tenant moves out early. I recommend checking out the WI Tenant Resource Center for more information on your situation, and also talking to a landlord/tenant attorney in your area if you think your security deposit is being wrongfully withheld. The WI Tenant Resource Center has a lot of helpful resources on their website.See question
If I donate money to help produce an independent film are there any tax benefits to doing so? If so, is there any special way the donation should be made?
I agree with the previous two answers, that unless the film is made by a non-profit, registered with the IRS, you cannot deduct your contributions. You may be thinking of the tax benefits that Wisconsin offered in years past designed to bring filmmakers to the state, which was known as the Film Production Credit. Wisconsin offered this credit for a period of 6 years up until this latest two year budget, when the Film Production Credit was eliminated. Under several previous budgets, if you were are involved in making a film, for example if you are an owner of the film company, you could have applied for a film production credit from the WI Dept. of Tourism. If approved, you would then file this form with your Wisconsin tax return. http://www.revenue.wi.gov/forms/2013/ScheduleFP.pdf
It looks like the film credit has been eliminated for the current two year state budget. It still would not apply to a donation to make a film, rather it would be a tax incentive designed to benefit the company, or person(s) making the film that was approved by the Dept. of Tourism. However, if you are thinking about making a film in the future in Wisconsin, it would be something to keep your eye on in case the Film Production Credit is brought back. See this article for some background on the WI Film Production Credit. http://www.bizjournals.com/milwaukee/news/2013/06/21/wisconsin-state-budget-eliminates-film.html?page=allSee question
The estate is well under Fed threshold for estate tax. WI has no estate tax. I was paid out his accrued vacation pay. No income taxes were withheld. Only Social Security and Medicare. Is that considered taxable personal income for me, or estate pr...
According to the Internal Revenue Service, Publication 17, "if your spouse died during the year, you are considered married for the whole year for filing status purposes." If you do not remarry, during the tax year, you can file a joint return for you and your deceases spouse according to the IRS.
Publication 17 also includes more information relating how to file if you remarry during the same year. Here is a link to the information: http://www.irs.gov/publications/p17/ch02.html#en_US_2013_publink1000170746 This information is listed under the heading "Marital Status" and the sub-heading "Spouse died during the year." I would speak to a local probate attorney regarding your questions on distribution of the estate. Depending on the amounts involved, you may have to consider gift tax issues if you give 75% of your deceases spouse's estate to his children. You can gift up to $14,000 (known as the "annual exclusion) to any individual in 2014 without filing a gift tax return, or using a portion of your $5.34 million lifetime gift exclusion. The IRS has some FAQ's on the gift tax here. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes Again, I would speak with a local probate attorney regarding the distribution of the estate and your proposed course of action before proceeding.See question