Just The Facts – 12/13/2023 – The Corporate Transparency Act / Transactional Attorney Assisting with Purchases/Sales

Attorney Gina Ziegelbauer 10/11/2023 – Powers of Attorney

Announcing Attorney Riley T. Printz  We are happy to announce the addition of Attorney Riley T. Printz to the Steimle Birschbach, LLC team! Having recently graduated from Marquette University Law School, Riley is excited to be practicing in Manitowoc and assisting in the Sheboygan area. Riley will focus his practice on business and real estate law.

Attorney Alison Petri – Just the Facts 8/9/2023 – Power of Attorney Basics

Attorney Thomas Griesbach - Just the Facts 6/14/2023

By: Attorney Thomas Griesbach Beneficiary designations (or sometimes called TOD [Transfer on Death] or POD [Payable on Death] designations) may be placed on almost any financial asset. A Non-Probate Transfer at Death Deed (“TOD Deed”) may be used to transfer Wisconsin real estate without court to whomever the grantor names in the TOD Deed. If a Decedent designates beneficiaries on all but fifty thousand dollars’ worth of his or her property, the Decedent will have avoided probate. While this strategy is not appropriate in all situations, it is often a simple and cost-effective way to avoid probate. But such a strategy may lead to unintended circumstances if the Decedent includes general bequests in his or her Will. A Will only governs probate property (i.e., a Decedent’s property that has no beneficiary designation and no surviving joint owner). Therefore, if a Decedent designates beneficiaries on nearly all his or her assets, there may be insufficient funds governed by the Will to satisfy the bequests made therein. Consider the following as an example. Grandma Betty has three adult children who are on good terms and get along. Betty wants to leave a sum of two thousand dollars to each of her ten grandchildren with the residue of her estate equally among her three children. Betty executes a Will accordingly and then proceeds to designate her children as beneficiaries of all her financial accounts. Upon Betty’s death, she owns tangible personal property of de minimums value and has no car or real estate. Her remaining wealth is contained in her financial accounts which pass directly to her children pursuant to the beneficiary designations. Consequently, there is no property governed by her Will and her grandchildren get nothing. There are numerous work arounds to avoid this unintended result, as discussion of which is beyond the scope of this blog. Simply know that your beneficiary designations must be properly correlated with your Will. If you are not confident in this, now is the best time to review the same. This blog post is provided for informational purposes only and by its very nature is general. This information is not intended as legal advice and should not be relied upon.

By: Attorney Andrew J. Steimle Starting a business can be a daunting task, especially when it comes to choosing the right business structure. Three common options are sole proprietorships, DBAs, and limited liability companies (LLCs). While each structure has its advantages and disadvantages, understanding the differences between them is important to help you make an informed decision. A sole proprietorship is the simplest and most common business structure. In reality, it isn’t a business structure at all. It is a business owned and run by an individual who is personally liable for all the business’s debts and obligations. While easy to set up, a sole proprietorship provides no legal protection for the owner’s personal assets, making it risky. A DBA, or “doing business as,” is also not a separate legal entity, but rather a name under which a business owner operates. A DBA by itself does not provide any liability protection to its owner, and the owner also remains personally liable for all the business’s debts and obligations. Often times people use a DBA to either avoid using their personal name, or to better market their business. For example, assume Jane Smith is a carpenter. If she advertises herself and holds herself out in the market as “Carpentry Specialists”, she is a sole proprietor doing business as Carpentry Specialists. An LLC is an actual business structure that combines the liability protection of a corporation with the simplicity and tax benefits of disregarded entity or, if more than one member, a partnership. Owners of an LLC, called members, are generally not personally liable for the company’s debts and obligations, and the business’s income is often taxed as personal income of the members (unless another taxation method is elected by the LLC), thus avoiding double taxation. LLCs typically offer greater flexibility in management and ownership structure than corporations and other entities. While a sole proprietorship and a DBA are simple and inexpensive to set up, they offer absolutely no legal protection for the owner’s personal assets. In contrast, an LLC provides limited liability protection for its members, generally shielding their personal assets from business debts and obligations. Of course, certain exceptions do apply. Moreover, an LLC is often perceived in the marketplace as being more credible, and more professional, which can be important when dealing with customers, investors, and suppliers. An LLC can also help attract and retain talented employees by offering them the opportunity to become members and share in the company’s profits. In conclusion, choosing whether to engage in business as a sole proprietor or an LLC is a critical decision that can have significant legal, financial, and operational implications. While a sole proprietorship and a DBA may be suitable for small businesses with very low-risk activities, an LLC is often a better choice for businesses that want liability protection and flexibility. It is always recommended to consult with a business attorney and accountant before making a final decision. This blog post is provided for informational purposes only and by its very nature is very general. This information is not intended as legal advice.

Attorney Samuel Spurney - Just the Facts 4/12/2023

By:  Attorney Samuel J. Spurney It is no secret that interest rates have been rising over the last year and it is unclear whether interest rates will come down any … LAND CONTRACTS IN WISCONSIN: WHAT BUYERS AND SELLERS NEED TO KNOW Read More » The post LAND CONTRACTS IN WISCONSIN: WHAT BUYERS AND SELLERS NEED TO KNOW appeared first on Steimle Birschbach, LLC.