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Is Your Estate Plan Old Enough to Buy a Drink?

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Is your estate plan old enough to buy a drink?

If so, it’s probably overdue for a review. As National Estate Planning Awareness Week comes to a close, now is a great time to look at your current plan!

There are several reasons an old estate plan could require an update. Maybe your digital assets and information aren’t included in your plan. Technology has rapidly transformed how we manage our finances and digital assets. Your life circumstances may look very different, too. Maybe your plan has beneficiaries you wouldn’t choose if you were creating an estate plan today, or your agents are no longer capable of assisting with your affairs. Even if your plan isn’t technically vintage, any major personal life updates (such as marriage, divorce, birth of a child, or adoption) also make it a good idea to revisit your current estate plan.

So, what should you do with an outdated estate plan?

  1. Locate and review your will, trust, and all other estate planning documents you have.
  2. Review how your assets are titled, and all beneficiary designations in place.
  3. Think about digital assets and any new information you want to include in your plan.
  4. Schedule a meeting with an estate planning attorney to discuss an update.

Don’t wait for your estate plan to turn the legal age to drive, vote, or drink before you review it. Unlike for your kids, these milestones aren’t just ones to celebrate; instead, they’re signs of a much-needed review.

A properly-drafted estate plan might be timeless in its intentions, but not in its relevance. If your plan was carefully done, you probably don’t need to overhaul it. It may just need a few minor changes to make sure it still reflects your wishes and life circumstances. And if your situation has changed significantly, now may be the time to update your plan.

Anti-Money Laundering Regulations for Residential Real Estate Transfers: FinCEN’s New Reporting Requirement

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Persons involved in real estate closings and settlements are now required to report on certain transfers that the Treasury Department deems high risk for illicit financial activity. Specifically, non-financed transfers of residential real property to legal entities or trusts. The rule aims to in-crease transparency in real estate transactions and help prevent the use of anonymous entities to conceal illicit funds.
Reports are filed through FinCEN’s website and must include the reporting person’s identity, details of the transferor and transferee (including beneficial owners and agents), property details, and consideration paid. Reports are due by the later of 30 days post-closing or the end of the following month, and records must be kept for five years.
Responsibility to file follows a cascade ranking among transaction participants. The highest party in the ranking is the one who files, with first priority falling to the closing/settlement agent listed on the closing/settlement statement. While attorneys are considered “reporting persons,” if a title company is involved in the transfer, their obligation to report would most likely supersede that of the attorney or other real estate professional.
The AMLR includes a reasonable reliance standard which allows the reporting party to rely on information provided to them by others when completing the report, as long as there is no doubt in the accuracy of the information and it’s certified in writing. Violations of the AMLR may result in civil or, if willful, criminal penalties, including fines and imprisonment.
Exemptions to the AMLR reporting requirement include direct purchases by individuals in their own name and many transfers found in common estate planning techniques. No reporting is required for transferees that are public companies, government entities, and regulated financial or insurance institutions (except title insurance companies). Estate planning trusts (revocable trusts established for probate avoidance) are exempt if the transfer is for no consideration and made by a grantor and/or spouse to a trust of which they are the grantors. Other exemptions cover transfers by inheritance, divorce, court order, bankruptcy, or under IRC §1031.

Pet Trusts

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When beloved actress Diane Keaton passed away on October 11, 2025, she left behind a $100 million estate – and ensured her dog, Reggie, would be cared for with the same comfort he enjoyed during her lifetime. Approximately $5 million was placed into a pet trust to guarantee Reggie would live out his days safely, comfortably, and exactly as Diane intended.

Just like any member of the family, pets deserve security, stability, and care. And under Wisconsin law, you can establish a legally valid pet trust to outline exactly how your animals should be cared for when you’re gone. These trusts remain in effect for the lifetime of the pet (or last surviving pet) and ensure funds are used exclusively for their benefit.

While some owners get carried away – Leona Helmsley famously tried to leave $12 million to her dog before a court reduced it to $2 million – most Pet Trusts are modest, thoughtful plans designed to provide comfort, routine, and quality of life.

With 66% of U.S. households owning at least one pet, planning for their future is more important than ever. A Pet Trust allows you to:

  • Appoint a trustee to manage the funds
  • Appoint a caretaker to love and look after your pet
  • Provide detailed instructions for lifestyle, medical care, diet, routine, and more
  • Ensure your wishes are legally enforceable

At Lin Law LLC, we put your whole family first—including the furry ones. If you want the peace of mind that your pet will be cared for according to your standards, we’re here to help you create a Pet Trust tailored to your goals.

The Legal Dispute Over Ted Williams’ Body and The Importance of the Authorization for Final Disposition

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With the World Series concluding this past weekend, we are reminded that even baseball legends can strike out when it comes to estate planning.

Even the best hitters can’t plan for every curveball life throws – but a strong estate plan, drafted by an experienced attorney familiar with your unique circumstances and goals, can bring your batting average up to all-star levels.

After Ted Williams passed away, confusion quickly ensued when two of his children presented a handwritten note expressing Mr. Williams’ desire that his body be cryogenically frozen. The problem? Mr. Williams’ will stated his wish to be cremated and have his ashes scattered over the ocean off the coast of Florida. The litigation that followed left Mr. Williams’ body frozen in controversy – like a batter getting thrown a 12-6 curveball.

Disputes like these can be avoided by properly documenting your wishes and by ensuring consistency across your estate planning documents. Wisconsin permits individuals to create Authorizations for Final Disposition – a special document that designates who will make burial or cremation decisions, and in which you may specify any specific funeral/celebration of life and burial arrangements.

At Lin Law LLC, we help families make sure their wishes are honored, their loved ones are protected, and their legacy is preserved.

Wisconsin Marital Property Law (1986): What You Need to Know

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Did you know that Wisconsin is one of just nine states with marital (community) property laws? Wisconsin joined the small number of states with this treatment of marital property by enacting the Wisconsin Marital Property Act in 1986. Under Wisconsin’s marital property law, nearly all assets and debts acquired during a marriage are considered to be owned equally by both spouses, regardless of whose name is on the paycheck or whose name is on the title. The law is based on the principle that “a sound marriage is a partnership of equals,” recognizing the value of both financial and non-financial contributions to the relationship.
Under Wisconsin’s marital property laws, property’s classification as marital property or individual property depends primarily on whether it was acquired before or after the date of marriage. All income and assets acquired before marriage is individual property, and all income and assets (subject to a few exceptions) acquired after the date of marriage is marital property. The sole exceptions to this classification is property acquired by gift or inheritance, which is always individual property. However, Wisconsin law also provides a presumption that all property is marital property unless it’s ownership can be clearly traced back to before the marriage, or its acquisition by gift or inheritance.
The law also impacts how debt is handled. Debts taken on during the marriage are usually treated as shared, and creditors can pursue both marital and individual property. On the upside, this system can make it easier for a non-earning spouse to qualify for credit.
From an estate planning perspective, the classification of marital property can have tremendous benefits. Spouses receive what’s known as the “double step-up” in basis for income tax purposes on marital property. The “step-up” in basis refers to the increase in a deceased individual’s “basis” for tax purposes that occurs at the time of one’s death, permitting heirs or beneficiaries to sell the property for no or minimal tax liability. In individual property states, property only receives a “step-up” in basis as of the date of its titled owner’s death. And for property owned jointly by spouses, the property receives a “step-up” in basis only to the extent of the deceased spouse’s one-half interest (not the full amount). In marital property states, however, the property receives a full “step-up” in basis at each spouse’s death for all marital property, regardless of whether the asset was titled in one or both spouses’ names.
Couples may also enter into a marital property agreement to opt out of default rules, keep assets separate, or convert individual property into marital property. These agreements must be in writing, signed by both spouses, and based on full financial disclosure.
Understanding how Wisconsin’s marital property laws affect your finances, debt exposure, and estate plan is essential. Whether you’re newly married, planning for the future, or reviewing an existing plan, it’s important to make sure your estate strategy reflects your goals and complies with state law.

What is a Transfer on Death Deed?

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For many Wisconsin families, keeping the home, cottage, or any other real estate in the family is vital, preserving ownership across generations.  Many also desire to spare their loved ones the need to go through probate, which often adds time and costs to administering an estate.  Probate is the public, court-supervised process used to pay a deceased individual’s debts, and distribute any remaining assets to the individual’s heirs.  Without a proper plan, whether these goals will be reached is a gamble.  Depending on your circumstances, a Transfer on Death (TOD) Deed might be a simple, cost-efficient tool to accomplish these goals.

Just like you can do for life insurance policies, and bank, brokerage, and retirement accounts, you can use a TOD Deed to designate one or more beneficiaries to automatically take title to your real estate at your death.  It bypasses probate, keeps expenses low, and requires no ongoing upkeep.  Put plainly, a TOD Deed is a faster and cheaper route that keeps your real estate out of court and spares your loved ones lengthy delays.

How does it work? You keep full ownership during your lifetime, meaning you can sell or refinance at any time.  The beneficiary receives the property automatically at your death.  You must sign the deed, have it notarized, and record it while alive.

Are TOD Deeds right for everyone?  Unfortunately, TOD Deeds aren’t right for every situation.  If you name more than one beneficiary (such as your children), your beneficiaries will all take equal co-ownership of the entire property conveyed.  In order for your beneficiaries to sell the property, unanimous approval is required.  If not all beneficiaries agree, disputes can (and often do) quickly develop.

And what happens if a named beneficiary predeceases you?  Unless you specify otherwise, in most cases a predeceased beneficiary’s ownership interest will pass to their issue by right of representation (i.e. split into equal shares with one share for each living child and each deceased child with living children), further diluting ownership and complicating decision-making.

TOD Deeds also aren’t great if the beneficiary is a minor.  Their ability to take manage and sell the property is diminished and typically requires their legal guardian’s approval.

If any of these situations apply to you, you should consider an estate plan that addresses these more complicated issues, such as a trustor will-based estate plan.  Under either of these estate plans, you have greater flexibility to vary the default survivorship rules, can designate one individual with authority to either sell or distribute the property to your intended beneficiaries, provided that assets distributed to minors or individuals under a certain age will be held in trust for the individual’s benefit, and nominate legal guardians for your minor children.

When to use a TOD Deed? There are certain situations where TOD Deeds work well.  If probate avoidance can be accomplished using TOD Deeds, such as if most of your net worth is comprised of your primary residence, and you have just one intended adult beneficiary, TOD Deeds are the fastest and most cost-effective tool there is.  TOD Deeds are also revocable, meaning you are free to revoke them at any time, and if you sell the property before your death, the TOD Deed automatically becomes void.

Organ Donation: Myths vs. Facts

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Many people support the idea of organ donation — but common misconceptions often get in the way.

Some believe they’re too old or too unhealthy to make a difference. Others worry their medical care might be compromised if they’re listed as a donor, that their family could be left with the costs, or that you can’t have an open casket funeral if you donate your organs. In reality, none of these myths hold up. You’re never too old to be a donor – with consent, doctors assess the condition of your organs, not your age. People with chronic conditions, including diabetes and cancer, have successfully donated organs. Families are never charged for the gift of organ or tissue donation. And, you or your designated agents have control over which organs are ultimately donated – and how they are used.

These decisions are deeply personal — and they’re worth thinking through as part of broader conversations about healthcare wishes and estate planning. Including your organ donation preferences in your advance directives ensures your intentions are clear and honored.
Knowledge leads to better planning — and potentially, to saving lives.

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Understanding Common Types of Debt – An Essential Part of Estate Planning

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Understanding your finances can feel overwhelming. But taking a moment to learn the different types of debt, and the forms they take, can make a big difference. Having a solid understanding lays the foundation for a stronger, more thoughtful estate plan. Don’t let unpaid expenses catch your loved ones off guard. Create clarity, protect your legacy, and make sure nothing is left behind!

Limitations of AI: Why Attorneys are Critical for Business Owners

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Artificial intelligence (AI) is a helpful resource for everyday tasks, but it cannot substitute for proper legal representation. Whether you are
launching a business, have been operating for years, or are preparing to retire, an attorney is essential to achieving your goals.

An attorney provides comprehensive protection and support, offering tailored advice to guide your business decisions toward long-term success. They spot blind spots AI can’t see:

  • Succession Planning: Attorneys understand family dynamics and how personal relationships can affect professional goals. AI, by contrast,
    offers a one-size-fits-all approach and cannot balance emotional or personal reasoning.
  • Entity Structuring: Attorneys create, maintain, restructure, and update entities, such as, drafting operating agreements, recording deeds, transferring ownership, handling trademarks, and managing asset sales or mergers. AI lacks the legal judgment to interpret overlapping statutes and has no fiduciary accountability or notary
  • Asset Protection: Attorneys know state-specific asset-protection. They guide clients through rules like the Corporate Transparency Act and BOI filings and advise on tax-efficient strategies. AI may misapply these rules, potentially leading to costly missteps, or even allegations of fraud.

Avoid trouble and don’t risk your legacy. Attorneys are critical to business success:

  • They personalize succession plans by navigating family dynamics and deploying tools like buy-sell agreements, trust management, and gradual ownership transfers; nuances AI cannot weigh.
  • They ensure your business and estate are legally sound, executing all technical steps and administrative requirements. Attorneys bear legal
    responsibility for your documents; AI software does not.
  • They offer reliable advice on how changing laws, such as, federalestate-tax exemptions or marital-property statutes, could affect your
    plans and how to adapt for future success.

AI is great for quick answers to simple questions, but your business is worth more. Your life’s work deserves the detail and accountability only a qualified attorney can provide. An attorney delivers situation-specific guidance and proudly carries the responsibility of protecting your estate so it stands strong for generations; something AI simply cannot do.

Sole Proprietorship vs. LLC

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Did you ever wonder what the difference is between a Sole Proprietorship and a Limited Liability Company (LLC)?  Whether you want to start a side hustle or grow your small business, determining which structure you need is the best first step.  The two most common forms of business are a Sole Proprietorship and an LLC.  Both allow you to function as a working business, but they differ when it comes down to credibility, liabilities, and taxes.

A Sole Proprietorship is the simplest form of business where the owner and the business are legally the same.  This means the owner will directly receive all of the profits as personal income.  However, this carries a lot of liability to the owner’s personal assets.  Going further, an LLC is a step up in formality and credibility from a Sole Proprietorship.  In this structure, the owner and the business are legally separate, which provides protection over the owner’s personal assets while also offering tax flexibility and greater options for growing businesses with multiple owners.

Review your business direction and goals.  Are you wanting to test a new idea?  Have you been wanting to expand in the community?  Do you want to hire more employees?  The foundation your business starts on is crucial to its later success, and that can be grown from choosing the right type of business model.

Let the right business structure carry you forward!

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