Clair Law News and Articles

Retirement Accounts - New Rules for Your Financial and Estate Planning

In January of this year, the rules governing retirement accounts changed significantly. As a result of the passing of The Secure Act, there are long-term changes you might wish to consider to your financial and estate plan.

Stretch IRAs will be abolished going forward. Most of our clients who inherited an IRA on or before December 31, 2019 were able to stretch the distributions over their life expectancy. This was the “Stretch IRA.” For our clients who are inheriting retirement accounts after December 31, 2019, this opportunity to use the “Stretch IRA” will no longer exist.

Changes to Your Offer to Purchase 2020

Starting January 1, 2020, a new WB-11 Residential Offer to Purchase will be available for real estate purchases in Wisconsin. While reviewing the prior 2011 WB-11, the Real Estate Examining Board wanted to make transactions easier and have clarified language for the parties reading and preparing the documents. While there are many minor changes to the document, we have outlined three of the most notable below.

Beware of Wire Fraud

May 16, 2019

BEWARE! Wire transferring money on real estate transactions could cost you your life savings. We continue to advise our clients in residential real estate transactions, and in commercial real estate transactions, that they should be extremely careful about putting personal information (such as social security numbers and bank accounts) in any emails, and when they are wiring funds to an attorney’s office, a real estate agency, or a title company.

Not a Debt Collector

March 22, 2019

Clair Law is not a "Debt Collector" when representing financial institutions in foreclosure actions.
The United States Supreme Court on March 20, 2019 ruled unanimously in the case of Obduskey v. McCarthy & Holthus LLP that a business engaged only in nonjudicial foreclosure proceedings is not a "debt collector" under the Fair Debt Collection Practices Act.

Dying Without a Will? Leave a Legal Mess

December 10, 2018

It is estimated that anywhere from 50% to 70% of adult Americans haven’t taken the time to have a basic estate plan. Do you? If you don’t, what are your excuses for not having a basic estate plan in place?

If you don’t have a basic estate plan, you might have something in common with celebrities, such as Prince, Martin Luther King, Jr., and Howard Hughes. All of them failed to plan ahead and have a simple Will or an adequate estate plan.

Even 18-Year Olds Need a Power of Attorney for Health Care

September 24, 2018

An eighteen-year old was hospitalized at the Hospital/Clinic. She and her parents were not satisfied with the care they were receiving, and repeatedly asked for her to be transferred. There was a question as to whether or not the eighteen-year old had the capacity to make her own medical decisions. The hospital refused to let her transfer to another hospital, even after the family lawyer wrote a letter asking the well known hospital to make the arrangements.

Changes to the Real Estate Condition Report - Sale of Real Estate

August 10, 2018

The statutory Real Estate Condition Report (“RECR”) recently tripled in size. The new RECR became effective on July 1, 2018. The RECR was already a troublesome document for sellers because it requires sellers to give their opinions on defects to real estate issues only known by professionals in the field of construction, development, legal, zoning, etc. What makes matters worse is that the application of the current law provides an opportunity for buyers to sue sellers for double and triple damages, including attorney’s fees, should the seller accidentally, unintentionally, or without knowledge fail to check one of the now over 48 separate boxes. The RECR is so onerous on sellers that entire law firms have cropped up solely dedicated to litigation of these reports.

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The comments and opinions expressed in the blog are intended for informational purposes only and do not constitute legal advice. Reading or using the information in the blog does not create an attorney-client relationship between you and Clair Law Offices, S.C. or any of our attorneys.  The law is constantly changing and therefore the blog may contain dated material. For current law and how it relates to your particular facts and circumstances, consult Clair Law Offices or another qualified attorney licensed in your state.