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Wynn at Law LLC always encourages estate planning clients to check who they’ve elected as beneficiaries of their accounts and policies. Not all assets are distributed by or through a will. Some accounts, such as retirement funds and life insurance policies, let owners name beneficiaries for that particular asset.

Here are a couple of examples where missing or ‘wrong’ beneficiary listings can be a hang up for your decedents.

 
No named beneficiary. These days with paperless documents, most insurance agents can’t click OK on your policy if the beneficiary field is left blank. Older policies – not the case. You may have left it blank because you were in a rush, didn’t see it, or thought you would fill it in later. Now is later. Without a named beneficiary, an account will need to go to probate court, where a judge will decide who gets the money.
Former spouse named as beneficiary. Face it, surviving a deceased spouse or divorcing a living one involves tons of legal paperwork and decisions. One many people forget during this life change is to go back and designate another beneficiary. Ex-spouse doesn’t mean ex-beneficiary… a view that was recently upheld by the Supreme Court. Named beneficiaries get the proceeds, no matter how estranged the relationship. Imagine the family chaos following your passing if the ex got the money you wished for your current spouse or your children.
It’s a good idea to review three things: Old pensions in which you are vested, 401(k) plans still sitting at former employers, and every life insurance policy still in force with your name on it. By the way, that includes annuities, which are life insurance contracts. Wynn at Law LLC likes to have clients review beneficiary information after every life change such as retirement, the births of children or grandchildren, marriage or divorce. You want your money to go where you want it to go.

*The content and material in this original post is for informational purposes only and does not constitute legal advice.  
Photo by Robert Churchill., used with permission.
The post Check your beneficiaries lately? appeared first on Wynn at Law, LLC.

Article in Journal Sentinel, part of the USA Today Network
Chicago’s Anti-Puppy Mill Law Upheld by Appellate Court
In 2015, a new anti-puppy mill law took effect in Chicago that changed the landscape for pet stores. The law prohibits pet retailers from sourcing animals from anywhere except government run animal shelters, or animal control, or non-profit pet rescues, or pet shelters. Basically, pet stores are no longer able to source animals from pet breeders.
Pet stores and breeders banded together to file a lawsuit to stop this new law, but it was dismissed and affirmed by U.S. 7th Circuit Court of Appeals affirmed, saying Chicago’s ordinance was neither an over-reach of home rule power nor a violation of the Commerce Clause.
Why ban puppy mills, besides being one of the most disgusting places on earth?
Chicago’s argument was that pets from mills disproportionately have health and behavior problems that become burdens on their owners, who then often abandoned the animals, who become economic burdens on the city’s shelter. 

PERSONAL NOTE: When I was 20 years old when my new husband and I purchased a wonderful St. Bernard puppy from a pet store.  We intended this sweet animal to be a great playmate for our brand new baby girl.  Little did we know the puppy was from a “puppy mill”.  We had never heard the term and assumed that all puppies came from loving families who chose to sell their puppies through a pet store rather than a newspaper ad (all before the Internet).  How mistaken we were.  In just a few months it became obvious this wonderful puppy had serious medical problems.  After spending thousands of dollars (we did not have) we were forced to put that sweet puppy to sleep.  My heart still hurts today for the pain that sweet puppy suffered because of the inherited problems (hip dysplasia and terrible gastro problems).
Always know where your pets come from.  Meet the breeders, tour the kennel, research the seller and check AKC registration (if the breeder says you are buying a “pure bred”.
Help run these folks out of business.  No animal should have to suffer the way these beautiful pets are forced to live.  No child should be told their ‘best friend’ is going away forever because they are very sick.

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About the Author:
Diane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys.
I would be flattered if you connected with me on GOOGLE+
*Important Note from Diane: Nothing on this website should be construed as establishing a lawyer-client relationship between you, me, the author of any page or the website owner (me) who happens to be a lawyer.  Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article.  You may pick up some information about bankruptcy, foreclosure or the practice of law written by myself or others.  Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*

The post Anti-Puppy Mill Law Upheld appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.

There are two particular situations when we encourage Wynn at Law, LLC real estate clients to do as much home-buying due diligence as possible: Foreclosures and Relocations.

• Foreclosures: We don’t hear about as many foreclosures as we did at the start of the decade, but they’re still out there in Southeast Wisconsin. Walworth County – at 1 home in 2,060 in foreclosure – is below the state average (1 in 2,700) and sandwiched between one of the busiest counties for August 2017 foreclosure activity (Rock Co., 1 in 1,334) and one of the lightest (Racine Co., 1 in 4,105). That data is from realtytrac.com, and indicates that Elkhorn and Walworth communities currently have the highest foreclosure ratios in Walworth Co.
• Relocations, or RELOs: As both the job and real estate markets continue to improve, workers are on the move again. When you see ‘RELO documents required’ in a description of a property, you will have paper work from a relocation company to sign. This usually means the home is an inventory home of a relocation company that has bought out the relocated seller. Corporations use relocation companies to get their employees to their new destinations ASAP. These corporations contract with RELO companies – or sometimes a RELO department within a large realty firm – to buy these homes and turn around and resell them. Just like the bank owning a foreclosed home, a RELO company doesn’t know the property the way a private seller does.

In either case of buying, you should have an attorney on board as early as possible in the home-buying process (see related article). You should inspect the property top to bottom (another previous article), see it in multiple lights, and do your best to glean as much information as you can from public records.
Also, be aware that even though the RELO company and a bank foreclosing on a home have a vested interest in getting a property sold, they may or may not be more flexible on price, depending on the market. One such situation is the seller’s market we’re in. Another, in a RELO context, is if the RELO firm guaranteed a buyout of the home – a GBO. An attorney can be a strong negotiator in your corner, regardless of the market or status of the property.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.  
 
Photo by Andy Dean, used with permission.
The post Despite the waning of foreclosures, it is still ‘Buyer Beware’ appeared first on Wynn at Law, LLC.

Bankruptcy is a debt relief process that enables consumers with insurmountable debt
loads and financial struggles to gain control of their economic health.
Achieving this goal and obtaining a brighter financial future will depend
on the Chapter of bankruptcy filed under. For example:

• Chapter 7 bankruptcy involves the liquidation of non-exempt assets to pay at least some percentage
  of debt owed to existing creditors in order of priority. Because many
  Chapter 7 cases are no-asset cases, some creditors may not receive any
  payment at all prior to discharge.

• Chapter 13 bankruptcy allows individuals with sufficient income to restructure and consolidate
  debt into a repayment plan over the course of three to five years, during
  which they will make a single payment to a bankruptcy trustee. This payment
  will then be dispersed to creditors based on priority. At the end of a
  repayment plan, remaining debt on unsecured debts, such as credit card
  debt, will be discharged.

In both Chapter 7 and Chapter 13 bankruptcy cases, money for unpaid debts
does come from somewhere – either a liquidation of assets or available
disposable income. Because there are other fees and expenses associated
with filing bankruptcy – including filing and attorney fees and
credit counseling or financial management courses – we often hear
concerns as to where debtors can obtain the funds necessary to address
these costs and other financial obligations. By closely reviewing our
clients’ unique situations, our Dallas bankruptcy attorneys at Allmand
Law Firm, PLLC can help them explore ways to free up finances when necessary.
Some of these options may include:

• Tax refunds received prior to a bankruptcy filing can be used strategically
  and beneficially without introducing new legal complications. By waiting
  to spend a tax refund, it may be considered as part of your bankruptcy
  estate, which can be used to satisfy creditors. Refunds can also be used
  with guidance from an experienced attorney who can help you obtain exemptions,
  used the refund toward filing or attorney fees, and may necessary payments
  toward necessities and utilities.
• Credit card payments, or the money you would have paid toward new credit
  card debt, can also be used wisely prior to or during bankruptcy. If you
  plan on filing, it is best to
  stop using your credit cards so that you do not create new debt, or subject yourself to scrutiny for
  racking up debt with hopes of it being discharged once a bankruptcy is
  finalized. By limiting credit card use before filing, you can free up
  necessary funds and later benefit from the discharge of debts.
• Consumer protection actions may also allow consumers to secure additional
  funds when their rights have been violated by creditors who failed to
  abide by the Fair Debt Collection Practices Act. Under the FDCPA, creditors
  are prohibited from using a number of tactics when attempting to collect
  from consumers who are behind on payments, including excessive calls and
  other forms of harassment. When successful, these claims can allow consumers
  to obtain as much as $1,000 when creditors harass them, as well as other
  damages and attorney fees.
• Managing expenses may be easier said than done, but when you are considering
  bankruptcy, every dollar saved can make the difference. Take a look at
  your financial situation, even with the help of an attorney, to see where
  you can cut costs and save money that can be used toward your bankruptcy
  and other necessary expenses. You might find that saving here and there
  can quickly add up and provide the funds you need. Taking a serious approach
  to budgeting and spending can also prove beneficial when during and after
  your bankruptcy case as you begin to rebuild your credit and gain control
  over your finances.

Aside from these options, some individuals also have options of seeking
low-cost legal services, provided that they meet qualifying criteria,
or ask friends and family for assistance if needed. Ultimately, the best
thing you can do when considering bankruptcy and how you can initiate
and navigate the process is to work with experienced attorneys like those
at Allmand Law Firm, PLLC.
Led by Board Certified Bankruptcy Specialist Reed Allmand (Texas Board
of Legal Specialization), our legal team can help you learn more about
paying for bankruptcy and how you can benefit from the automatic stay
and debt discharge. For a FREE financial empowerment session,
contact us today.

The post Where Does Bankruptcy Money Come From? appeared first on Allmand Law.