Madison Wisconsin Estate Planning Blog
Friday, July 24, 2015
How to Create a Successful, Multigenerational Welath Transfer Plan
Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third. Don’t let your loved ones become part of these statistics. You need to understand, and work to overcome, the disconnect that occurs between generations regarding the transfer of wealth. In this issue you will learn:Read more . . .
Tuesday, July 07, 2015
Problems with Using a Joint Account as a Vehicle for Inheritance
When deciding who will inherit your assets after you die, it is important to consider that you might outlive the beneficiary you choose. If you have added someone to your financial accounts to ensure that he or she receives this asset after you die, you might be concerned about what will happen should you outlive this person.Read more . . .
Tuesday, June 23, 2015
Leaving a Timeshare to a Loved One
Many of us have been lucky enough to acquire timeshares for the purposes of vacationing on our time off. Some of us would like to leave these assets to our loved ones. If you have a time share, you might be able to leave it to your heirs in a number of different ways. Read more . . .
Friday, June 12, 2015
If You Die Without a Will, Does Your Spouse Inherit Your Entire Estate?
If you are married and you die without a Last Will and Testament, you may mistakenly believe that your spouse will still inherit your entire estate. Not so fast. Who will inherit your estate depends on several different factors.Read more . . .
Monday, May 25, 2015
What's up in Washington?
On April 16 the United States House of Representatives passed, by a vote of 242 to 179 House Resolution 1105 entitled “Death Tax Repeal Act of 2015”. The vote was largely along party lines, and the resolution proposes the repeal of the estate tax and generation-skipping transfer tax, while retaining the gift tax. Under this resolution, gift tax would be imposed at a maximum rate of 35% on lifetime gifts exceeding $5,000,000, adjusted for inflation after the year 2011. The Senate is currently considering similar legislation. The White House has indicated that it would veto this bill as it is projected to add $269 Billion to the deficit over ten years without any reduction in spending.
It is interesting to note that House Resolution 1105 contains no provision for “carry over basis” and retains the stepped up basis rules that exempt capital gains on assets held until death from income taxes. It seems as if there just isn’t a Congressional Session without an attempt to repeal or modify the estate tax and this year appears to be no different. As both the Senate and House Resolutions are considered and perhaps presented to the President, it bears watching.
Even the third branch of government, the Supreme Court, will be dealing with issues that could greatly affect estate planners everywhere. Oral arguments are scheduled in Obergefell vs. Hodges and three related cases on April 28, 2015. The issue is whether due process and equal protection, under the Constitution are available for persons of the same sex wishing to marry. The Constitutional protection would override the rights of states to govern marriages within their borders. This case, arising out of the Sixth Circuit, is from the only appellate circuit thus far to deny marriage rights to persons of the same sex following the Supreme Court’s decision in Windsor v. U.S., an estate tax refund case. The implications for the marital deduction for gift and estate taxes, as well as joint income tax filings and other tax benefits (including spousal protection under ERISA) will have repercussions for estate planners throughout the country. It appears that all three branches of the federal government are simultaneously involved in issues that will have great import to planning decisions in the future.
As they say on television – “Stay tuned”.
Wednesday, May 20, 2015
How to Minimize Legal Fees after Death
Death is a costly business. Aside from funeral expenses, legal fees can take a big chunk out of how much is left for your loved ones after you’re gone.
But it doesn't have to be this way. Careful planning can minimize the legal fees your loved ones will pay after you die. Here’s how:Read more . . .
Friday, May 08, 2015
Happy Mother's Day Weekend
Mother’s Day is a holiday honoring motherhood that is observed in different forms throughout the world. The American incarnation of Mother’s Day was created by Anna Jarvis in 1908 and became an official U.S. holiday in 1914.
Did You Know?
More phone calls are made on Mother’s Day than any other day of the year. These holiday chats with Mom often cause phone traffic to spike by as much as 37 percent.
Tuesday, May 05, 2015
Happy Cinco de Mayo
Cinco de Mayo—or the fifth of May—commemorates the Mexican army’s 1862 victory over France at the Battle of Puebla during the Franco-Mexican War (1861-1867). A relatively minor holiday in Mexico, in the United States Cinco de Mayo has evolved into a celebration of Mexican culture and heritage, particularly in areas with large Mexican-American populations. Cinco de Mayo traditions include parades, mariachi music performances and street festivals in cities and towns across Mexico and the United States.
Many people outside Mexico mistakenly believe that Cinco de Mayo is a celebration of Mexican independence, which was declared more than 50 years before the Battle of Puebla.
Wednesday, April 22, 2015
Happy Earth Day
Founded in 1970 as a day of education on environmental issues, Earth Day is now a global holiday. The brainchild of Senator Gaylord Nelson and inspired by the antiwar protests of the late 1960s, Earth Day was originally aimed at creating a mass environmental movement. It began as a “national teach-in on the environment” and was held on April 22 to maximize the number of students that could be reached on university campuses. By raising public awareness of air and water pollution, Nelson hoped to bring environmental causes into the national spotlight
Did you Know? A highlight of the United Nations' Earth Day celebration in New York City is the ringing of the Peace Bell, a gift from Japan, at the exact moment of the vernal equinox.
Let our plan for future generations to include a healthy planet for years to come. Happy Earth Day from Wilson Law Group!
Wednesday, April 22, 2015
Happy Administrative Professionals Day
Administrative Professionals Day and Administrative Professionals Week are widely observed in many workplaces in the United States and other countries around the world. The first National Secretaries Week was organized in 1952.
The National Secretaries Association was formed to recognize the contributions of secretaries and other administrative personnel to the economy, to support their personal development and to help attract people to administrative careers in the field. The association's name was changed to Professional Secretaries International in 1981 and, finally, the International Association of Administrative Professionals (IAAP) in 1998.
There is no doubt that our office would not function smoothly without the hard work of our administrative and support staff. Thank you!
Wednesday, April 08, 2015
The Role of The Successor Trustee
When creating a trust, it is common practice that the person doing the estate planning will name themselves as trustee and will appoint a successor trustee to handle matters once they pass on. If you have been named successor trustee for a person that has died, it is important that you hire an attorney to assist you in carrying out your duties. Although the attorney that originally created the estate plan would most likely be more familiar with the situation, you are not legally required to hire that same attorney. You can hire any attorney that you please in order to determine what your obligations are.Read more . . .
With Offices in Madison, WI and Evansville, WI, the attorneys at the Wilson Law Group assist clients with Estate & Business Planning, Probate & Trust Administration, Elder Law and Medicaid Planning throughout Southern Wisconsin including Verona, Middleton, Sun Prairie, Cross Plains, Oregon, Black Earth, Janesville, Jefferson, Fort Atkinson, Baraboo, Reedsburg, Richland Center, Mount Horeb, Monroe, Beaver Dam, Dane County, Rock County, Green County, Iowa County, Richland County, Sauk County, Columbia County, Dodge County and Jefferson County.