Madison Wisconsin Estate Planning Blog
Friday, July 29, 2016
In order to predict how much your estate will have to pay in taxes, one must first determine the value of the estate. To determine this, many assets might have to be appraised at fair market value. The estate includes all assets including real estate, cash, securities, stocks, bonds, business interests, loans receivable, furnishings, jewelry, and other valuables.
Once your net worth is established, you can subtract liabilities like mortgages, credit cards, other legitimate debts, funeral expenses, medical bills, and the administrative cost to settle your estate including attorney, accounting and appraisal fees, storage and shipping fees, insurances, and court fees. The administrative expenses will likely total roughly 5% of the total estate.Read more . . .
Wednesday, July 6, 2016
When Circumstances Change, So Should Your Estate Plan
Your estate plan was written to reflect your situation at a specific point in time – and – as we all know – our lives continually change, unfolding in ways we might not have anticipated. Just like you meet with your doctor, financial advisor, or CPA on a regular basis, you need to meet with us on a regular basis as well.
In this issue, we:
- Identify and provide examples of life changes which typically trigger a need to update your plan
- Examine how often you should “check in” with our office
The goal? To make sure that your estate plan achieves your goals and works for your family.
Update Your Estate Plan if Any of These 6 Circumstances Apply to You
- Marriage, divorce, or death of a spouse
- Changes in financial status – good or bad
- The launch or wind down of a business
- Birth, adoption, or death of a child or grandchild
- Change in personal or family circumstances – including the need to replace trustees, address disabilities or addictions, moving to a new state, and more
- Change in your goals – such as changing amounts of inheritances, adding or removing a charity, and more
It’s not just changes in your life you need to think about - Congress, the courts, and the legislatures are constantly changing the rulebook. If you haven’t had your will, trust, or estate plan reviewed since 2012 or if any of these 6 circumstances apply to you, it is essential to contact us, so we can get you back on track.Read more . . .
Friday, June 17, 2016
We had a great time meeting and mixing with those who attended our Advisor's Open House. Thank you to everyone who stopped in to say hello and take the tour.
Special congratulations to the following door prize winners; Lisa Schluesche of Johnson Bank,Read more . . .
Thursday, April 21, 2016
THE RIGHT TO BEAR ARMS MEETS NEW REGULATIONS
According to a 2012 poll, nearly one half of all Americans keep a firearm in their home. Many of them may be weapons subject to registration under the National Firearms Act (NFA). These weapons, which include machine guns, suppressors (silencers), short-barreled (sawed off) shotguns and destructive devices (howitzers, mortars, grenade launchers, etc.) are referred to as Type II weapons as they fall under that Article of the NFA.
The NFA, enacted in 1934, restricts the possession and transfer of Type II weapons and violation of the terms of the NFA can lead to fines of up to $250,000 and up to ten years imprisonment.Read more . . .
Wednesday, November 11, 2015
THANK YOU to all of our veterans!
On the 11th hour of the 11th day of the 11th month of 1918, an armistice, or temporary cessation of hostilities, was declared between the Allied nations and Germany in the First World War, then known as “the Great War.” Commemorated as Armistice Day beginning the following year, November 11th became a legal federal holiday in the United States in 1938. In the aftermath of World War II and the Korean War, Armistice Day became Veterans Day, a holiday dedicated to American veterans of all wars.
Tuesday, November 3, 2015
If you are a parent and you are considering estate planning, one of the most difficult decisions you will have to make is choosing a guardian for your minor children. It is not easy to think of anyone else, no matter how loving, raising your child. Yet, you can make a tremendous difference in your child’s life by planning ahead. Read more . . .
Friday, October 30, 2015
Did You Know?
One quarter of all of the candy sold for the entire year is purchased for Halloween.
From our office to your home, we wish you and your family a happy and healthy Halloween weekend!
Friday, September 18, 2015
A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest. Read more . . .
Tuesday, September 1, 2015
An executor's fee is the amount charged by the person who has been appointed as the executor of the probate estate for handling all of the necessary steps in the probate administration. Therefore, if you have been appointed an executor of someone’s estate, you might be entitled to a fee for your services. This fee could be based upon a variety of factors and some of those factors may be dependent upon state, or even local, law.Read more . . .
Friday, August 21, 2015
You don’t have to make your family’s assets easy for creditors to reach. Protecting your hard-earned assets for the benefit of yourself and your family can be accomplished through careful planning. These seven trust-based asset protection strategies can put significant (and often insurmountable) obstacles in the way of a creditor.Read more . . .
Tuesday, August 4, 2015
If your estate plan and related documents are properly and carefully drafted, it is highly unlikely that the court will disregard your wishes and award the excluded child an inheritance. As unlikely as it may be, there are certain situations where this child could end up receiving an inheritance depending upon a variety of factors.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.