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Madison Wisconsin Estate Planning Blog

Thursday, June 14, 2018

What Happens To Your Student Loan Debt When You Die?

There are two issues many people avoid thinking about: death and debt. Student loan debt is part of life nowadays for students obtaining advanced or professional degrees. As of 2017, the total national student debt was over $1.4 trillion with college students graduating with an average of $17,126 in debt.

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Thursday, May 31, 2018

Are Your Documents Following the Same Script? Basics of Beneficiary Forms and Estate Planning

In the event of your untimely death, the manner in which your beneficiaries -- or those people who receive your assets from your estate -- are determined is highly dependent on how your property is titled. 

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Monday, May 21, 2018

Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away

Preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning -- including your business plan and your estate plan -- is key. Below are some tips on how to protect your company and keep the business on track and operating day-to-day in your absence.

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Wednesday, April 11, 2018

When will I Receive my Inheritance?

If you’ve been named as a beneficiary in a loved one’s estate plan, you’ve likely wondered how long it will take to receive your share of the inheritance.  The length of time it takes to distribute assets in an estate can vary widely depending upon the particular situation.

 


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Friday, March 30, 2018

3 Ways Your Trust Can Help a Loved One with Mental Illness

When a loved one suffers from a mental illness, one small comfort can be knowing that your trust can take care of them. There are some ways this can happen, ranging from the funding of various types of treatment to providing structure and support during his or her times of greatest need.

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Wednesday, March 21, 2018

What to Expect from Estate Planning in 2018

The year 2017 is now fading into the rearview mirror. As we continue through 2018, let’s consider a few things to watch regarding estate planning, so you and your family can be completely protected.



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Monday, February 26, 2018

A Simple Will Is Not Enough

A basic last will and testament cannot accomplish every goal of estate planning; in fact, it often cannot even accomplish the most common goals.  This fact often surprises people who are going through the estate planning process for the first time.  In addition to a last will and testament, there are other important planning tools which are necessary to ensure your estate planning wishes are honored.




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Monday, February 12, 2018

Estate Planning For the Newly Married

Now is the perfect time to start working on an estate plan. As newlyweds, you are figuring out how to consolidate two households into one. You've already been working on the new banking and shared responsibility of bills and taxes.

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Wednesday, January 17, 2018

How the Tax Cuts and Jobs Act will help Farmers

Congress delivered the historic 560-plus-page Tax Cuts and Jobs Act, and President Donald Trump signed it into law on the Friday before Christmas. The changes will affect 2018 taxes, not those for 2017. Here are 10 points that bode well for farm operators and small business owners:

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Wednesday, December 27, 2017

Do you really need a trust?


Although many people equate “estate planning” with having a will, there are many advantages to having a trust rather than a will as the centerpiece of your estate plan. While there are other estate planning tools (such as joint tenancy, transfer on death, beneficiary designations, to name a few), only a trust provides comprehensive management of your property in the event you can’t make financial decisions for yourself (commonly called legal incapacity) or after your death. 

One of the primary advantages of having a trust is that it provides the ability to bypass the publicity, time, and expense of probate. Probate is the legal process by which a court decides the rightful heirs and distribution of assets of a deceased through the administration of the estate. This process can easily cost thousands of dollars and take several months to more than a year to resolve.


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Tuesday, December 12, 2017

What are Letters Testamentary?

An individual who has been named as a personal representative or executor in a will has a number of important duties. These include gathering the deceased person's property and transferring it to the beneficiaries through a court-supervised process known as probate. In order to initiate this proceeding, the executor must first obtain what are referred to as Letters Testamentary. In Wisconsin, they are called Domiciliary Letters. This document gives the executor the legal authority to administer the deceased person's estate.

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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.

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