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Madison Wisconsin Estate Planning Blog

Friday, February 7, 2014

Senior Citizens Comprise Growing Demographic of Bankruptcy Filers

It’s called your “golden years” but for many seniors and baby boomers, there is no gold and retirement savings are too often insufficient to maintain even basic living standards of retirees. In fact, a recent study by the University of Michigan found that baby boomers are the fastest growing age group filing for bankruptcy. And even for those who have not yet filed for bankruptcy, a lack of retirement savings greatly troubles many who face their final years with fear and uncertainty.


Read more . . .


Monday, February 3, 2014

Upcoming RWay Member Workshop-Trustee Training

Trustee Training-The Trust Process

Saturday, February 15, 2014 10:00 - 12:00 p.m.
UW Agricultural Research Station - 8502 Mineral Point Road, Verona, 53593
Located at: 8502 Mineral Point Road, Verona, 53593

Who should attend:  Anyone who may serve as a trustee or successor trustee for a living trust.  This includes the surviving spouse, adult children or others you have named in your trust who want to understand how a trust works. 


Read more . . .


Friday, January 31, 2014

Who Should Be Your Successor Trustee?

If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death.  The Successor Trustee plays an important role in the effective execution of your estate plan.


Read more . . .


Wednesday, January 22, 2014

How to Choose a Trustee

When you establish a trust, you name someone to be the trustee. A trustee basically does what you do right now with your financial affairs—collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records and generally keep things organized and in good order.


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Friday, January 17, 2014

Protecting Your Legacy with Estate Tax Planning

You spend your whole life building your legacy but sadly, that is not always enough. Without careful estate tax planning, much of it could be lost to taxes or misdirected. While a will or living trust is essential for dividing your estate as you wish, an estate tax plan ensures you pass on as much of your legacy as possible.


Read more . . .


Wednesday, January 8, 2014

Joint Bank Account and Medicaid Eligibility

Like most governmental benefit programs, there are many myths surrounding Medicaid and eligibility for benefits. One of the most common myths is the belief that only 50% of the funds in a jointly-owned bank account will be considered an asset for the purposes of calculating Medicaid eligibility.


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Friday, January 3, 2014

Estate Planning: The Medicaid Asset Protection Trust

The irrevocable Medicaid Asset Protection Trust has proven to be a highly effective estate planning tool for many older Americans. There are many factors to consider when deciding whether a Medicaid Asset Protection Trust is right for you and your family. This brief overview is designed to give you a starting point for discussions with your loved ones and legal counsel.


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Friday, December 27, 2013

Changing Uses for Bypass Trusts

Every year, each individual who dies in the U.S. can leave a certain amount of money to his or her heirs before facing any federal estate taxes. For example, in 2013, a person who died could leave $5.25 million to his or her heirs (or a charity) estate tax free, and everything over that amount would be taxable by the federal government. Transfers at death to a spouse are not taxable.


Read more . . .


Monday, December 23, 2013

Start Early on Farm Transfer Work

Family dynamics - tax changes - irratic markets.  All of these components can make starting conversations about estate planning difficult for Wisconsin's farm families.

Dan Purtell with the Wilson Law Group estimates that 90% of Wisconsin farm families are behind on estate planning.  Purtell also says that 70% of the farmland being held by the current generation will pass hands in the next 20 years - the catch is where will that land go.

Wilson Law Group has arranged for a number of estate planning forums in southern Wisconsin both in January and February.  We've got the dates posted on our farm calendar.

To learn more about why estate planning isso critical to Wisconsin farm families - listen to Dan's conversation with Pam Jahnke.

 

WLG Radio Interview with Pam Jahnke the Fabulous Farm Babe

 


Friday, December 20, 2013

What is Estate Tax Portability and How Does it Affect Me?

At the end of 2012, the entire country watched as major changes were made to income tax  laws with the adoption of the American Taxpayer Relief Act of 2012 (ATRA). The act also made significant changes in estate tax laws.


Read more . . .


Wednesday, December 11, 2013

Estate Planning for Young Families

Many young families put off estate planning because they are young and healthy, or because they don’t think they can afford it. But even a healthy, young adult can be taken suddenly by an accident or illness. And while none of us expects to die while our family is young, planning for the possibility is prudent and responsible.


Read more . . .


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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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7633 Ganser Way, Suite 100, Madison, WI 53719
| Phone: 608-833-4001
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| Phone: 608-882-6300

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