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Madison Wisconsin Estate Planning Blog

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.


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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.


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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.


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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.


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Sunday, December 8, 2013

Educational Programs for the Farm Community

Planting the Seeds for a Secure Future

Join us for a program exclusively for the farm community hosted by Wilson Law Group of Madison

Protect your farm from undesired estate taxes

Preserve your assets from the cost of nursing home care

Position for the sale of your farm without capital gains

and more!

8 DIFFERENT LOCATIONS, DATES, AND TIMES TO CHOOSE FROM:

LIMITED SEATING SO RESERVE YOUR SEAT TODAY BY REGISTERING HERE


Friday, December 6, 2013

Year End Gifts

If you’re like most people, you want to make sure you and your loved ones pay the least amount of tax possible. Many use year-end gift giving as a way to transfer wealth to younger generations and also reduce the overall potential estate tax that will be due upon their death. Below are some steps you can take to make gifts to your heirs without triggering any gift tax liability. Some of these techniques may also reduce your own income tax liability.


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Friday, November 29, 2013

What's Involved in Serving as an Executor?

An executor is the person designated in a Will as the individual who is responsible for performing a number of tasks necessary to wind down the decedent’s affairs. Generally, the executor’s responsibilities involve taking charge of the deceased person’s assets, notifying beneficiaries and creditors, paying the estate’s debts and distributing the property to the beneficiaries. The executor may also be a beneficiary of the Will, though he or she must treat all beneficiaries fairly and in accordance with the provisions of the Will.


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Monday, November 25, 2013

8 Estate Planning Things to Do Before You Travel

Before any trip, most of us create a “to-do list” of things we have put off and want to take care of before we leave. Here is a checklist of estate planning things to do before you take your next trip. Taking care of these will help you travel with peace of mind, knowing that if you don’t return due to serious illness or death, you have made things much easier for those you love.


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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