Madison Wisconsin Estate Planning Blog
Monday, June 2, 2014
Trustee Training (The Trust Process)
Thursday, June 12, 2014 6:30 p.m.-8:00 p.m.
UW Agricultural Research Station- 8502 Mineral Point Road, Verona, WI 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. The program will provide attendees with an understanding of estate planning concepts, why a trust is useful in family planning, and an introduction to the trust administration process.
Attendance is a must for every trustee of every trust. A workbook will be included. We encourage you and your successor trustees to attend this workshop.
This program is a precursor for the Trustee Training (The Administrative Process) program.CLICK HERE TO REGISTER
Wednesday, May 28, 2014
Most parents want to treat their children fairly in their estate planning, and many assume that means having their children inherit equally. But fair does not necessarily mean equal. There may be special circumstances to consider.Read more . . .
Friday, May 23, 2014
Did you know that each year on Memorial Day a national moment of remembrance takes place at 3:00 p.m. local time? Take a moment this Memorial Day to reflect and appreciate those who have served this beautiful country.
Have a Happy and Safe Memorial Day Weekend!
Wednesday, May 14, 2014
You’ve likely heard that one of the many benefits of estate planning is reducing the amount of federal, and state, taxes owed upon your passing. While it may seem like estate tax planning must run afoul of IRS rules, with the proper strategies, this is far from the case.
It is very common for an individual to take steps to try to reduce the amount of federal estate taxes that his or her "estate" will be responsible for after the person's death. As you may know, you may pass an unlimited amount of assets to your spouse without incurring any federal estate taxes. You may pass $5.25 million to non-spouse beneficiaries without incurring federal estate tax and if your spouse died before you, and if you have taken certain steps to add your spouse's $5.25 million exemption to your own, you may have $10.5 million that you can pass tax free to non-spouse beneficiaries.
If your estate is still larger than these exemption amounts there are legal, legitimate planning techniques that will help reduce the taxable value of your estate in order to pass more assets to your loved ones upon your death and lessen the impact of the estate taxes. After your death, the duty normally falls on your executor (or perhaps a successor trustee) to file the appropriate tax returns and pay the necessary taxes. Failure to properly plan for potential estate taxes will significantly limit what your executor/trustee will be able to accomplish after your passing.
If you have taken steps to try to reduce the taxes owed, it is possible that the IRS may challenge the reported value or try to throw out the method you used. This does not mean that the executor/trustee will be in trouble; it just means that they will need to be prepared to support their position with the IRS and take it through an audit or even a tax court (or other appropriate court system). In the event of a challenge, a good attorney will be critical to ensure all of the necessary steps are taken.
Friday, May 9, 2014
Many people erroneously assume that when one spouse dies, the other spouse receives all of the remaining assets; this is often not true and frequently results in unintentional disinheritance of the surviving spouse.Read more . . .
Wednesday, May 7, 2014
The New Wisconsin Trust Code Effective July 1, 2014
Wednesday, May 14, 2014 11:30 A.M.-1:30 P.M.
UW Agricultural Research Station8502 Mineral Point Road, Verona, WI 53593
On December 12, 2013 Governor Walker signed into law the Wisconsin Trust Code (WTC). This new legislation's effective date is July 1, 2014. While the WTC is primarily a default statute, there are some significant changes from current Wisconsin law that we will discuss at our presentation.
Wednesday, April 30, 2014
Think for a few moments about what would happen if you suddenly became incapacitated or died. Would your spouse or family know what to do? Would they know where to find important records, assets and insurance documents? Would they be able to access (or even know about) online accounts or files on your computer? Would they know whom to ask if they need help? Putting the effort in now to establish a formal document inventory can alleviate unnecessary anxiety and turmoil in the future.Read more . . .
Friday, April 25, 2014
In case you missed it, check out the latest WLG Client Newsletter!
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Wednesday, April 23, 2014
Once a child turns 18, parents lose the legal ability to make decisions for their child or even to find out basic information. Learning you cannot see your college student’s grades without his/her permission can be mildly frustrating. But a medical emergency can take this frustration to a completely different level. The parents (or a sibling or another person) will probably have to go to court and ask for permission to obtain information about the student’s medical condition, be able to make decisions about treatment, and have access to the student’s financial records and accounts.Read more . . .
Friday, April 18, 2014
You are purchasing a home, and the escrow officer asks, “How do you want to hold title to the property?” In the context of your overall home purchase, this may seem like a small, inconsequential detail; however nothing could be further from the truth. A property can be owned by the same people, yet the manner in which title is held can drastically affect each owner’s rights during their lifetime and upon their death.Read more . . .
Wednesday, April 9, 2014
Establishing a Life Estate is a relatively simple process in which you transfer your property to your children, while retaining your right to use and live in the property. Life Estates are used to avoid probate, maximize tax benefits and protect the real property from potential long-term care expenses you may incur in your later years.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.