Articles Tagged with Estate Planning Lawyer Wisconsin

MP900442227-300x196“Our inherent nature to delay the inevitable, can lead the ones we care about into financial chaos. To avoid the chaos, careful preparation is needed when it comes to estate planning.”

Estate planning protects families, especially those with young children. It can eliminate stress, expense and unpleasant consequences that can last for generations. This is the message in an article titled “In the Works: Don’t Wait: Considerations in Estate Planningfrom Guidon. Continue reading

wear-your-heart-on-the-palm-of-your-hands-2-1314770-1280x960-300x225Wisconsinites are known for their charity and generosity. For many people, that charity does not end with their death. Indeed, it is common practice for individuals to make gifts to their favorite religious, charitable, cultural, and educational organizations as part of their estate planning.

The Orlando Sentinel recently reported on an unusual case involving a large charitable gift from the estate of a deceased farmer who lived in Brodhead, Wisconsin. The decedent inherited a substantial amount of his property from his own parents shortly before his own death in February 2015. In fact, at the time of his death the decedent reportedly owned land and property worth as much as $40 million, according to The Sentinel.

Under the terms of the decedent’s will, his entire estate would go to a teenage boy living in the Ukraine. The decedent believed the boy to be his biological child from a prior relationship, but the will required confirmation via a paternity test before the child could receive his inheritance. The child’s mother refused to allow such a test, which delayed administration of the estate until the child reached the age of 18 and could consent to the test for himself.

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equipo-1251179-1278x825-300x194If you are young and do not currently have a lot of assets, you might think you can get by without an estate plan. The flaw in that reasoning is that you can never be sure how much your future estate will actually be worth. For example, even if you do not own much now, what if you die in a car accident caused by a drunk driver and your estate wins a multi-million dollar personal injury judgment? Who gets that money if you never bothered to make a will?

Milwaukee Parents Fight Over Litigation Proceeds of Son’s Estate Continue reading

Bitcoin-300x161Estate planning is only effective if it includes all of your assets. In most cases this is not a big deal. Major assets like your home have a deed that clearly establishes legal title. Other liquid assets such as a brokerage account are maintained by a trusted third party that must follow certain regulatory standards.

How Cryptocurrencies Work Continue reading

family-business-300x200Family-owned businesses are often the most complex type of asset to deal with in estate planning. There are multiple stakeholders to consider. On the one hand, you may want your family to continue enjoying the benefits of owning the business. But you may also want to make sure the business continues to run in a professional manner.

Asking a Fiduciary to Take on Multiple Roles can Lead to Conflicts Continue reading

divorce-300x225Changes in the law can affect your estate plan without you realizing it. This is one reason why it is a good idea to sit down with a Madison estate planning lawyer every few years to review your will, trust, and related documents.

Another reason you may need to revise your estate plan sooner rather than later is a dramatic change in your family situation, such as a divorce. Even when your divorce settlement dictates a particular division of property, your estate plan may still name your now ex-spouse as a beneficiary or agent in certain areas. Depending on how friendly–or unfriendly–your divorce was, you may want to change these designations. Continue reading

catIn an early episode of the long-running family sitcom “The Simpsons,” Homer and Marge are looking to buy their first home. They come across a house they like, except for the fact it is filled with cats. When Homer suggests removing the animals, a cheerful real estate agent explains, “Actually, according to the Will, the cats own the house. You’d be their tenants.” Continue reading

guardianship-1200x600-300x150One of the common goals of Wisconsin estate planning is to avoid the need for a guardianship. A guardian in this context refers to a person appointed by a judge to make financial or medical decisions for a legally incompetent adult. Ideally, the adult will already have valid powers of attorney and healthcare directives in place naming a person he or she trusts to make those decisions should the need arise. Continue reading

Bad-Trustee-150x150Although trusts are not difficult to create, they do require a certain degree of administration. If you are presently serving as a trustee, particularly of an irrevocable trust, you must take care to faithfully execute the trust instrument’s instructions. If you do need assistance with trust administration, you should not hesitate to contact a qualified Madison probate and trust administration attorney for assistance.

Wisconsin Court Orders Ex-Trustee to Pay Sister $100,000

Recently, a Wisconsin appeals court affirmed an order removing the trustee of an irrevocable trust precisely because he failed to follow the trust’s instructions. The trust was first established over 20 years ago. The person who made the trust, known in legal terms as the settlor, operated a bed and breakfast in Lake Geneva, Wisconsin. The trust owned a 30% interest in the limited partnership that actually owned the property. Continue reading

trust-300x200Trust is a critical part of estate planning, and we are not talking about revocable living trusts. We are talking about the fact that you need to entrust another person–i.e. the personal representative or executor of your estate–to manage your affairs after you die. Your choice of an executor is often more critical than deciding how to distribute your property. After all, if you select someone who is untrustworthy, there is no guarantee that your estate will be administered in accordance with your wishes. Continue reading