Articles Tagged with Madison Estate Planning Lawyer

pexels-photo-955389-300x200Do not buy into the myth that estate planning is only relevant for wealthy individuals who need tax planning. A comprehensive estate plan is an easy way to make sure your wishes are followed should you become incapacitated, and upon your death.

One of an estate planning attorney’s main responsibilities is ensuring that clients understand the importance of addressing these matters before they become an issue, reports the New Jersey Herald in the article “The importance of putting plans in writing.”

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Trust-300x225You might think of a trust as something for wealthy people who want to dispose of high-end assets, like art work, collectible cars or businesses.  However, just like everyone needs an estate plan regardless of their asset level, says The New York Times in the article, “Life After Death? Here’s Why You Should Have a Trust,” many people who are not wealthy could benefit from having a trust. Continue reading

digital assetsEstate planning must now include intangible assets that didn’t exist just a few years ago, as well as those that have been around since people started owning private property. Today, says Forbes in the article “Estate Planning for Crypto And Other Digital Assets: What You Need to Know,” there are new kinds of property and new laws that govern them.

Some of the old rules still apply and you need a trust or a will. One of the things in that trust or will, needs to be naming a trustee or executor who will be in charge of ensuring that your assets are distributed, according to the wishes you state in your trust or will. When it comes to digital assets, things get a little tricky. Continue reading

thinking-about-the-time-1316649-640x480-300x225A man who makes loans in a company, that is not quite a bank and not quite a payday lending company, remembers when a young man came in for a loan to buy a truck. According to wbhm.com’s report “Uncovering Elder Financial Abuse? It’s Tricky,” the 19-year-old did not have any credit history and had only been employed for a few weeks, so he brought his grandfather with him to co-sign the loan application.

The grandfather told him, “I don’t really want to, but they’re saying it’s the only way he can get it.” This raised a red flag for the man as a possible instance of elder financial abuse, but it presented a difficult situation. He wanted to make the loan and avoid negative reviews on social media. What should he do? Continue reading

old-people-couple-together-connected-300x198Losing a spouse at any time in life is difficult. However, losing a spouse while you are retired also presents some serious financial challenges. A recent article in Kiplinger, “Maximize Social Security benefits for surviving spouses,” explores the steps that a surviving spouse can take to make sure she is are receiving the most Social Security benefits possible. There’s a right way and several wrong ways to do this.

If you are widowed before claiming Social Security benefits, there are options to maximize Social Security payments by coordinating the timing of claims and survivor benefits. Continue reading

coins-currency-investment-insurance-128867-300x200Are you saving enough for retirement, asks US News & World Report in the article “Are Your Retirement Savings Ahead of the Curve?” Maybe the better question to ask is more specific: How much income do you think you’ll need to replace your salary to pay for your chosen retirement lifestyle? Remember that even when you are not working, you’ll still need to cover healthcare costs, car replacements, home repairs and the everyday expenses that add up quickly.

Here are some important points to help you as you plan for retirement income: Continue reading