Trusts & Estates

RSS Link
Corporate executives in Wisconsin often receive a large portion of their compensation through restricted stock units (RSUs), stock grants, or employer equity awards. As your shares vest, they can quickly become a significant part of your net worth—and with that comes complex questions about taxes, transfer planning, and probate exposure.
One of the most effective strategies to gain more control over how your vested shares are handled is transferring employer stock into a trust. For Wisconsin executives, a trust

…
Continue Reading Should Executives in Wisconsin Put Employer Stock Into a Trust?

When it comes to estate planning, many people think a will is all they need. But if you want to truly protect your assets, avoid probate, and make things easier for your loved ones, a revocable living trust might be the better option. In this post, we’ll walk through what a revocable living trust is, how it works, and why it’s such a valuable tool for protecting your legacy.

What Is a Revocable Living Trust?
A revocable living trust

…
Continue Reading How to Protect Your Assets with a Revocable Living Trust

Estate planning for second marriage doesn’t need to be complicated! Entering a second marriage can be an exciting new chapter in life, but it also brings unique financial and legal challenges—especially when it comes to estate planning. Whether you have children from a previous relationship, substantial assets, or want to protect both your new spouse and your heirs, it’s essential to review and update your estate plan. Here’s what you should know about estate planning for second marriage.
Estate

…
Continue Reading Estate Planning for Second Marriage

When creating a trust, it’s important to think about how to ensure it functions properly, not just today, but well into the future. One option for adding flexibility and oversight is to appoint a Trust Protector.

But what exactly is a Trust Protector, and how can they benefit your estate plan? Let’s explore this important role and how it may provide added protection for your trust.
What is a Trust Protector?
A Trust Protector is a person or entity

…
Continue Reading What is a Trust Protector and Why You Might Need One

The U.S. Supreme Court issued a plethora of impactful decisions in its last term. One that might have flown under the radar had to do with estate taxes. Though topic of taxes does not normally make for engaging content, this just might be an exception. If you are a business owner (or are related to one), you might be impacted, so please read on.

Now that the hook is out there, let’s turn to the topic: estate taxes and…
Continue Reading Connelly: A Wrench in the Succession Planning Works?

As we approach the 2024 election, many individuals are concerned about how potential changes in the political landscape could affect their estate plans. The upcoming election could have significant implications for gift and estate tax rates, which are set to revert to pre-2017 levels if no new legislation is passed. This blog post will help you understand the potential changes and how to prepare your estate plan accordingly.
The Current Estate Tax Landscape
The Tax Cuts and Jobs Act

…
Continue Reading The 2024 Election & Your Estate Plan: What You Need to Know

Nearly one year after Tony Bennett’s death, his children are embroiled in a trust dispute. While Tony Bennett’s fame and prominence are unique, the nature of this dispute is common. In the filing, Tony Bennett’s two daughters accused their brother, Danny—who served as Tony’s manager and also serves as the trustee of the Family Trust—of managing their father’s trust for Danny’s own benefit and that of his company. The action seeks an order for a full accounting and inventory

…
Continue Reading Navigating Trust Litigation: Insights from the Tony Bennett Case

Estate planning isn’t just about who gets your stuff – it’s about making the transition as smooth and stress-free as possible for your loved ones. One of the biggest hurdles they might face? Probate.
Probate: A Time-Consuming and Costly Ordeal
Probate is the court process that oversees the distribution of your assets after you pass away. While it ensures your wishes are followed, it comes with a hefty price tag:
  • Time: Probate can drag on for months, even years,

…
Continue Reading Probate- A Timely & Costly Process to Avoid

Trust stakeholders are subject to Corporate Transparency Act (“CTA”) obligations under specific circumstances. Under CTA, a “reporting company” must disclose information about the company and its “beneficial owners.” CTA defines a “reporting company” as any entity that is created by filing a document with a secretary of state or any similar office. A “beneficial owner” is defined as any individual who, directly or indirectly, (a) exercises substantial control over a reporting company or (b) owns or controls at least…
Continue Reading The Corporate Transparency Act and Its Impact on Trusts

Irrevocable Grantor Trusts (IGTs) have been a popular tool for estate planning. They help you reduce estate taxes, avoid probate, and distribute assets according to your wishes. But a new IRS ruling (Revenue Ruling 2023-2) throws a wrench into things. Let’s break down what this means for you.
What are Irrevocable Grantor Trusts (IGTs)?
Think of an IGT as a locked box. You put assets in the box (like stocks or cash), and a trustee manages them according to

…
Continue Reading Irrevocable Grantor Trusts: IRS Ruling May Affect Your Estate Plan

Don’t leave your kids an inheritance outright. The best ways to leave your kids’ an inheritance may not be the ways you think. As parents, one of our deepest desires is to provide for our children even after we are gone.  With careful planning and consideration, you can establish a solid foundation for your children’s future. When it comes to planning for the future, especially when it involves passing on your wealth to the next generation, it’s crucial to

…
Continue Reading Don’t Leave Your Kids an Inheritance

Today, DeWitt LLP announced attorney Theresa Roetter was elected as the Vice President of the Academy of Adoption & Assisted Reproduction Attorneys
(AAAA) for a one-year term ending in May 2024.
She is also co-chair of the 2024 AAAA annual conference, which will welcome adoption and assisted reproduction professionals from around the world to Milwaukee May 5-7, 2024.
Roetter, who provides assisted reproduction and adoption services to her clients, is one of just a handful of attorneys in Wisconsin…
Continue Reading Theresa Roetter Elected Vice President of the Academy of Adoption & Reproduction Attorneys

Real estate inheritance concept and contract agreement.
Real estate inheritance concept and contract agreement.

Generally speaking, real estate is subject to the laws of the jurisdiction in which it is located. That makes coordination of property ownership outside your home state an especially important piece of your overall estate plan. Failing to specifically address the funding/titling of this real estate can cause, among other hassles, unnecessary court processes at death. The following are a few things to consider.

Out-Of-State Real Estate
If you utilize a revocable trust as your main estate planning vehicle…
Continue Reading A Home Away From Home: Planning Considerations for Out-of-State Real Estate, Mobile Homes and Foreign Real Estate

In an article on Forbes.com , Mary Josephs described the reasons why the 2020s could be the decade of the ESOP.  Ms. Josephs interviewed Corey Rosen, founder of the National Center for Employee Ownership (NCEO) and author of “Ownership:  Reinventing Companies, Capitalism and Who Owns What.” Among several other reasons, Mr. Rosen and Ms. Josephs point to the numerous states that have established their own ownership centers.  That is, several states have set aside funds to establish their own, state-run…
Continue Reading Will the 2020s be the “Decade of the ESOP?”

GREEN BAY | MADISON | MILWAUKEE | MINNEAPOLIS – Today DeWitt LLP law firm announced Wisconsin Attorney General Joshua L. Kaul appointed attorney Lindsey M. Anderson to serve as a Citizen Representative on the Wisconsin Crime Victims Council.  The mission of the Council is to advise the attorney general on matters important to victims of crime.  Anderson is a Family Law attorney who helps individuals in all walks of life, whether retired and involved in a long-term marriage, or a…
Continue Reading Attorney Lindsey M. Anderson Appointed to the Wisconsin
Crime Victims Council

 With Child, Without Workplace Accommodation: Impact of the Recent EEOC v. Wal-Mart Stores East, L.P. Decision and the Biggest Takeaways for EmployersThe Seventh Circuit threw a curveball to pregnant employee accommodation jurisprudence in its recent EEOC v. Walmart decision. The Court held on August 16, 2022, that employers have considerable leeway in excluding pregnant employees from some accommodation policies, so long as the employer can offer a legitimate, nondiscriminatory business reason for doing so.Brief History of Treatment of Pregnant EmployeesThe United…
Continue Reading With Child, Without Workplace Accommodation