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
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A Home Away From Home: Planning Considerations for Out-of-State Real Estate, Mobile Homes and Foreign Real Estate
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
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Will or Trust: Which is Right for Me?
One of the most common questions asked by our clients is, “What is the difference between a will and a trust, and which is right for me?” Last week, I provided a brief summary of the differences between these two common estate planning tools in a vlog. You can view the vlog here. In this blog post, I’ll provide more details about the distinguishing factors.
Wills and trusts share some commonalities, including:
- You may use a will or
Disappearing Act: What You Need to Know About the Estate and Gift Tax Provisions of the House Ways and Means Committee Tax Proposals
On September 13, 2021, the House Ways and Means committee released its proposals to raise revenue, including increases to individual, trust and corporate income taxes, changes to retirement plan contributions and distributions, and changes to the estate and gift tax laws. We will continue to monitor this legislation and will provide relevant updates, but wanted to highlight the proposed estate and gift tax changes that may be most crucial to your immediate planning.
Good news first: There is no
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When Can Beneficiaries Pursue Trust Litigation Against a Trustee?
There are multiple types of trusts that can help protect assets. When a trust is created, assets will be placed in the control of a trustee, who will ensure that money or property will be properly distributed to the beneficiaries named in the trust. However, disputes can sometimes arise between the beneficiaries of a trust and the trustee. In these cases, beneficiaries will need to understand their legal options, including whether they can pursue litigation and what remedies may
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Plan Ahead to Make Summer Memories at the Family Cabin Last Forever
Summertime is a special time of year in Wisconsin. It brings many families to cabins where they create memories and traditions that will be cherished forever. However, many problems arise if families do not create a plan for the future ownership and management of the family cabin. The cabin may be subject to the claims of individual owners’ creditors, including spouses in the event of a divorce. Individual owners may freely transfer their interests in the cabin, and you
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