Share

Madison Wisconsin's Estate Planning Blog

Wednesday, August 16, 2017

Life Events that Require an Immediate Estate Plan Update


Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must also name someone who will make medical and financial decisions for you if you cannot make decisions for yourself.  You also need to consider how to leave your property and assets while considering your family’s circumstances and needs.

 

Since your family’s needs and circumstances are constantly changing, so too must your estate plan.
Read more . . .


Wednesday, August 16, 2017

How a Community Property Trust Could Save You From Heavy Taxation Down the Road


When it comes to your family’s legacy, every dollar you can save from tax collection counts. One way to keep your assets out of the hands of the IRS is the formation of community property trusts.

 

How does a community property trust (CPT) work?

CPTs save you money on taxes by adjusting or “stepping up” the basis of the entire property after the death of one member of the couple. When you and your spouse invest in property jointly — be it real estate, stocks, or other assets — it becomes what’s called community property if you live within nine applicable states. However, there are two states, Alaska and Tennessee, where community property can be utilized via the creation of a community property trust, even if you do not live in Alaska or Tennessee.
Read more . . .


Wednesday, August 16, 2017

Integrating Community Property Trust Into Your Estate Planning


A well-crafted estate plan is comprised of many individual parts, and careful, trust-based estate planning is the best way to ensure the highest possible quality of life for you and your loved ones.

 

One way couples can make get the most mileage out of their estate plans is through community property trusts. This is a special type of trust that combines a couple’s jointly acquired assets as community property and can save a significant amount of taxes.

 

Why community property trusts are a great idea

The essential benefit of a CPT is that the basis of community-owned property is stepped up when one member of the couple dies. Not only that — it also steps up the basis for the surviving spouse’s half of the property (rather than only half, which is what happens with “plain” jointly owned property).
Read more . . .


Wednesday, August 16, 2017

The Difference between Lifetime and Deathtime Planning… and Why a Comprehensive Plan Must Include Both


According to a March 2017 survey by Caring.com, six out of ten Americans have no will or any other kind of estate planning. Many said they’d get around to it, eventually. When they’re old. (The survey did find that the elderly are much more likely to have some plan in place.
Read more . . .


Monday, July 3, 2017

Tools You Can Use to Leave Words of Wisdom to the Next Generation


You come into the world a blank slate, and as you grow, you gain wisdom. You've planned your estate to leave physical assets to beneficiaries, so now think about leaving them something that’s just as important but less tangible: the hard-won wisdom you’ve accumulated over your life. Let your family and friends learn from your mistakes, and profit from your successes.

 

Living and Other Trusts

You probably know that a fully-funded living trust avoids probate. If you have concerns about some of your beneficiaries' ability to handle a windfall, speak to an estate planning lawyer about some options you can include in your trust.
Read more . . .


Monday, July 3, 2017

3 Ways Your Trust Can Help a Loved One With Mental Illness


When a loved one suffers from a mental illness, one small comfort can be knowing that your trust can take care of them through thick and thin. There are some ways this can happen, ranging from the funding of various types of treatment to providing structure and support during his or her times of greatest need. Let’s explore a few ways you can help take care of a loved one struggling with mental illness with the help of your estate planning attorney:

  1. It can contribute to voluntary treatment Trusts can be disbursed in many ways. If your loved one is involved in an inpatient care facility or an ongoing outpatient program, you can structure your trust so that its disbursements cover the costs of that treatment as time goes on. This also helps your loved one because it relieves them of the responsibility of managing large sums of money on their own.

Read more . . .


Monday, July 3, 2017

Estate Planning for Military Families


 Although Memorial Day just passed, it is important to honor those that have served our country. This time is also a good opportunity for members of the military and their loved ones to consider setting up an - or revising an existing - estate plan. Military families need to consider special estate-planning issues that others do not. This is particularly true when one or more family members are deployed overseas. Beyond this, members of the military have access to special benefits and resources.
Read more . . .


Monday, July 3, 2017

How to Protect Your Child’s Inheritance from His or Her Untrustworthy Spouse


Parents who develop an estate plan often do so to provide for their heirs financially. Many want to make sure hard-earned assets, family heirlooms, or closely held businesses stay within the family. Indeed, a common question is what cost effective options are available to protect one’s children’s inheritance from a spouse in the event of untrustworthiness or divorce. Thankfully, there are many ways to structure your child’s inheritance to help ensure it will remain in the family for future generations. Let’s look at a few of the options now.
Read more . . .


Monday, July 3, 2017

Money Isn’t Everything in Estate Planning: How to Pass Your Stories and Values to the Future Generations


Money may be the most talked about wealth contained within a person’s estate, but the riches of their experience and wisdom can mean even more to family members down the line. Reinforcement of family traditions can be built into your estate plan alongside your wishes regarding your money, property, and belongings. After all, what really makes a family a family is its values and traditions — not the way its finances read on paper. It's an excellent idea to hold a family meeting in which you discuss the sorts of things that matter to you most. In addition to the value of sharing your wisdom, you can also make it more likely that your heirs will handle their inheritance correctly if they understand the reasons behind your choices.
Read more . . .


Monday, July 3, 2017

Estate Planning: 5 Things to Talk About with Your Family


You intend to pass along your wealth through your estate plan, but what about your wisdom? Ensuring you accomplish both calls for a family meeting to have a conversation about your money, your legacy, and your core principles. Most families lead far-flung and busy lives, meaning the only time they see one another face-to-face is around the dinner table during a handful of major holidays. The estate planning process is a perfect opportunity to bring everyone together outside of those scheduled occasions — even if a child or grandchild has to attend via video chat. Working with your estate planning attorney in collaboration with any other advisors you have in your corner can make this legacy-enriching process seamless and genuinely enjoyable. But bringing your family and your professional advisors into the conversation is better yet, as they’ll get to learn new things about you and get to share stories and memories of their own.
Read more . . .


Monday, July 3, 2017

How you and your family can benefit from a (legal) late portability election.


The concept of “portability” is still relatively new in the law of estate planning, having become available only after 2011. Since then, it’s been both a blessing (for its tax saving benefit) and a

curse (because of rules that seemed to be constantly shifting). Fortunately, the IRS has recently clarified some important deadlines about portability. How can a portability election benefit you and your family? It could help save hundreds of thousands of dollars of estate and gift taxes for your family if you lost your husband or wife in the last few years. Although the exact mechanics of the tax are involved, portability makes it much easier for estate planners and tax professionals to save taxes for you and your family.


Read more . . .


← Newer12 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Older →

Blog Categories

AB Trust

ABLE Program

Abuse

Addiction

Agent

Aging

Amendment of Trust

Annual exclusion

Asset Protection

Attorney

Basis

Beneficiary

Beneficiary Designations

Birth

Business Succession

Buy-Sell Agreement

capacity

Caregiver

Celebrity

Charitable Planning

Children

Cognitive Impairment

Community Property

Compensation

Corporate Trustee

Court

Creditors

Death

Debts

Decanting

Deed

Digital Estate Planning

Discretionary Trusts

Disinherit

Divorce

Driving

duress

Dynasty Trust

Education

Elder Law

Estate Planning

Executor

Family

Farming and Ranching

Fees

Fiduciary

fraud

Funeral

Generational Planning

Gifting

Government Assistance

Grandchildren

GSST

Guardian

Guardianship

Health Care

Health Care Agent/Proxy

Heirs

HIPAA

Holographic Will

House

Incapacity

Income Tax

Inheritance

Instruction

Insurance

Internet

Inter-vivos Trusts

Intestacy

IRA

Irrevocable Trusts

Joint Tenancy

Lawsuits

Liability

Life Estate

Life Events

Lifetime QTIP

Living Will

Long-Term Care

Marital Property

Marraige

Medicaid Planning

Mental Illness

Money

Moving to/from a State

Newlyweds

Nursing Home

Overseas Estate Planning

Parents

Partners

Payable on Death (POD)

Payable on Death (POD)

Payable on Death (POD)

Personal Representative

Pets

Physicians

Planning

Portibility

Power of Appointment

Power of Attorney

Power of Attorney

Prenuptual Agreements

Privacy

Probate

Promises

Property

Remarraige

Restatement of Trust

Retirement Assets

Review

Revocable Trusts

Saving Money

Simultaneous Death

Special Needs Trusts

Spouse

Stand Alone Retirement Trust (SRT)

Storage of Documents

Storing Documents

Stress

Successor Trustee

Taxes

Testamentary Trusts

Timeshare

Title

Transfer of Assets

Transfer on Death (TOD)

Trust Administration

Trust Funding

Trust Protector

Trustee

Trusts

Umbrella Insurance

Unborn Children

Update Planning

Values

Will

Will Contests

Year End Strategies

Young Families

Archived Posts

2017
August
July
May
April
Updating Your Revocable Trust: How Many “Tweaks” Are Too Many?
U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors
4 Tips for Avoiding a Will or Trust Contest
Three Liability Planning Tips for Physicians Anyone Can Use
Three Estate Planning Mistakes Farmers and Ranchers Make and How to Avoid Them
The Wrong Successor Trustee Can Derail Your Final Wishes
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits
The Tragic Loss of Star Trek’s Anton Yelchin: Lessons for Estate and Legacy Planning
The Three-Year Review and The Three-Year Plan
The Shocking Truth About Asset Protection Planning
The Pros and Cons of Probate
The Perils of Promises...Marlon Brando’s Story
The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)
The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)
The IRS Took Half of Tony Soprano’s Estate: Don’t Fall into the Same Trap!
The Essential Legal Documents You Need for Incapacity Planning
Surprise! You Can’t Easily Disinherit Your Spouse in the U.S.
Stress Test Your Estate Plan
Sonny Bono’s Procrastination in Creating a Will Led to Years of Estate Battles
Skyrocketing Probate Fees – Another Reason to Avoid Probate Court
Revocable Trust vs. Irrevocable Trust: Which Is Best for You?
Prince’s Sad and Incredibly Expensive Mistake! (Are You Making It, Too?)
3 Powers to Consider Giving to a Trust Protector
Philip Seymour Hoffman’s Will: 3 Critical Mistakes
Parental Warning: If You Own Your Property this Way, You May Accidentally Disinherit Your Own Children
Over 70% of Elvis Presley’s Estate Paid in Taxes & Fees: How Can You Avoid the Same Trap?
Nosey Neighbor Nellie Can Find Out About Your Probate. Really.
Michael Jackson’s Estate Pulled into Seemingly Endless Probate Court Battles
Lifetime QTIP Trusts – The Gift That Keeps Giving
Is Your Estate Plan as Stale as Last Week’s Ham Sandwich? 5 Reasons to Update Your Estate Plan
March
Is a Revocable Living Trust Right for You?
Is a Payable on Death Account Right for You and Your Family?
Irrevocable Trust Decanting in 4 Steps
IRS Announcement: Estate Tax Closing Letters Will Now Only Be Issued Upon Request
Investment, Insurance, Annuity, and Retirement Planning Considerations
If You Die Without a Will, Does Your Spouse Inherit Your Entire Estate?
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
How to Minimize the (Voluntary) Federal Estate Tax with Portability
How to Minimize Legal Fees After Death
HELP! This Probate Is Taking Forever!!!
Four Steps to Stop Mail Addressed to a Deceased Person
Five Things You Need to Know About the Recently ABLE Act
Flo Jo’s Tragic Mistake: A Missing Will
5 Reasons Why Uncle Bill May Not Make a Good Trustee
Financial Firms Roll Out Form Aimed at Stopping Financial Elder Abuse
5 Reasons to Embrace Estate Planning
Estate Planning: 3 Reasons We Run the Other Way
Estate Planning Basics for Newlyweds – How to Get Prepared for the Unexpected
Escape From a Bad Trust: 5 Strong Reasons to Decant Your Trust
Doris Duke’s Trustee Bilked Estate for $1M: How Well Do You Know Yours?
Don’t Leave Your Trust Unguarded: 6 Key Ways a Trust Protector Can Help You
Does Your Estate Plan Protect Your Adult Beneficiaries?
Who’s Going to Get It: Do You Really Know the Beneficiaries of Your Dynasty Trust?
Dispelling the Top 3 Estate Planning Myths
Discretionary Trusts – How to Protect Your Beneficiaries From Bad Decisions and Outside Influences
Did you include your grandkids in your will? 5 Tips to Avoid Common Problems
Did Whitney Houston Leave Too Much Money To Bobbi Kristina?
Dennis Hopper Saves Heirs with Last Minute Estate Plan Changes
Decanting: How to Fix a Trust That Isn’t Getting Better With Age
Avoiding Guardianship When you are Incapacitated
Decanting: How to Fix a Trust That Isn’t Getting Better With Age
Who Should I Choose as a Successor Trustee
Celebrities Who Failed To Recognize Unborn Children in Their Wills: A Teachable Lesson
February
Caution: Your Traditional Asset Protection Plan is Set Up to Fail
How to Choose a Trustee
Name a Guardian for Your Child
Caution: Creditors Now Have Easy Access to Inherited IRAs
Big Bang Theory Star’s “Ironclad” Prenup Challenged: How Does Yours Compare?
Will Your Family Be Able to Find Your Original Last Will?
Ways to Avoid Court Proceedings
Are Handwritten Intentions Enforceable? Princess Diana Thought So…
An Estate Planning Checklist to Facilitate Wealth Transfer
Aging.gov: A New Resource for Older Americans and Their Families
AB Trusts – Do You Need to Get Rid of Yours?
A Powerful Exercise to Surface the Values You Want to Pass on to the Next Generation
10 Types of Trusts: A Quick Look
5 Tragic Mistakes People Make When Leaving Assets to Their Pets
5 Things Every New Mother Needs to Know About Wills
New Legislation Could Mean the End of Estate and GSTT Taxes What This Means for You and Your Family
5 Reasons to Protect Your Retirement Accounts Now
5 Mistakes Made by Successor Trustees (and How to Prevent Them)
5 Good Reasons to Decant a Trust
3 Ways to Minimize Estate Planning Fees
3 Tips for Overwhelmed Executors
3 Simple Ways to Avoid Probate Costs
3 Reasons You Want to Avoid Probate
Who Needs an Estate Plan?
AB Trusts – Do You Need to Get Rid of Yours?
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
Better to Play it Safe: Proactive Estate Planning and Cognitive Impairment
Will Your Revocable Living Trust Avoid Probate? It Depends.
Why Your Estate Planning Project Must Morph into a Process
Estate Planning Tips for Commitment Without Marraige
3 Celebrity Probate Disasters and Tragic Lessons
3 Examples of When an Irrevocable Trust Can – and Should – Be Modified
January
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
2013


Nennig Law Offices, LLC assists clients in Madison, WI and throughout Southern Wisconsin including Verona, Middleton, Sun Prairie, Cross Plains,Sauk City, Belleville, Waunakee, Mount Horeb, Oregon, Black Earth, DeForest,Monona, McFarland, Stoughton, Cambridge, Deerfield and Fitchburg.



© 2017 Nennig Law Offices, LLC | Disclaimer
6418 Normandy Lane, Suite 225, Madison, WI 53719
| Phone: 608-661-4333

Planning | | Who We Are

Attorney Website Design By
Zola Creative