You love your children and want to ensure that they are always taken care of. The desire to provide for them may also be shared by their grandparents, aunts, and uncles. However, when leaving money and property to minor children, even the best intentions can lead to big problems. Common mistakes can...
Category: Beneficiary
3 Simple Ways to Avoid Probate Costs in Madison, Wisconsin
The bad news: When a person dies owning property in their sole name without a beneficiary, their loved ones will have to go through a court-supervised process called probate to transfer the property out of the deceased person’s name and into the name of intended beneficiaries or heirs at law. Going through...
What to Do When You Do Not Own What You Think You Own in Madison, WI
Imagine the following scenario: You have been living in a house for years. As your mother’s sole heir, you inherited it from her when she passed away. You pay the taxes and insurance. You make the repairs and mow the lawn. You call it home, and everyone in the family calls it...
Does Treating Your Children Fairly Mean Unequal Inheritances in Madison, Wisconsin?
When thinking through their estate plan and how they want their assets(money and property) managed after they pass away, most parents wish to treat their children equally, often out of a sense of fairness. However, sometimes being fair or doing what is right by your children may mean giving unequal inheritances.
Being Deployed? Here Is What You Need to Do
You have just received your orders, and you will be deployed shortly. No matter how soon you are leaving, there is still time to ensure that your affairs are in order.
Review or prepare a Family Care Plan. Regardless of the branch of the military...The Lifetime QTIP Trust
Estate planning for couples in a second or subsequent marriage can be tricky, especially if their estates are disproportionate. One solution that allows the more affluent spouse to maintain control of their property and wealth and minimize potential estate taxes—while keeping their spouse happy—is the lifetime qualified terminable interest property (QTIP) trust.
Beneficiary and Transfer-on-Death Designations in Madison, WI: Are You Doing It Right?
Do you know which of your accounts have beneficiary designations, sometimes called transfer-on-death (TOD) or payable-on-death (POD) designations? Have you updated them recently? Are you aware of what can go wrong if there are issues with your beneficiary designation forms?
If you answered “no” to any of these questions,...
Have You Checked Your Beneficiary Designations Lately?
You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)?
It may have been years since you first opened an...
How Do You Define the Beneficiaries of Your Dynasty Trust?
Many estate plans incorporate irrevocable dynasty trusts, which can offer benefits such as tax minimization and asset protection. The benefits of these types of trusts continue for a surviving spouse’s lifetime and several future generations. The actual duration of the trust can be affected by such factors as state law and how...
Pros and Cons of Naming Many Residuary Beneficiaries in a Will or Trust
You have meticulously created your estate plan to ensure that it includes and addresses all of your most important assets (accounts and property). You have reviewed your asset list repeatedly, and everything seems to be accounted for. But what if you have forgotten something?
Americans own a lot of...