Many clients wonder who is responsible for planning their funeral, selecting burial or cremation, and making other arrangements after their death. Some clients ask what happens if family members disagree about these matters....more
Estate Planning Attorney Shanna Yonke explores Wisconsin’s default law regarding who gets to make decisions regarding the disposition of your body, funeral arrangements, and other matters that arise after your death. She...more
Estate Planning Attorney Shanna Yonke explores Wisconsin’s default law regarding who gets to make decisions regarding the disposition of your body, funeral arrangements, and other matters that arise after your death. She...more
In the beginning of the COVID-19 pandemic, I wrote a blog post on how to create a valid will in Wisconsin. At the time, we were all stuck at home by government order, and many clients signed their wills without a notary...more
In her latest vlog, Estate Planning Attorney Shanna Yonke shares what a self-proving affidavit is and why having one makes it easier for your loved one after your death. #EstatePlanning #BePrepared...more
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...more
Spring officially begins on March 20th – less than one month away. In Wisconsin, that means wedding planning is in full swing. One important item on many wedding planning to-do lists is a pre-nuptial agreement....more
Last week, I provided a very brief overview of the gift tax in a vlog. You can view the vlog here. In this blog post, I’ll expand on basic gift tax concepts, just in time to make your holiday gifts.
What is the gift...more
As the holiday season approaches, Attorney Shanna Yonke shares insight regarding a topic at the top of client’s mind – what amount can be gifted without tax consequences? While the state of Wisconsin does not impose a gift...more
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...more
In the United States Congress, there is an arduous journey before a bill becomes law. See the classic School House Rock! video, “I’m Just a Bill.” But there is a common theme running through some gift and estate tax bills...more
Earlier this month, I provided a very brief overview of the estate tax in a vlog. In this blog post, I’ll expand on estate tax basics.
What is the estate tax? At its foundation, the estate tax is a tax imposed on the...more
Peter, Paul, and Mary have done well for themselves. Each has a nice home, a seasonal residence, and a large IRA. Coincidentally, each also has an additional $11 million worth of real estate, savings, brokerage accounts, and...more
7/31/2020
/ Asset Valuations ,
Closely Held Businesses ,
Coronavirus/COVID-19 ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Individual Retirement Account (IRA) ,
Irrevocable Trusts ,
Tax Exemptions ,
Trusts
Yesterday, the IRS issued additional guidance regarding two hot topics over the last six months: the waiver of the 2020 required minimum distributions (RMDs) from retirement plans and IRAs, and the change in the required...more
In our recent blog post, The Early Bird RMD Doesn’t Get the Tax Relief Worm, we provided guidance regarding the suspension of required minimum distributions (RMDs) under the Coronavirus Aid, Relief, and Economic Security Act...more
In response to the COVID-19 pandemic, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law on March 27, 2020. Ruder Ware’s COVID-19 Focus Team provided a summary of the...more
In our blog post on estate planning in the midst of the global COVID-19 pandemic, Melissa Kampmann and I noted that it isn’t possible to create a valid will in Wisconsin without two witnesses, and it isn’t the best practice...more
In the midst of the global COVID-19 pandemic, many people are stocking up on food and other supplies to get them through prolonged periods of quarantine and government-ordered shutdowns. Schools are closed and in some...more
It seems like our world becomes more digital each day. We can manage almost every aspect of our lives online. But, unless you have updated your estate plan in the last few years, chances are good that your estate planning...more
10/9/2019
/ Cloud Storage ,
Cybersecurity ,
Decedent Protection ,
Electronic Filing ,
Electronically Stored Information ,
Estate Planning ,
Facebook ,
Financial Adviser ,
Popular ,
Social Media ,
Surviving Spouse ,
Wills
Some clients decide to hire an attorney to prepare their estate planning documents because they do not like the default laws in Wisconsin about who gets their property if they die without a will. In Wisconsin, if you die...more
As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. The Act (officially,...more
2/15/2018
/ 529 Plans ,
Alternative Minimum Tax ,
Corporate Taxes ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
New Legislation ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Trump Administration
Shortly before Christmas, Congress approved and President Trump signed into law the Tax Cut and Jobs Act. The new law increases the federal estate, gift, and generation-skipping transfer tax exemptions from $5 million to $10...more
1/29/2018
/ Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Income Taxes ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Tax Reform ,
Trump Administration
The family farm is a special asset. The family may have worked hard through decades, maybe even generations, to accumulate and develop the farm’s land, equipment and livestock.
The children may be grown and successors to...more