Madison, WI Estate Planning Lawyer & Probate Attorney
Customized Estate Plans In Madison, WI
The heart of your estate plan is your instructions directing how your property and other assets will be passed along to your loved ones and any charities or entities you choose to support. Planning includes many considerations, such as the importance of coordinating wills and trusts with the beneficiary designations in retirement plans, life insurance, and other instruments. With well crafted legal documents you can leave your loved ones with a clear and coherent plan for who inherits what, while minimizing taxes, legal fees and court costs. This in itself will be a precious gift to your family.
Attorney David Waterman
When To Start Estate Planning
Few things in life are absolute certainties. The time to prepare for “what if” is now, before the need arises to deal with difficulties. Incapacity, disability, a smooth transfer of your business, or the special needs of a child are just a few of life’s challenges that your estate plan can help manage. Proactive planning will enable a smooth process of management and distribution, quickly or over the time span you choose, while protecting your legacy from predatory practices and spendthrift tendencies.
Our Approach to Crafting Your Estate Plan
Beginning with a phone consultation at no charge to you, and with no obligation, we will get a sense of your situation and needs. Together we’ll develop a proposal for how to proceed, and you will get a realistic estimate of the cost. If you choose to move forward, the next step will be a more in-depth interview to give us a thorough understanding of your unique situation and the aspects that require extra attention. Once the necessary information has been gathered we will begin drafting your documents.
Attorney David Waterman
Affordable Estate Planning Lawyer In Wisconsin
We’ll help you anticipate your needs and save your loved ones the costly unintended consequences of an inadequate will. A basic plan tailored to your current needs can be put in place now, immediately providing extra security and peace of mind for you and your family. As your circumstances change your plan can be updated, building on the proper foundation you have put in place. If appropriate for your immediate situation, various kinds of trusts are available to enable more control and to provide tax advantages. We can also offer immediate assistance with business succession plans, marital property agreements, out of state property probate avoidance, and other life situations that impact estate planning.
Estate Planning Cases We Handle
Every life has unique aspects and special relationships that must be taken into consideration in an estate plan. Here are a few examples:
Young Children
Ensuring that your wishes are carried out in the event something happens to you depends on more than simply naming a guardian. A revocable trust can be set up now, to ensure that your child’s inheritance and care are managed by the trustee you designate. This puts your child’s well-being on the path of your choice, rather than that of a probate court.
Second Marriage/Blended Family
A couple with children from a previous relationship has the challenge of making sure each child’s needs are met if faced with the passing of one of the parents.
Business Succession
Planning ahead for the transfer of your family business can make all the difference to its future success. The framework you set up now can be put into place immediately or over time, ensuring that your legacy of income and of tradition is protected.
Family Property
Many Wisconsin families hold shared roots and memories of time spent at a cottage, cabin, or farm. With good planning, extending those traditions can bring family strength, rather than strife.
Following a Divorce
You may or may not want to include your ex in your will or trust. Either way, it will be important to also review your guardianship designations, beneficiaries named on accounts and policies, and powers of attorney for both health and finances.
Special Needs Care
When a parent or child requires ongoing care amid changing circumstances, the result can be financially devastating. Fortunately, Wisconsinites can take advantage of some excellent programs to ensure their basic needs are met. A well planned trust can help to make such programs available without having to first exhaust other funds.
Providing for Pets
A pet trust can be incorporated into a new or existing estate plan to provide for ongoing care of your pets. Estate planning is all about protecting what’s important to you. So, even if you expect to outlive your pets, you can be confident you are prepared for the unexpected.
Charitable Gift Planning
In addition to the tremendous value in supporting a cause you care about, providing for a charity can be an effective way to preserve assets. With a charitable remainder trust, you may be able to enjoy continued income from an asset while avoiding capital gains tax by gifting the remainder upon your passing.
Dedicated Wills And Trusts Attorney In Wisconsin
A Certified Financial Planner can provide expert financial planning and investment advice to support your estate planning goals. An independent CFP that we work with will be happy to call you- please ask!
Recommended CFP
FINANCIAL PLANNING
Whether it’s a tax return for the estate or trust, or a need to understand the tax implications of your plan’s structure, we can bring in the right CPA from among our trusted independent associates to handle your situation.
Recommended CPA
TAX ADVISOR
A Wisconsin attorney specializing in estate planning, Dave draws on a wealth of experience serving a wide variety of clients with diligence and utmost fiduciary care.
David Waterman
