Latest News & Blog Posts
Stay informed with Wisconsin estate planning educational articles, updates and resources from the Law Office of David Watson, LLC.
Yes, You have an Estate
https://www.forbes.com/sites/abbyschneiderman/2019/04/17/estate-planning-you-should-be-doing-and-when-you-need-to-be-doing-it/#cf01bb541dcd
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Estate Plan Or Be Left With The State’s Plan
https://www.usatoday.com/story/money/2019/04/01/estate-planning-living-will-preparing-financially-illness-death/3305264002/
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Take Taxes Into Account When Distributing To Beneficiaries
A great example of why you should consider your adult beneficiaries own marginal tax rate before making equal percentage distributions as beneficiaries pay taxes on inherited assets from tax-deferred accounts....
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Post Divorce Common Mistake
After a divorce, it is important to update your beneficiary designations and power of attorney for healthcare/finance. Although many are quick to update, it is imperative that you do not name your minor children as direct beneficiaries. The reason is two-fold. ...
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Revocable Trusts
Revocable trusts are a great way to avoid probate for assets titled to the trust, consolodate assets, and provide management of assets in periods of incapacity. Learn more at the link below. ...
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Prenuptial Agreements: Strengthening and Defining the Marriage Commitment
I have many clients and friends that share many misconceptions and opinions about Wisconsin Marital Property Law and marital property agreements (prenups), so I thought I would assist in clarifying the law and what marital property agreements can ultimately...
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Using Trusts to Control Behavior and Preserve Family Wealth
I had many clients, in addition to age restrictions, insist on trust provisions that restrict, incentivize, or otherwise reward behaviors of their intended beneficiaries. This concept is not new, especially today, where clients believe their children or grandchildren...
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Do I Need Planning With Increased Federal Estate Tax Exemptions
Absolutely! As of January 1, 2018, the federal estate tax exemption amount will rise to $5.6 million, up from $5.49 million in 2017. The annual exclusion amount for gifts in 2018 will increase to $15,000, which is up from $14,000 for gifts in 2017. This means that...
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Are exclusions and portability the bypass killer?
With the high estate tax applicable exclusion amounts, which may become infinitely higher in the coming months (a married couple can currently pass about $11 million tax free), and the American Taxpayer Relief Act allowing “portability” (the estate of the deceased...
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Trump’s Tax Reform Proposals
It will be interesting to see if Trump's tax reform proposals will be enacted. According to The Committee for a Responsible Federal Budget, Trump proposes to "reduce the corporate tax rate from 35 percent to 15 percent, eliminate most business tax breaks, tax carried...
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