Latest News & Blog Posts
Stay informed with Wisconsin estate-planning articles, updates, and resources from the Law Office of David Watson, LLC and other industry leaders.
Truly Scary Stories Due To Lack of Planning
A few first-hand stories about some of the negative consequences caused by a lack of planning (negative consequences that don't necessarily revolve around money). As the article succinctly states, "there’s no drama in the universe like death drama.” Resolve to remedy...
Celebrity Estate Planning
So, the auction begins today with sixty percent of the proceeds going to Bourdain’s estranged wife, Ottavia Busia, and his daughter Ariane, the rest to a new scholarship at the Culinary Institute of America. Although Bourdain did some planning, one wonders if this is...
How to Take Advantage of The Higher Estate Tax Exemptions Before The 2020 Election
Examples of what and how Spousal Lifetime Access Trusts (SLATs) and Domestic Asset Protection Trusts (DAPTs) can be used to maximize the estate exemptions before likely tax reforms in 2020 (if the democrats win and get majority control of Congress). Talk to the Law...
Avoiding Estate Plan Conflict
Great practical tips from litigated experiences. Best to leave adjustment provisions (provisions that try to balance inheritances due to outstanding inter-family loans, etc.) out of a Trust or Will, and update it at frequent intervals instead. Moreover, ask your...
When Does a Deed Become a Nightmare?
Answer: When not titled correctly. Currently, I am working with a cleint that would like a property solely titled in her and her sister's names as her 5 other siblings who are on the deed are now deceased. Simple enough...however, the deed is titled as "tenants in...
Basis Step-Up
Basis step-up is a powerful tax-saving tool. Often, it is why it is preferable to bequeath a home/stocks instead of gifting it. Although this article is making the case against basis step-up, it is important to understand why it is so advantageous and why you should...
Estate Planning of Digital Assets
Wisconsin, like The Revised Uniform Fiduciary Access to Digital Asset Act, establishes of a "three-tier priority system of user direction for disclosure of digital property as follows: 1) an online tool; 2) any other governing instrument (estate planning documents);...
Inheritence Trust “Double Check”
Great article that stresses how you can protect your expected inheritance and to make sure that your parent's estate planning documents are drafted correctly. As the article states, "double check to make sure that any inheritance that might be received will be under...
Tip to Trustees and Personal Reps
Tip to personal representatives and trustees of estates: Do not pay the debts of the decedent randomly or from your own pocket. There is a statutory order of priority when it comes to paying debts and some debts of the decedent may not have to be paid. Marshall the...
Talk to Your Parents About Estate Planning
Parents dread having the "talk" with their kids about sex and, likewise, kids dread having the "talk" with their parents about finances and last wishes. However, although uncomfortable, it is necessary to avoid the stress and expense of an ugly probate matter. When...
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