While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones. Our Star Prairie, WI (New Richmond area) and Hastings, MN estate planning lawyer can devise a plan that can also spare your loved ones of the expense, delay and frustration associated with managing your affairs when you pass away or become disabled.
We would like to hear from you, so please contact us via telephone or email with any questions, comments, or concerns that you might have. In addition, feel free to contact us if you would like to schedule an appointment. Earley Law Offices assists clients in Western Wisconsin and the Twin Cities metro area, including: New Richmond WI, Somerset WI, Star Prairie WI, Amery WI, Osceola WI, Hudson WI, Hammond WI, Baldwin WI, Deer Park WI, Hastings MN, Woodbury MN, St. Paul MN and Minneapolis MN.
We would like to hear from you, so please contact us via telephone or email with any questions, comments, or concerns that you might have. In addition, feel free to contact us if you would like to schedule an appointment. Earley Law Offices assists clients in Western Wisconsin and the Twin Cities metro area, including: New Richmond WI, Somerset WI, Star Prairie WI, Amery WI, Osceola WI, Hudson WI, Hammond WI, Baldwin WI, Deer Park WI, Hastings MN, Woodbury MN, St. Paul MN and Minneapolis MN.
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While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones.
Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay and frustration associated with managing your affairs when you pass away or become disabled.
If you become incapacitated, you won't be able to manage your own financial affairs.
Many are under the mistaken impression that their spouse or adult children can automatically take over for them in case they become incapacitated.
Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay and frustration associated with managing your affairs when you pass away or become disabled.
If you become incapacitated, you won't be able to manage your own financial affairs.
Many are under the mistaken impression that their spouse or adult children can automatically take over for them in case they become incapacitated.
Many people have preconceived notions about trusts and believe that they are only for multi-millionaires who wish to leave large trust funds to their children.
However, this is far from the truth; trusts can be invaluable tools in the estate plans of millions of individuals.
Trusts are simply an arrangement where one party holds property on behalf of another party.
In an estate planning context, trusts are created by the person doing the estate planning (the settlor), who authorizes another person (the trustee) to manage the assets for the benefit of a third party (the beneficiaries).
However, this is far from the truth; trusts can be invaluable tools in the estate plans of millions of individuals.
Trusts are simply an arrangement where one party holds property on behalf of another party.
In an estate planning context, trusts are created by the person doing the estate planning (the settlor), who authorizes another person (the trustee) to manage the assets for the benefit of a third party (the beneficiaries).
Without careful planning, much of your life's legacy could be lost to estate taxes.
While a simple will can provide for the transfer your estate to your loved ones, it does not have special provisions for advanced estate tax planning.
Federal estate tax laws were updated in 2013 as part of the American Taxpayer Relief Act which provides for an exemption of $5.25 million.
This means that each individual can transfer up to $5.25 million in assets free of federal estate taxes.
The federal estate tax exemption, also referred to as applicable exclusion amount is adjusted annually for inflation.
While a simple will can provide for the transfer your estate to your loved ones, it does not have special provisions for advanced estate tax planning.
Federal estate tax laws were updated in 2013 as part of the American Taxpayer Relief Act which provides for an exemption of $5.25 million.
This means that each individual can transfer up to $5.25 million in assets free of federal estate taxes.
The federal estate tax exemption, also referred to as applicable exclusion amount is adjusted annually for inflation.
You've worked hard your whole life to provide for your family and make your loved ones more secure.
Without advanced estate planning strategies, many of your hard earned assets may end up with the IRS and state taxing authorities.
Our firm regularly assists affluent families with such sophisticated planning strategies as Family Limited Partnerships or Limited Liability Companies, Personal Residence Trusts, Irrevocable Life Insurance Trusts and a wide range of charitable gifting techniques to reduce federal estate taxes, gift taxes and generation skipping transfer taxes.
Without advanced estate planning strategies, many of your hard earned assets may end up with the IRS and state taxing authorities.
Our firm regularly assists affluent families with such sophisticated planning strategies as Family Limited Partnerships or Limited Liability Companies, Personal Residence Trusts, Irrevocable Life Insurance Trusts and a wide range of charitable gifting techniques to reduce federal estate taxes, gift taxes and generation skipping transfer taxes.
Many parents put off estate planning because they do not think they have substantial assets to protect.
This outlook is common among young adults who think they have plenty of time to accumulate wealth and plan for it at a later date.
However, in failing to create a proper estate plan, many parents cannot adequately protect their children.
All parents, with or without significant assets, should have an estate plan in place to set forth their wishes for their children which includes, among other things, the nomination of a guardian in the event that they have an untimely passing while the child is still a minor.
This outlook is common among young adults who think they have plenty of time to accumulate wealth and plan for it at a later date.
However, in failing to create a proper estate plan, many parents cannot adequately protect their children.
All parents, with or without significant assets, should have an estate plan in place to set forth their wishes for their children which includes, among other things, the nomination of a guardian in the event that they have an untimely passing while the child is still a minor.
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