Creating A Custom Estate Plan For You

Estate PlanningAt King Law Offices, LLC, we provide comprehensive estate planning services tailored to each client's needs. Madison attorney Richard King has decades of experience helping clients throughout central and southern Wisconsin. Call 608-620-7285 today for a consultation.

What Documents Do You Need In Your Estate Plan?

Estate plans include analysis of ownership of assets and beneficiary designations as well as application of tax law. Depending on your family circumstances and goals, there may be many considerations involved in planning. But everyone should have at least a basic estate plan.

Our firm can guide you through the process of putting in place a plan that makes sense for you and your family. This may include:

  • Wills — Everyone should have at least a basic will. This includes young adults who often think they are indestructible. Our law firm can help in preparing ethical wills and wills tailored to clients' needs.
  • Trusts — There are many types of trusts. We can help you make informed decisions about whether and how to use them.
  • Durable power of attorney for health care — This document authorizes others to make medical decisions, to make life support decisions, and to sign nursing home admission papers if you were unable to do so. Unless the document is signed, if you were unable to sign admission papers, if nursing home care was needed, guardianship court proceedings would be required in order to be admitted to a nursing home.
  • Durable power of attorney for financial matters — This document authorizes others to act on your behalf, to sign financial documents for you. The power of attorney may be drafted to be effective immediately, or it may be drafted to be effective only if two physicians state in writing that you are unable to handle your own matters due to incapacity. This document may authorize gifts to be made on your behalf or may be very restrictive, authorizing only specific actions.

How Should You Use Trusts?

Living trust packages include the living trust, pour-over will(s), durable power(s) of attorney for financial matters, durable power(s) of attorney for health care, a marital property agreement (if applicable), and various other documents necessary to complete the total estate plan. We also help you transfer all of your assets to the trust. You will receive a complete Estate Organizer Binder containing all documents, personal information, and instructions to the successor trustee, which provides information family members need if a disability or death occurs. Upfront, guaranteed package prices are available on living trusts.

Trusts can also be used to plan for a child with special needs.

Do You Have Interests In A Family Business To Transfer?

If you are concerned about transferring large amounts of wealth to your heirs, then family limited partnerships or family LLCs may be good planning tools to use. These structures allow you to share management and income from the assets with your heirs while you are alive, giving the heirs a stake and some experience in the value and methods of asset control. These structures also allow the assets to be transferred to your heirs with less or no estate or gift tax because of discounts in valuation for tax purposes.

We can help you plan for the transfer of ownership of your business upon the death of an owner, or at any time. We create corporation, LLC, and partnership agreements and amendments to specify restrictions on transfer, procedure, and values to be used if one partner wants to sell out, and provisions regarding procedures if a partner becomes disabled or dies.

  • Buy-sell/corporate redemption agreements outline rights of partners/shareholders if a party wants to sell or if a party becomes disabled or dies.
  • Lease agreements in regard to business interests may be used to allow the senior generation to retain ownership and delay or escape capital gains tax, yet transfer day-to-day operations and management responsibilities to children or others.

Amendments And Updates To Your Estate Plan

Due to changes in law and in personal goals, finances and family situations, a periodic review of your estate plan is wise. We will review the estate plan and update documents as needed.

Community Property Agreements

  • All marital property agreements classifying all assets as marital property, to forgive all capital gains tax on appreciated assets of both spouses upon the death of one spouse*, and to clarify that the intention is for all assets to be community property (equally owned by both spouses).
    One-year waiting period may apply to obtain tax benefit, so capital gains forgiveness may not be effective if death occurs less than one year after marital property agreement is signed.
  • All marital property agreements with nonprobate transfer of assets provisions, which incorporate plan of distribution from will, avoids full probate on assets which incorporate plan of distribution from will, avoids full probate on assets (although a petition must be filed with the court), avoids capital gain on appreciated assets and clarifies intentions on ownership described above (only available in conjunction with will.)
  • Marital property agreements classifying some or all assets as individual property to protect interests of non-spouse beneficiaries, to keep assets separate in the event of divorce, and to retain separate control of assets brought into the marriage. Fee shown is minimum retainer for drafting of document per specifications and representation of one spouse. Retainer will be applied to hourly fees. Other spouse will need to retain separate attorney.

Call us at 608-620-7285 or send us an email to set up a consultation with our lawyer.

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King Law Offices, LLC
1667 Capital Avenue, Suite A
Madison, WI 53705

Phone: 608-620-7285
Fax: 608-233-9422
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