The estate planning attorneys of Borakove Osman LLC have extensive experience and an exceptional skill set when it comes to drafting wills, creating and administering trusts, avoiding probate, and planning for elder care, business succession, and farm continuation. We are dedicated to helping clients throughout Wisconsin organize their present and prepare for their future in ways that will protect their assets as well as their loved ones.
Borakove Osman LLC is proud to serve and represent farm clients throughout Wisconsin, with a concentration in South Central Wisconsin, and Minnesota. Shayna W. Borakove has deep roots in both the management and family dynamics of farming, and has an intricate understanding of the farm continuation process. She knows from personal experience how important it is for our farm clients to take the reins and invest in navigating their farm legacy, and will assist you in protecting your farm from both external and internal risks as it moves through the succession and continuation process.
Borakove Osman LLC is well aware that according to Forbes, 99.9 percent of businesses in the U.S. are small businesses so we keep our eye on the ball when it comes to helping our clients plan for business succession. Whether you want to pass your small business to a family member, sell it to a business partner, employee, or outside party, or sell your shares back to the company, we will help you achieve your goals in the most efficient and profitable way possible. We know how important it is for you to:
- Keep clear and accurate business records
- Maintain your company’s tax status
- Protect yourself from personal liability for business losses
- Plan for a smooth transition to a successor
Having our small business planning attorneys working for you means you will have more time to devote to running your business and making sure it thrives.
Aging presents a number of serious challenges, many of which can be met with the help of our competent, caring attorneys. We recognize that, in addition to planning for the delights of retirement, you must also plan for the possibility of declining health, potential incapacity, long-term care, and protecting your assets as you maintain your eligibility for government benefits. Our elder law attorneys can guide you smoothly through the necessary steps so that you feel secure and well-prepared for whatever the future brings.
It is particularly important to plan to meet medical and non-medical needs since, for most, aging involves a certain amount of disability and long-term care can quickly deplete even substantial savings.
One of the most significant steps we will take to protect you and your family is to plan for your eligibility for Medicaid since Medicaid (not Medicare) pays for long-term nursing home care. You must have a very low income and few assets to qualify for Medicaid benefits. We will show you how by putting your assets into an irrevocable trust at least 5 years before you may require nursing care, you can maintain your eligibility for Medicaid while still having access to a supplemental income to enhance your quality of life.
Administration and Probate
Whether you are working with our attorneys by making decisions about how best to support your loved ones when you have passed away or you are taking on the role of personal representative (executor) or trustee for someone else’s estate or trust, we will clarify the duties involved in administering a trust or probate estate, and advise you relative to dealing with the probate court, beneficiaries, creditors, or other interested parties. These include:
- Submit the original will to the probate court
- Opening an estate or administrative trust bank account
- Inventory estate assets and have them appraised
- Handling of and disposing of unique assets
- Establishing cost basis for inherited assets
- Notify all beneficiaries & provide information they are entitled to
- Notify creditors, as required
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As a premier boutique law firm, we are committed to providing each one of our clients with both a Living Legacy and a Continuing Legacy since we understand the significance of both. The first helps to give a sense of order and security to your life as you live it; the second helps to ensure that your children, grandchildren, and other beneficiaries will also reap the benefits of your hard work and careful planning. Contact us now to discuss your best options.