Tax Implications of Gifting a Cabin in Wisconsin
Gifting your cabin in Wisconsin during your lifetime is a generous act that can reduce the value of your estate for estate tax purposes. However, before you gift a cabin to someone, you must consider other tax implications associated with gifts. In this blog, our Madison & Dane estate planning attorneys...
How Can Estate Planning Protect Your Children?
When most people think about estate planning, they typically associate it with wealth management or end-of-life preparations. Often overlooked is one of the most critical aspects of estate planning, which is how it can protect your children.
For parents in Madison and Dane County, WI, estate planning provides peace...
The Importance of Farm Continuation Planning for Wisconsin Farmers
Wisconsinites know that our farms are so much more than businesses, but instead are unique entities built through years of dedication, stewardship, and hard work. Founding father Thomas Jefferson famously said “Agriculture is our wisest pursuit, because it will in the end contribute most to real wealth, good morals & happiness." High...
Why Every Small Business Owner Needs a Succession Plan
Wisconsinites are entrepreneurial. Small businesses in Wisconsin account for 99.4 percent of the state's businesses. These business owners know that running a small business takes dedication, hard work, and vision toward the future. Whether it’s a family business or something you’ve built from the ground up, planning...
7 Benefits of Preparing a Will in Wisconsin
Procrastination is real for a lot of people. In fact, studies show that around 20% of adults procrastinate chronically. When it comes to preparing a will, many people kick that can down the road for many reasons, like “I’m too young,” or “I don’t need one.” This thinking...
How Can You Pass Your Farm to the Next Generation?
For many Wisconsin farmers, their land and business are more than just assets—they are a way of life and a family legacy. Ensuring a smooth transition of your farm to the next generation requires careful planning and legal guidance. At Borakove Osman LLC, we are a premier firm of farm continuation...
Spring Into Action: Why Now is the Time to Create a Living Will
It is said that life is what happens when you’re busy making plans. Or, not making plans as we too often see in our line of work. We get it—no one wants to think of end of life issues or living wills. But one of the most important steps you can take...
Duties of a Trustee in Wisconsin
Most people don’t grow up dreaming of becoming a trustee. Unless you’re a professional fiduciary, it’s not a job you apply for—it’s something you’re called to do, sometimes unexpectedly, and it usually shows up in a pretty emotional moment. Then you’re supposed to figure it out as you go.
What Should Be Included in a Living Will?
Planning for the future isn’t always easy—especially when it involves decisions about medical care in situations where you might not be able to speak for yourself. A living will can help. This legal document outlines your preferences for medical treatment if you become incapacitated, ensuring your health care choices are respected even...
What Are the Essential Estate Planning Documents?
Life can take unexpected turns. A sudden illness, an accident, or even the natural progression of aging can leave families scrambling to make critical decisions without clear guidance. Without proper estate planning, these moments can quickly become overwhelming, leading to confusion, legal battles, and emotional strain.
Estate planning...