What Happens to Your Estate Plan After a Divorce in Wisconsin
A Wisconsin divorce can automatically revoke certain gifts and appointments involving your former spouse, but it does not rewrite your entire estate plan. You should review every document and account after a divorce to ensure your property and decision-making authority reflect your current wishes.
Relying on automatic revocation rules...
How a Family Limited Partnership Reduces Your Taxable Estate
Many families want to pass wealth to the next generation without seeing more of it lost to taxes than necessary. A family limited partnership (FLP) can help reduce your taxable estate by allowing you to transfer ownership interests in certain assets while retaining a level of control over how those assets are...
What Is Probate in Wisconsin and How Can You Avoid It?
Many people assume probate is unavoidable after someone dies, but that is not always the case. Probate is the court-supervised process of administering an estate, and in Wisconsin, many assets can pass directly to beneficiaries without court involvement. The key is understanding which planning tools are available before they are needed.
Gift Tax Rules Wisconsin Residents Need to Know
If you live in Wisconsin, you do not have to worry about a state gift tax. However, large gifts may still be subject to federal gift tax rules, and some gifts must be reported to the IRS even when no tax is immediately owed.
Many people assume gift taxes...
Estate Planning for Single People: Why It Matters More Than You Think
Many people assume estate planning is primarily for married couples, parents, or business owners. In reality, estate planning may be even more important if you're single. Without a spouse or children to automatically step into decision-making roles, important choices about your finances, healthcare, and assets could be left to the courts...
Choosing Between a Will and a Trust for Farm Transfer
For most Wisconsin farm families, a trust offers more control and continuity than a will, especially when the goal is to keep the operation running across generations. A will can still play a role, but relying on it alone may create delays, added costs, and less flexibility during the transition.
Understanding Beneficiary Designations and Estate Plans
Beneficiary designations are among the most powerful and most overlooked parts of an estate plan. When you name a beneficiary on a retirement account, life insurance policy, or payable-on-death account, that form usually controls who receives the asset at your death, even if your will says something different. If those designations are...
Do I Need an Estate Plan if I’m Young and Healthy?
Yes, even if you are young, healthy, and not thinking about end-of-life planning, an estate plan still matters. Estate planning is not just about age or illness. It is about control, legal clarity, and making sure decisions are handled the way you would want if something unexpected happens.
Many...
Essentials of a Last Will & Testament
It is said that nothing is certain in this life except death and taxes. A well-crafted last will and testament will help you meet that certainty head on and will protect your family and ensure your assets are distributed according to your wishes. The attorneys at Borakove Osman LLC have been...
Using Trusts to Maintain Business Ownership Stability
Families who want to preserve long-term control of a closely held business often turn to trusts. A well-structured trust can keep ownership within the family, prevent disputes, and create a clear plan for how the business will transfer to future generations. By placing business interests in a trust, you can maintain continuity...