Estate planning plays an important part in preparing for the future. Like many other aspects of planning (e.g. for education, investment, purchasing a home) estate planning requires knowledgeable input from experienced professionals. If you are a resident of Madison or surrounding areas of Wisconsin, the accomplished attorneys of Borakove Osman LLC are here to help.
We have the well-honed skills to assist you, not only in drafting wills and other vital documents, but also in creating and administering trusts, avoiding probate, and planning for elder care, business succession, and farm continuation. From the outset, our law practice has been committed to ensuring that our clients have the peace of mind that comes from having put their lives in order and protected those they love.
What Estate Planning Involves
Although we are a boutique firm that offers personal attention and customized strategies, Borakove Osman LLC offers comprehensive estate planning services for a diverse Wisconsin population.
Our Levels of Estate Planning
We have created a unique set of levels designed to meet the expectations of a variety of individuals and couples. These levels include:
- Will-centered planning that designates beneficiaries who will inherit estate assets, a personal representative to administer the estate, and a guardian for minor children.
- SMART beginningsSM Trust planning is designed for married couples who want to protect their assets for themselves and their children, but do not have estate tax concerns.
- Foundational/Basic Trust planning for those with simple estates who want a streamlined transfer of inheritance without probate, limited costs that reflect the simplicity of their situation, and to preserve their privacy (since trusts, unlike wills, are not public).
- Comprehensive Revocable Trust planning to extend benefits beyond our foundational level, preserve the rights of beneficiaries, and provide the additional protections of inherited trusts in addition to opportunities to make purposeful charitable distributions.
- Founders’ Circle Private CounselSM Trust planning, is a process specially designed to accommodate our high-net-worth clients who have estates that exceed the estate tax exemption ($12.92 million for individuals and $25.84 million per married couple in 2023).
- Possibilities as PromisedSM legacy customization process, unique to Borakove Osman, created for those clients whose wealth is interwoven with their core values.
- Incapacity planning to cover an unexpected accident, medical event, or illness that puts you out of commission temporarily or permanently.
Documents to State and Clarify Your Wishes
Our legal team is adept at drafting, reviewing, and executing a full range of foundational documents, each of which has a special purpose:
- Last Will and Testament (Will)
- Revocable Living Trust
- Irrevocable Trust (Special Needs Trust, Medicaid Trust)
- General Durable Power of Attorney
- Health Care Power of Attorney
- Living Will
- Advance Medical Directives
- Marital Property Agreements
Our attorneys know the importance of meticulous wording on such crucial documents and take extra care to ensure your documents are legally binding and specifically tailored to your needs.
Our practice is proud to serve farm clients throughout Wisconsin. Attorney Shayna W. Borakove has in-depth knowledge of farm management, the family dynamics of farming, and the farm continuation process based on her strong roots in a family farm. She is dedicated to seeing to it that farm legacies are preserved and protected as they move through generations of those who love the land.
At Borakove Osman, we are well aware that small businesses make up the vast majority of businesses in the U.S. and know just how critical it is to plan for fruitful business succession. To pass your small business along, you must keep it profitable and running efficiently. We will help you protect it from losses and plan for a smooth transition.
Elder Planning/Medicaid Planning
Given the challenges presented by the aging process, we recognize that planning for incapacity, as well as for the pleasures of retirement, is essential. The reality is that all of us have to plan for the possibility of declining health, possible incapacity, and long-term care. Because nursing home care is enormously expensive, and Medicaid is a means-tested program, most people also have to make provisions to maintain eligibility for Medicaid in case they someday require long-term care.
Estate & Trust Administration and Probate
Estate and trust administration and probate are central to the subject of estate planning. Whether you are preparing for your future or have taken on the role of personal representative (executor) or trustee for someone else, our attorneys will clarify the duties of administering a trust or probate estate. If you are in the role of personal representative or trustee, we will provide you with guidance regarding how to:
- Submit the will to probate court
- Open a bank account for the estate or trust
- Inventory estate assets and have them appraised if necessary
- Notify all beneficiaries and provide them with relevant information
- Notify creditors and government agencies (e.g. Social Security, Medicare)
- Pay all rightful estate debts and taxes
- File final tax returns for the estate
- Handle any beneficiary concerns or conflicts
- Create testamentary trusts for beneficiaries as stated in the will
- Distribute remaining assets to beneficiaries
- Close out the estate
Because probate can be an expensive and prolonged process, especially when the estate is of high net worth or owns multiple properties in various locations, avoiding probate can make sure your beneficiaries have access to their inheritance promptly. It can also save the estate a sizable amount and protect the family’s privacy. For this reason, in estates we help to plan, we often avoid probate altogether by transferring estate funds to a living trust.
Contact Our Highly Qualified Estate Planning Attorneys in Madison, WI
At Borakove Osman LLC, we are dedicated to the concepts of Living Legacy and Continuing Legacy. While the former provides structure and stability for life in the present, the latter provides security and purpose for your surviving loved ones and future generations of your family. The steps you take with our estate planning attorneys today will have meaning for you, your children, your grandchildren, and your future descendants. Contact us now so we can help you take those significant steps promptly.
Borakove Osman, LLC is your trusted partner for estate planning in Wisconsin. Serving all of Wisconsin, including Madison and Dane County, we are dedicated to providing high-quality legal advice and representation to help you secure your family’s future.