Is it time to review your estate plan?

When did you last review your estate plan?  How long ago did you put in place your estate plan?  5 years? 10 years?  Over 10 years?  Do you currently have an estate plan in place?

 

Reviewing one's estate plan serves at least two critical functions.  First, a review can guarantee your plan still functions according to your wishes.  All these questions can be answered by comprehensively reviewing your estate plan:

·         Do your assets still go to who you want?

·         Are the correct people listed in decision-making roles?

·         Have your desires changed for who you want to receive your assets?

·         Have certain decision-makers moved away?

·         Have minor children now become responsible adults who are ready to serve on your behalf?

Secondly, a review can alert you to new laws affecting your estate plan?  An example from a few years ago would be the changes regarding access to medical records with the Health Insurance Portability and Accountability Act (HIPAA).  A more recent example is the 2017 Tax Cuts and Jobs Act, which changed estate and gift taxation rules.  Whether it is the State Legislature or Congress, both organizations continue to pass laws to meet changing circumstances.  Staying up-to-date can mean the difference between a plan accomplishing your goals and a plan that causes unneeded problems and headaches.

For all our clients, we offer complimentary reviews every 3 years.  For clients, it is a chance to review their estate plan to ensure everything is current and there are no major changes requiring updates due to the passage of new laws.  For us, it is a chance to talk with clients and ensure their estate plan continues to meet their objectives.

If you have not put in place any estate planning documents, you are not alone.  In fact, you are in the majority!  Shocking numbers indicate that over 50% of people pass away with no estate planning documents in place.  https://www.usatoday.com/story/money/personalfinance/2015/07/11/estate-plan-will/71270548/  This often leads to countless hours, disputes, and unnecessary stress on loved ones who are dealing with your passing. 

Whether you worked with us in the past or wish to work with us in the future, give us a call today or send us an e-mail by clicking here!  We are always happy to assist individuals, businesses, and families, plan for a smooth and seamless future!

What's the big deal with Estate Taxes?

Earlier today, President Trump signed into law the Tax Cuts and Jobs Act of 2017, capping one of the most significant tax overhauls in the last 30 years. One of the items sure to generate conversation is the changes made to estate taxes.

Before we review the changes made to the estate tax, let's look back at the previous state of the estate tax. Prior to the passage of the 2017 Act, the last major estate tax change occurred in 2012.
Toward the end of 2012, Congress passed the American Taxpayer Relief Act (ATRA). It was signed into law by then-President Obama on January 2, 2013. ATRA amended the prior laws regarding estate taxes and set the estate tax rate at 40%. However, the 40% tax rate was only applicable to individuals who, at their death, sought to pass assets in excess of $5,000,000. So, while a 40% tax rate was high, a minimal number of individuals were affected.

To go even further, ATRA included an inflation-protection rider, further increasing the exemption level with each passing year. In 2018, the exemption level was set to increase to $5,600,000. This means, under ATRA, an individual who died in 2018 could leave $5,600,000 to any number of individuals, charities, etc. without having to pay a single penny in estate taxes.

For a married couple, the ATRA rules allow a virtual doubling of the estate tax exemption level, provided the proper tax forms are timely filed. In essence, this would have allowed both spouses, cumulatively, to transfer up to $11,200,000, without triggering any estate taxes in 2018.

Now let's review the Tax Cuts and Jobs Act of 2017. With the signing of the 2017 Act, the estate tax exemption is doubled (currently, for years 2018-2025). This means that where before an individual could exempt $5,600,000, an individual can now shelter $11,200,000 from any estate taxes. For a married couple, properly utilizing the exemption rules, the exemption is doubled to $22,400,000. If no further action is taken by Congress prior to 2025, the exemption amounts will revert to the previous ATRA levels.

With such a high exemption level, only about 0.3% of the population needed to worry about estate taxes under ATRA (and now it is even less, with the exemption doubling),.  This does not mean though that the other 99.7% of the population does not need to complete their estate plan.

Instead of focusing on estate tax avoidance, we can now examine your personal goals and how to protect your assets and your family. This includes protecting assets from beneficiaries, avoiding the probate process, and ensuring a smooth passing of your assets to your chosen beneficiaries.  If you’d like to ensure that you maximize the resources available to your loved ones and keep your family out of Court and out of conflict, schedule a Family Life and Legacy Planning Session.™ We can review your existing plan and help you make adjustments, while achieving your personal goals.

This article is a service of The Estate Planning Group and Davidson Law Office, LLP, your Life & Legacy Planning Lawyers, who believe in developing trusting relationships with families for life. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.

9 Mistakes that Tear Families Apart

Mistake #1: Relying on the Law.  If you do not set up an estate plan, upon your death your property will be distributed according to the laws of your last state of residence.  Often, the law will require the probate judge to give your property to someone other than the people you would have chosen.

Mistake #2: Relying on a Will.  If your estate plan consists only of a Will, your heirs may face many costly problems such as probate and conservatorship proceedings.  A Will is the most common estate planning tool, but it is usually not the best tool to use.

Mistake #3: Relying on Community Property laws.  Relying on the Community Property laws is a position many clients take.  However, your property will still have to go through probate on the death of the spouse.  Also, Community Property ownership requires a conservatorship if a spouse is incapacitated and the home needs a mortgage, home equity line, or to be sold.  Relying on the Community Property laws is not a good estate plan.

Mistake #4: Relying on Guardianships.  These Court supervised proceedings for addressing your physical or mental incapacity are costly, time-consuming and horribly burdensome.  Your properly set up Revocable Living Trust, as well as Powers of Attorney, Durable Powers of Attorney for Health Care, and Physician’s Directives and Releases avoid this issue.

Mistake #5: Relying on the small estate affidavit or informal administration procedure to avoid probate.  Most people assume they have fewer assets than they actually have.  In Wisconsin the small estate exemption that avoids probate is permitted only for estates consisting of less than $50,000.

Mistake #6: Relying on a gifting program as your way of avoiding probate. The law allows you to give away your property at a rate of $14,000 per person per year.  A married couple can give $28,000 per year to anyone they choose without gift tax consequences.  While this is an effective way to reduce the size of your estate, trying to spend your last dime on your last day is difficult to put odds on, plus you lose control of the assets you have given away, and beneficiaries get total control over everything that has been given to them.

Mistake #7: Relying on the Courts to take care of your child’s finances.  If you die intestate (with no Will) or with only a Will, and your property passes to your minor child, the Court will put your child’s money into a Court-supervised guardianship requiring at least annual accountings to the Court.  Naturally, this may require hiring CPAs to prepare accountings, and lawyers to file those accountings with the Court, plus filing fees, all of which comes out of the inheritance.   It also means that the Court determines the person who will serve as guardian of the property, who may not be the person you would have chosen.

Mistake #8: Relying on a form kit for your Will or Living Trust.  One size does not fit all because no two people or families are alike.  From your family’s needs and dynamics to its personalities and values, can you imagine any form kit ever being suitable for any family?  If you use a form kit, you’re asking for problems.  If your will is not properly executed, it will not be valid.  The only estate plan you can rely on is one that is custom prepared by a qualified estate planning and asset protection lawyer.

Mistake #9: Relying on the wrong attorney.  Most attorneys know very little about estate planning.  What’s more, even some estate planning attorneys don’t put much time or energy into comprehensive protections for your family’s unique circumstances.  That’s why I urge you to choose an estate planning attorney who has the primary focus, mission and purpose to help you achieve your family’s estate planning and asset protection goals:  protecting, preserving and passing on more of what you’ve worked for.

If you’d like to ensure that you maximize the resources available to your loved ones and keep your family out of Court and out of conflict, schedule a Family Life and Legacy Planning Session.™ We can review your existing plan and help you make adjustments that will help you achieve your goals.

This article is a service of The Estate Planning Group and Davidson Law Office, LLP, your Life & Legacy Planning Lawyers, who believe in developing trusting relationships with families for life. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.

What happens to my Facebook profile after death?

Facebook! With users easily surpassing 1,000,000,000, Facebook is arguably the most common social media platform. However, what happens to your Facebook page when you pass away? Who has access to your profile upon your death? Can you have your account deleted upon your passing?

Each person has their own Facebook page, right? The whole point of Facebook is you can make that page your own and post, share, like, whatever you want. However, when "you" are no longer available to take care of your page, what happens to it? Surprising to many, access to one's Facebook profile can become highly restricted after a person passes away, even if that person is a mother trying to access her deceased daughter's account. http://thehill.com/policy/technology/335759-german-court-rejects-mothers-request-to-access-deceased-daughters-facebook

As the desire for greater access to decedents' accounts grow, Facebook has come up with several different options for accessing a decedent's page.

One of the most common means is the legacy contact. Each person can designate one of their Facebook "friends" to serve as their "legacy contact" after they pass away. This individual has the authority to write posts on their wall, post articles (e.g. an obituary), and even shut down their Facebook page. This process can work great if you have a desire to notify distant relatives/friends of your passing when most of your communication is through social media. As social media becomes the norm for notification about such events, the legacy contact option is becoming more and more popular. https://www.usatoday.com/story/tech/2015/02/12/facebook-policy-change-allows-one-final-post-after-death/23184757/

Another option is to have Facebook simply delete your profile upon your passing. This option is great for the individual who simply wishes their online persona to die with them. No exposure of past messages or lingering digital presence. Instead, your Facebook profile is simply deleted after Facebook is notified of your passing.

A final option utilized by some, but certainly not condoned by Facebook, involves sharing your username and password with a trusted person and informing them to login as you after your passing and shut down your profile. While this may be the simplest option, sharing username and passwords is a risky proposition, indeed!

While Facebook is just one electronic provider, there is no denying that online accounts are becoming more pervasive. And while Facebook is just one example, with online banking, automatic billing, etc. all becoming much more commonplace, knowing how your online accounts will be addressed are a top priority to ensure an easy and smooth process for the loved ones you leave behind!

If you’d like to ensure that you maximize the resources available to your loved ones and keep your family out of Court and out of conflict, schedule a Family Life and Legacy Planning Session.™ We can review your existing plan and help you make adjustments that will help you achieve your goals.

This article is a service of The Estate Planning Group and Davidson Law Office, LLP, your Life & Legacy Planning Lawyers, who believe in developing trusting relationships with families for life. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.

How can I preserve my assets for my kids and loved ones?

With tax time well behind us, you may be thinking you did well by minimizing what you paid to Uncle Sam and your state in taxes, so more can go to your family.  Every year around tax-time, we’re reminded of how complicated maximizing your money and minimizing tax liabilities can be - and for many people, this seems to be the singular focus for how to preserve assets for loved ones.

Unfortunately, we don’t get much in the way of real information about really preserving our assets through estate planning.  And, regrettably, many of us simply don't think about it, or maybe think we don't have enough to make a difference.

Simply put, this is Penny Wise and Pound Foolish - Your family will likely lose more in the costs of estate administration than you can ever overcome with annual tax tricks. 

Truth is, if you have people you love and any assets at all in your name, you do have an estate and it is worth preserving for the people you love. In some cases, that may mean keeping them out of court and out of conflict, if anything happens to you. (Did you know that the biggest family fights happen over the smallest sums of money or even the personal effects of a person who has passed on? Let’s keep that from happening to your family!)  

If you’re concerned about maximizing the amount your heirs receive and minimizing the amount received by governments, there are several steps you can take.

First and foremost, keep your family out of Court. It’s unnecessary, extremely expensive and almost always public. Consider using a Trust to make it easy to handle your assets if you become incapacitated or when you pass on. 

Second, ensure legal documents are in place for trusted family or loved ones to take care of financial, legal and health care issues in the event of any incapacity.  An incapacity without simple legal planning in place can be devastating to a family, both financially and emotionally. 

Third, while most Americans need not worry about the Federal estate and gift tax ($5.49 million in 2017), if you have an estate near or above that level ($10.9 million for married couples) you need to implement tax minimization strategies to avoid the extreme estate tax hit your heirs will experience. Some will need to think about State taxes, as well, if you live in one of the 20 states that impose them. (Wisconsin does not.) 

If you’d like to ensure that you maximize the resources available to your loved ones and keep your family out of Court and out of conflict, schedule a Family Life and Legacy Planning Session.™ We can review your existing plan and help you make adjustments that will help you achieve your goals. 

This article is a service of The Estate Planning Group and Davidson Law Office, LLP, your Life & Legacy Planning Lawyers, who believe in developing trusting relationships with families for life. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.

10 Estate Planning Questions to Ask Yourself

We are all busy, right? We have things to do, places to visit, and people to see. So, it is understandable why people do not often think about what would happen in an emergency, where something happens and you can no longer do things you want, visit the places you plan, and see the people you want.

While a proper estate plan cannot avoid these issues, it can leave you better equipped to address these situations when they arise.

Here are 10 estate planning questions to get you started. How many of these questions can you answer, "Yes" to?

1.    Have you appointed a trusted financial decision-maker for financial decisions during your life?

2.    Have you appointed someone who knows your health care wishes if you cannot communicate them?

3.    Have you shared your health care desires with your health care decision-maker?

4.    Do your beneficiary designated-assets, reflect your current wishes?

5.    Would someone know how to access your online accounts if they need to access them?

6.    If you wish to avoid the probate process, does your current plan accomplish this?

7.    Have I planned for a potential stay in a nursing home?

8.    Have you shared your wishes with your family, so your desires will be followed upon your death?

9.    Will your medical records be accessible to your family if they need to view them?

10. Does your current plan reflect your current wishes?

Proper consideration of these factors now can avoid needless time, effort, and headaches, for your loved ones.

Take the first step now and talk with an estate planning attorney today about putting in place a plan, so you can answer "Yes" to all ten questions!

I was nominated as a Personal Representative in a Will, now what do I do?

A loved one has just passed away and someone tells you the decedent nominated you as the Personal Representative of their Estate in their Last Will and Testament. What does this job entail? What authority do you have? What should be your first steps?

In a nutshell, the role of a Personal Representative (also sometimes called an "Executor") is to oversee the gathering of a decedent’s probate assets, pay all necessary creditors, and make distributions in line with the terms of the Last Will and Testament. The Personal Representative is the "manager," overseeing the entire probate process.

A Last Will and Testament should list a particular person(s) to act as Personal Representative. If a will was never executed and no other estate planning documents were completed, an interested person, usually a close friend or family member, petitions the Probate Court to be appointed.

In either case, the Probate Court determines whether to approve the individual, and if a bond will be required to be paid by the nominated Personal Representative as collateral against the value of the probate assets.

If approved by the Probate Court, Domiciliary Letters will be issued to the Personal Representative. Domiciliary Letters serve as formal proof that the Personal Representative has the legal authority to act. Often banks, credit unions, and other financial institutions require this Letter prior to releasing any information.

Throughout the process of administering an Estate, the Personal Representative will also want to keep a close eye on the deadlines mandated by the Probate Court. Deadlines often include: filing a required Notice to Creditors, filing an Inventory of the decedent's probate assets, and filing a final Estate Account listing all the expenses and payouts to beneficiaries. Sample blank forms can be found on the Wisconsin Court System website: https://wicourts.gov/forms1/circuit/index.htm

The Personal Representative is also responsible for paying any outstanding bills, selling any estate assets, submitting final tax returns, and more. There are often specific time deadlines complicating each step of the process of administering an Estate.

It is not uncommon, given the steps involved, to have a probate proceeding open anywhere from 9-15 months, or longer.

If you have questions or concerns about the probate process or your job as Personal Representative, please click here. We are more than happy to guide you through the probate administration and what to expect as a personal representative.

Will your loved ones know what to do when you are gone?

If you have named children, family, or friends as a successor trustee of your family trust, they likely do not know what the job entails.  Our office encourages talking with successor Trustees now to eliminate some of the unknowns about what it means to serve in this role.

In a standard revocable family trust, a husband and wife are listed as co-trustees during their lifetime.  Only when both spouses pass away, does a successor trustee step in to administer the family trust.

In a nutshell, a successor trustee's job is to secure all of a decedent's assets and distribute those assets according to the terms of the trust.  The trustee can be thought of as a "manager," who keeps an accurate account of all amounts received and any expenses paid out.

The first job of a successor trustee is to gather information about all of the assets the individual(s) owned prior to passing away.  The length and work required depends on the particular assets and how well records were kept.

To complete this job, the successor trustee will need to have a Certification or Affidavit of Trust proving that the Trust is in existence and a certified Death Certificate.

Once trust assets have been discovered, such assets will likely need to be sold or liquidated.  All proceeds should be deposited into a checking account in the name of the Family Trust.  Trust assets that cannot be sold right away should be maintained and updated.

The successor trustee should keep a running inventory of the assets coming in and any expenses paid out.  Taxes will still need to be filed, and known creditors may need to be paid.

Once all creditors and taxes have been paid and assets are liquidated, distributions according to the trust terms can begin.  The trustees should have the beneficiaries sign a form acknowledging receipt of their inheritance and releasing the trustee from any liability.

For more details on the role of successor Trustees, come to one of our future seminars.  We will be discussing these roles and more!!!  Take a look at our upcoming events by clicking the below link:  http://www.theestateplanninggroup.com/upcoming-events/

Make 2017 the Year You Complete Your Estate Plan!

The start of the New Year almost always brings with it new goals and resolutions.  So, what is the best way to meet these goals head-on and successfully complete them?  Oftentimes, the key is in not taking one giant leap, but small steps, providing us the best possible chance to succeed!

 

With estate planning, adopt a similar approach.  Taking manageable steps can make all the difference between completing your estate plan and giving yourself and your family peace of mind, and putting it off for another year, potentially putting your loved ones at risk in the event something happens to you.  Here are just a few benefits of putting an estate plan in place:

 

Nominate an individual you trust to make health care decisions:  Nominating a trusted individual who knows your health care wishes can ensure your desires are followed.  Without planning ahead, your family is likely to have to go to Court before making health care decisions on your behalf, incurring additional money and time during an already stressful period.

 

Name someone to manage your financial affairs if you are unable to do so:  Executing a Financial Power of Attorney ensures your financial affairs continue seamlessly during your life and any legal decisions can be made on your behalf.  In the absence of a Financial Power of Attorney, no one can legally make these decisions for you, whether that person is a spouse, a child, or a close friend.

 

Provide for your children and loved ones from future potential creditors, predators, and unnecessary taxes:  Protecting your loved ones from others and sometimes themselves, can ensure your desires are followed.  A proper plan promotes family harmony upon your passing by making the process proceed smoothly without undue stress and delays.

 

Protect your assets, both during your lifetime and after:  Planning ahead can make all the difference in protecting your most cherished assets for yourself and your family members.  Advanced planning options to protect assets in the event of a need for advanced health care expenses may be warranted to protect your assets.

 

To take the first step toward giving yourself peace of mind and a lasting legacy come to our free educational seminar being held in the Village of Hilbert Community Room on Saturday, February 4th at 10:00 AM.  We will be providing an overview of how a properly drafted comprehensive estate plan can save your family time, money, and promote harmony among your beneficiaries.  Please call or e-mail our Client Services Director Sandie at sandie@epgwi.com to reserve your spot today!

 

 

For more information about this seminar and our upcoming events, go to www.TheEstatePlanningGroup.com today!

Protecting Your Minor Children from the Unexpected

Parents often cite a child’s birth as one of the happiest days of their life.  The child will bring many moments of happiness to your lives and undoubtedly a few trying moments, too.  However, as parents, you also need to consider who would care for your child if you no longer can.  Estate planning can offer some valuable assistance.

A simple will executed by each parent is a common method used to protect minor children.  A will is the only legal avenue (without court intervention) where parents can nominate a legal guardian for children under 18.

So, who should you nominate as a guardian?  Beyond recommending someone you trust and respect, here are some other factors to consider:

·         Guardian’s Location—Will a guardian’s location require a change of schools for your children; will the location allow your children to remain close to existing friends and family?

·         Guardian’s Values—Does the guardian share your core beliefs, a similar philosophy in raising children, religious views, etc.?

·         Guardian’s Suitability—If a guardian has children of their own, could they care for your children too; does the child already have a good relationship with the prospective guardian?

Once a guardian is chosen, the next question is how financial assets should be held to best benefit your children.  A testamentary trust, formed in a parent’s will, is a great tool to hold such assets.

This type of trust secures assets left for your children and can specify an age or ages for asset distribution.  Many parents distribute a percentage of a child’s share every few years, minimizing potential excessive spending of an inheritance at one time.  Without a testamentary trust, all assets are distributed when the child is no longer a minor.  To oversee this trust, you may nominate the above-named guardian, a financial institution, or an entirely different person/entity.

Protections for younger children are absolutely vital. Whether that means completion of a simple will or other estate planning options, this issue deserves consideration by you and your family.

Timing is Everything in Legal Life Planning!

With Christmas fast approaching and the New Year practically upon us, discussions of goals and resolutions for the upcoming year frequently come up.  Invariably, when legal life planning is discussed, many times a "We'll do that next year" approach is adopted.

The legal life planning process, though, can only fully use all available tools if sufficient time exists.  Adequate preparation can mean the difference between having options and protecting your assets versus facing additional expenses and headaches down the road.

One of the best ways to plan ahead is to formally nominate someone to make health care and financial decisions for you when you are unable to communicate those desires.  Failing to execute Health Care and Financial Power of Attorney documents can result in your loved ones being forced to go to court, spending time and oftentimes thousands of dollars, to gain such authority.

Planning ahead about how best to pass your assets can also help ensure a smooth process for your chosen beneficiaries, while minimizing administrative costs.  Wills and other non-probate tools, like a payable-on-death (POD) designation or a life estate deed are often used, but other legal options, like a revocable trust, may deserve consideration too.

When attempting to protect assets from a future need for a nursing home stay and qualify for the government program that pays for such care ("Medicaid"), planning ahead is especially critical.

If you have gifted or sold any assets for less than fair market value within 5 years of trying to qualify, the Medicaid system requires the difference to be repaid before you qualify (the "5-year look back period").  Putting in place legal tools now to safeguard those assets before a need for nursing home care arises can avoid this issue.

Timing is everything in legal life planning!  Protections to put in place now to protect yourself and your loved ones will be discussed at our first seminar of the new year on Saturday, January 14^th at 10:30 a.m.  This seminar will be held at the Weyers-Hilliard Library in Green Bay.  More details can be found here:  http://www.theestateplanninggroup.com/event/life-and-legacy-planning-weyers-hilliard/

From all of us at Davidson Law Office and The Estate Planning Group, we wish you a Merry Christmas and a safe and happy New Year!

Estate Planning through the Ages

When you hear the words “estate planning” what is your first thought? Oftentimes, images of the very wealthy along with complex trust and tax planning spring to mind. In actuality, estate planning includes important documents that should be considered by people of all ages, regardless of one’s current stage in life. Whether a person just turned 18 or is enjoying retirement, estate planning includes different legal documents that deserve discussion. Below are some of the important periods and ages where estate planning should be thought about:

• Turning 18: Every person should have, at the very least, a valid Health Care Power of Attorney and Financial Power of Attorney in place upon turning 18. Wisconsin Statutes do not provide for any “default” person to make decisions for an individual after they turn 18, even if they are a parent or spouse. In the absence of a valid Health Care Power of Attorney, a guardianship proceeding may be required, which can become very expensive.
• Parents of young children: Estate Planning is also critical for parents of young children. By executing a will, young parents can nominate a guardian to provide personal security for their minor children. From the financial side, a testamentary trust can be incorporated into the will to ensure minor children do not receive all assets left to them by their parents at age 18 in one lump sum distribution. Instead, parents can nominate a trustee to manage any assets for the benefit of minor children and make distributions to the children upon reaching a pre-determined age, set by the parents.
• People looking to avoid Probate: Estate Planning also includes more detailed plans for individuals or couples who desire to bypass the probate process. With a revocable trust, the probate process can likely be largely avoided, which in turn, leads to a quicker estate administration and a faster distribution of assets to beneficiaries. The revocable trust is also a private document that is not publically available and can give added protections for beneficiaries from creditors.
• Individuals concerned with protecting assets from Nursing Home Care: For individuals who are worried about the possible costs of nursing home or long-term care, estate planning can provide asset protection. An irrevocable trust, unlike a revocable trust, can be used to shelter certain assets from being liquidated to satisfy nursing home expenses. However, assets are only safe if they are in the irrevocable trust for the 5 years prior to applying for a needs-based program, such as Medicaid. Additionally, control of any assets in an irrevocable trust must be ceded from the initial owners. Even with these trade-offs, for some clients the benefit of protecting certain assets from any nursing home care is well worth the protections an irrevocable trust provides.

The Estate Planning process addresses a wide range of issues for individuals of all different ages. From the young couple who just had their first child to the couple who has been together for over 60 years who are concerned about the impeding cost of nursing home care, estate planning can provide ease of mind ensuring the maximum protections are in place to preserve and protect each person’s assets.

Who do we give the Packer Season Tickets to?

Green Bay Packers Season Tickets. As of the writing of this article, the current wait list is around 120,000 people. So, it is easily understandable why families with tickets want to pass them on to loved ones.

But for some, the answer to who to give the tickets to is a challenging decision. We recently had someone come to see us who was really struggling over who to give his tickets to because he did not want to appear to favor any of his children. Thankfully though, he is making this difficult decision now.

All too often, inadequate instructions can cause conflict among family members and yes, sometimes even lawsuits (See Milwaukee Journal Sentinel Article, "Brother sues brother over Packer Tickets.").
While these are hard decisions, understanding the rules can streamline the process.

Green Bay Packer Ticket Policy requires that the owner of every season ticket be either an individual or a business (no co-ownership allowed). This bears noting because if you have multiple beneficiaries, they may not agree on a single individual owner and in the absence of agreement, no transfer occurs.

Without any direction from a season ticket holder, upon their passing, season tickets will likely first go to a surviving spouse, and if no spouse, then to surviving children. Remember, if the surviving children, cannot agree on a single child owning the tickets, no transfer takes place.

If you have put in place a will or a trust, you can specify who you desire to take ownership of the Packer tickets. Importantly, your will or trust can also list alternate beneficiaries, if your first choice, passes away before you.

In endeavoring to assist individuals, the Packers organization has also put together a Season Ticket Transfer Form to memorialize your desires and pass your tickets to your chosen beneficiary.

For more tips and suggestions on ensuring all of your assets, including your Packer tickets, pass smoothly to your chosen beneficiaries, come to our final seminar of 2016 at the Heart of the Valley Chamber of Commerce Building in downtown Kaukauna on Saturday, December 3^rd at 10:00 am. Refreshments will be provided. For information on how to sign-up, click here!

The Estate Planning Group, Appleton, Kaukauna, Kimberly and Green Bay Estate Planning Attorneys