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Reflection: Estate Planning Is Not Just For Boomers By Melinda Gustafson Gervasi April 29, 2024 Yesterday marked 18 years since I turned in my State of Wisconsin employee badge to focus on building my own estate planning and probate legal practice.  After nearly two decades of running my own legal practice, which is focused on wills, powers of attorney and administering probate, I have learned quite a few things.  The one that impacts me the most and drives my habits outside of the office, is that fact estate planning and probate are not just for the Baby Boomers.  This fact seems to fly over too many people's heads, even that of the State Bar of Wisconsin. Recently I found an email from the State Bar of Wisconsin in my inbox declaring April 16th as National Healthcare Decisions Day , offering the statistic that there are over 55.8 million people aged 65 or older in the United States.  The message goes on to discuss the importance of people documenting their end-of-...

Earth Day and The Gentle Art of Swedish Death Cleaning By Melinda Gustafson Gervasi April 22, 2024 Regular readers of my blog and recipients of my office newsletter ( click here to check out past editions ) know of my interest in The Gentle Art of Swedish Death Cleaning .  Fueled in part by nearly twenty years as an estate planning and probate attorney with its visibility to how hard it is to clear out a deceased loved one's possessions as well as my general interest in all things Swedish (I attribute that to my Nordic genetics), today's post melds purging our possessions with taking care of Mother Earth. In honor of Earth Day, here are three suggestions for those looking to prune back possessions: Donate an item to a museum, historical society, or local theatre production company.  My great-grandfather's wedding suit was donated to the Swedish American Museum in Chicago.  There it aids research and can be used in displays.   Turn it into art!  Recently my...

Taxes Due! By Melinda Gustafson Gervasi April 15, 2024 It's Tax Day; specifically, today is the day your federal and state income tax returns are due along with any payments you owe.  I recognize that not everyone finds the tax code to be as interesting as I do, so I will take this opportunity to highlight two areas in estate planning where an income tax may be due that can be a surprise: People who inherit from a Traditional IRA, 401K or other "qualified plan".  Distributions made from these types of inherited assets are likely subject to income tax by the new owner; and Fees paid to a Personal Representative (also called an Executor in other states) for administering an estate through probate. The tax code is a massive piece of law that is always changing, so it is best to seek the advice of a CPA in your home state for advice.  But do keep in mind when creating or updating your estate plan, that those you leave assets to and those you give a responsibility may owe an i...

Don't Let the Cart Get Before the Horse in Estate Planning By Melinda Gustafson Gervasi April 8, 2024 The expression "don't let the cart get before the horse" comes to my mind most weeks at the office; clients approach estate planning in the wrong order. All too often a new client will say "I need a trust", usually because someone without a legal degree has told them they need one.  Gently I re-direct the clients to talk about their goals and wishes in estate planning.  Establish the wants first, then figure out which tool to use.  Sometimes it may be a trust, other times it may be a completely different estate planning device, such as a will or a transfer on death deed. For example: What is your goal of estate planning? To organize my affairs and keep things as simple as possible for my loved ones when I die, OR To shelter my assets for my minor children to ensure they have funds to get them to adulthood, OR To minimize any tax liability I may have upon my ...

Play Ball! Estate Planning and the Movies By Melinda Gustafson Gervasi April 1, 2024 Play Ball!  This All-American cry was heard from coast to coast last week as a new season of major league baseball started.  In a nod to this American past-time, I decided to watch the 1994 movie Little Big League which tells the tale of a 10 year old boy who inherits the Minnesota Twins from his grandfather.  Combine that storyline with today being April Fool's Day, and I am here to share what is likely obvious -- estate planning is not a joking matter.  Too often Hollywood uses estate planning and probate scenarios to spin an entertaining story. However, too many people believe what they see on the big (and little) screen.  What makes for a good movie is not necessarily how the real world of estate planning works.  In the film the grandfather is portrayed as a very wealth man.  At this death, via video he "supplements" his will with a video message giving his favor...