Navigator

Word of the Month: Ancillary Probate By Melinda Gustafson Gervasi January 29, 2024 Image by M. Gustafson Gervasi, 2024, Geranium on the Windowsill The following is a hypothetical situation, it is not based on an actual client experience.  It is a story meant to illustrate an issue common to estate planning. The death of a loved one is never easy.  Processing the affairs of a recently deceased loved one in January, specifically January in Wisconsin, is a very difficult task.  Recently the adult child of a former client of mine made their way through the snow and slush that mother nature dumped on my hometown of Madison, Wisconsin , and arrived at my office.  Once their winter parka, hat and gloves were nestled into the coat tree in my waiting area, we sat down at the conference table to discuss "next steps". Papers were pulled from color coded files the child had gathered from their parent's home.  There was the title to the Toyota Prius, copies of recent IRA Sta...

Taxes Are In The Air By Melinda Gustafson Geravsi January 22, 2024  Garner Park, Madison, WI - Image by M. Gustafson Gervasi 2024 January has arrived, bringing with it artic air to my hometown of Madison, Wisconsin.  No matter where you live in America, the month of January also brings the flutter of envelopes into your mailbox, all stamped IMPORTANT: TAX INFORMATION.  Whether it be a W2 from your employer, a 1099-Misc from your investments, or a K-1 showing stock gains, many of us are gathering forms to complete our annual income tax filings.   Taxes quickly become complicated and technical because the IRS tax code is anything but simple.  When in doubt, I also say it is less expensive to hire a CPA for advice beforehand than to hire one to clean up a mess after-the-fact.  In area of focus, estate planning and probate, there are three main taxes that come up in client meetings: Income Taxes -- a tax owed on income that can be owed at both the federal ...

Anyone Can Leave a Legacy By Melinda Gustafson Gervasi January 15, 2024 Today our nation celebrates the legacy of Martin Luther King Jr .  Across this country parades are held, speeches are given, and banquets are held.  It seems an appropriate time to remind you that, in my opinion, anyone can leave a legacy. With a bit of reflection, strategic thinking and planning you can promote what you value.   Image by M. Gustafson Gervasi 2024 Back in 2013 I released a small book, meant to be read in an afternoon, to teach this concept to Middle Class America.  Over a decade later key concepts remain true and the steps you can take are relatively easy.  Here are 3 easy steps you can take to leave a legacy: Direct 10 percent (or any percentage) of your retirement funds to a nonprofit organization that is close to your heart; Request that In Lieu of Flowers, mourners make a donation to a charity that was pivotal in your life, such as: a college, university or trade pr...

Estate Planning: Take It One Bite At A Time By Melinda Gustafson Gervasi January 8, 2024 There is an African saying, "What is the best way to eat an elephant?  One bite at a time" .  If 2024 is the year hope to tackle estate planning but do not know where to start, I suggest you embrace the wisdom of this saying.  Creating an estate planning, or updating an out-of-date plan can be monumental and thus unattainable.  Do not be deterred.  Break it down into small steps and you will make progress.  Here are 5 small tasks to get you started: Create your powers of attorney to say who is in charged of your finances and or health care decisions if you are alive but too ill to act; Review the beneficiary forms on your life insurance and update them if needed; Review the beneficiary forms on your retirement accounts and update them if needed; Create a list of your assets and liabilities to create an easy to access map of your finances for your loved ones if you die; ...