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Nursing Home Resident Denied Medicaid Due to a Trust Established by Children

Posted on October 19, 2011 by

A Wisconsin Court of Appeals recently issued an important decision upholding a lower court ruling to deny medical assistance benefits to a nursing home resident. The denial was made because assets of a trust established by the applicant’s children for her benefit were deemed an available resource. In June 1991, Lucille Hedlund (“Lucille”) and her […]

Inherited IRAs Not Protected From Beneficiary’s Creditors

Posted on August 30, 2011 by

In a recent decision, the United States Bankruptcy Court for the Western District of Wisconsin ruled that inherited IRAs are not protected from a beneficiary’s creditors. Bankruptcy courts in different parts of the country have come to the same conclusion, while others have come to a different conclusion. These cases may stand as they are […]

2011 and 2012 May Be Opportune Times For Estate and Gift Tax Planning

Posted on March 1, 2011 by

The federal estate, gift and generation-skipping transfer (GST) tax rules approved by Congress in December, 2010 are in effect during 2011 and 2012 only. The Treasury Department announced in February, 2011 that President Obama’s 2012 budget proposals presume several important changes in the rules that will take effect on January 1, 2013. In “General Explanations […]

The 2010 Tax Relief Act: What It Means For You

Posted on December 20, 2010 by

On December 17, 2010, President Barack Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (“2010 Tax Act”). The new law centers around a temporary, two-year reprieve from the expiration of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”) and the Jobs and Growth Tax […]

A December Gift Idea: A (Very) Low Interest Rate GRAT

Posted on November 23, 2010 by

December 2010 may be one of the best times to use a grantor retained annuity trust (or “GRAT”) to transfer assets to children and grandchildren free of gift taxes. The reason is that based on current tax rules, it is assumed that assets transferred to a GRAT in December 2010 will yield an annual return […]

New Power of Attorney Law in Wisconsin

Posted on July 21, 2010 by

On May 12, 2010, Governor Doyle signed the Uniform Power of Attorney for Finances and Property Act (the Act), which becomes effective on September 1, 2010. Under the Act, the laws in Wisconsin that address durable powers of attorney for finances and property will be significantly different from, and more comprehensive than, the current laws. […]

Estate Tax Update

Posted on June 29, 2010 by

A number of bills have been introduced in the U.S. Congress to deal with the estate tax situation that we described in a previous legal update. See “Questions and Answers Concerning Status of Federal Estate Tax”, December 2009. Last week Senator Bernard Sanders introduced yet one more piece of estate tax reform legislation. In what […]

The Window of Opportunity for Some Types of Planning May Be Closing (Quickly)

Posted on February 2, 2010 by

We previously announced that there is currently no federal estate or generation-skipping transfer tax in effect in the United States. The federal gift tax, however, is still in effect. The burning question is whether Congress this year will (i) extend the law that was in effect at the end of 2009, (ii) make repeal of […]

Estate Planning in 2010: Thoughts On What To Do In Uncertain Times

Posted on January 20, 2010 by

We want to alert you to some important changes in the federal estate, gift and generation-skipping transfer (GST) tax laws that went into effect on January 1. In 2001, Congress passed a law that gradually increased the amount that persons could transfer at death free of estate and GST taxes. The amount grew to $3.5 […]

Social Security Administration Releases Key Figures for 2011

Posted on January 13, 2010 by

Social Security Administration Releases Key Figures for 2011 The Social Security Administration (“SSA”) recently released key figures for 2011 that will affect all elderly and disabled individuals who receive program benefits, including social security benefits, supplemental security benefits, and Medicare benefits. This notice summarizes these changes and their impact on various benefits. Social Security Retirement […]