Issue link: http://read.dmtmag.com/i/216837
ESTATE PLANNING | Special Advertising Section That practice can immediately expose the assets, especially if an heir receives them at a young age or as an immature decision maker. Dollars can even be protected for older beneficiaries who may be in the process of a divorce or creditor problems. Dropping large sums of money in someone's lap isn't always the answer, says Haslam. Heiner cites another example of estate planning—or lack thereof—gone wrong: when an aging parent names a child as joint tenant on a bank account to assist with bill paying. When the parent dies, the bank account passes to the child by rights of survivorship, leaving any other children to think that the parent preferred the bill-paying child. The child who inherits the account can remedy the situation by gifting part of the remaining bank account to his or her siblings. But, keep in mind, "You are setting yourself up to be in charge of deciding how much money your brothers and sisters get," Van Fossen points out. "This causes conflict like nothing else." A simple signatory form can prevent this and keep the good-hearted estate plan from being thrown out the door. If a woman is single, asset management should rank high on her to-do list. Van Fossen says that how assets are titled determines if they can be managed for the person's benefit or not, especially if incapacitated during their lifetime. "You should designate someone to manage your affairs," she says. "You don't just want to throw it up in the air." If you don't have a will, the state will write one for you, says Heiner, who is managing an estate in which a client left complicated assets, but no will. The family is fighting over everything, and, Heiner says, "They're going to lose a great portion of this estate in litigation costs." Sticky situations also arise often with second marriages. Titling can affect the estate dramatically, says Van Fossen. While a trust may be drawn up to benefit children from a first marriage, if a newly married couple walks into their bank and now jointly titles all their accounts, the trust document just flew out the window. "If the bulk of your assets were in those jointly titled accounts, your kids are getting nothing," she says. It's the asset planning aspect that's really important, says The Reserve's Schmidt, who emphasizes that an estate plan should be put in place whether a woman is 25 or 85 years old. It can be an overwhelming process, sympathizes her colleague, Lokrantz, but the effort and importance of making decisions now is what ensures loved ones are cared for later. U.S. Bank and its representatives do not provide tax or legal advice. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation. Estate Planning is an essential task for all families regardless of your level of wealth or assets. Our unique process strives to help families not only manage life issues but also distribute your assets in a way that preserves your family values. Call today for a complimentary review of your planning objectives. 608-833-4001 www.wilsonlawgroup.com Your personal investments get our PERSONAL ATTENTION. The key to our success is providing you with the personal service you deserve. Our experienced team of advisors live in the Madison area and are ready to meet to discuss your personal wealth management goals. Call us locally at 608-218-8000 to set up a face-to-face no obligation meeting to discuss how we can help you. Y O U R S U C C E S S C O M E S F I R S T. First Business Trust & Investments is a division of First Business Bank, one of Wisconsin's leading financial institutions. www.firstbusiness.com DECEMBER 2013 | BRAVAMAGAZINE.COM 41