Give Your Legacy
Do you have a Revocable Living Trust already in place? Did the lawyer who drafted it discuss with you all the tax consequences that you created for your kids? If your answer is limited to: “I’m not wealthy enough to pay estate tax, so there are no tax issues to address,” then we should talk because you may be setting your kids up for paying higher federal income taxes on your assets after you pass away. At Nylen & Partners, LLC, we see clients consistently under-served by not understanding how the income tax rules work or how beneficiary designations can drastically change tax outcomes for your children.
Are you concerned about your estate or current lack of planning? Will your legacy be left to your heirs or will it be consumed by unintended beneficiaries? Creating an estate plan is a crucial first step to protect your estate from unintended beneficiaries. But drafting just a will does not mean you have an estate plan. What were to happen if you became incapacitated? Could your spouse sign your name to a tax return? Could you get access to your 18 year-old child’s hospital records? Do you have transfer on death (TOD) designations on your titled property? What happens if you die and your TOD lists your child, and that child is currently being sued or getting divorced? Those assets that have TODs attached to your kids will still get transferred and you will lose the ability to pass on your assets to your kids. Creating a revocable trust can solve this issue. These are problems that having an estate plan can solve.
Was an IRA your main asset that you accumulated wealth in? Do you want to pass on any of your wealth to your kids? Do you want the protections of a trust, but the income tax benefits of a beneficiary designation? If so, there are specific types of trusts that can be drafted that protect your IRA with the same protections of trusts yet still receive the income tax benefits of beneficiary designations (known as “stretch” out payments). N&P can help you solve this problem.
When an individual or family creates a trust, a designated trustee must be chosen. Nylen & Partners can take on this role. By selecting Nylen & Partners to be the trustee of your trust, you can be confident that assets in your trust will be distributed in accordance with the estate plan.
Taxes are often one of the most important financial aspects of estate planning. By understanding the implications of estate, income, and payroll taxes clients can be assured that they will have a more complete financial picture of the their assets and wealth.
Going through probate can be a daunting task without a lawyer. Our lawyers can help you navigate the probate process and file the right forms by the right deadlines.
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estate Planning Information packet
We look forward in speaking with you!
Your Estate Planning Team
PAUL C. NYLEN, JD, CPA, MAC
Partner, Attorney and CPA, N&P
Paul C. Nylen is currently a partner of Nylen & Partners, LLC (N&P). Prior to N&P he practiced international tax at Deloitte Tax, LLP in Milwaukee, WI. He is a graduate of Marquette University Law School and is a licensed attorney in the state of Wisconsin. Prior to law school he graduated from the University of Iowa with a master degree in accounting (taxation emphasis).
NATHAN C. OSBORN, JD
Nathan C. Osborn is a partner of Nylen and Partners, LLC (N&P). He is a Marquette University Law School graduate and is licensed to practice law in Wisconsin. Prior to practicing law, Nathan managed the Retail Portfolio Department for a large construction equipment manufacturer. Nathan has helped hundreds of families with their estate planning needs and truly understands how important this crucial area of your life is.
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