Legal Services Provided
Comprehensive Estate Planning
McCormack Law, LLC's comprehensive approach to estate planning includes the preparation of wills and revocable trusts to create a road map for asset management and distribution, Wisconsin marital property agreements, financial powers of attorney to designate trusted individuals for financial decisions, and health care directives to ensure medical wishes are honored. Additionally, in Wisconsin, real estate deed work and small business transfer on death assignments are also included to best coordinate and align ownership interests and transfers with the overall estate plan.
Advanced Planning
Advanced estate planning often employs a range of irrevocable trusts to reduce or eliminate federal estate and gift taxes, preserving wealth for future generations. These trusts are structured to transfer assets out of the estate, thereby reducing taxable value while still providing for beneficiaries. Common types include irrevocable life insurance trusts (ILITs), spousal lifetime access trusts (SLATs), family lifetime access trusts (FLATs), inherited/gifting trusts, and charitable remainder trusts (CRTs), each offering unique benefits tailored to asset types, family goals, and charitable intentions. With careful structuring, these trusts minimize tax exposure while ensuring asset protection, privacy, and continuity of wealth.
Probate Administration
Probate administration in Wisconsin is the Court process of settling a deceased person’s estate, whose assets in his or her individual name exceed the Wisconsin probate threshold of $50,000. The probate process includes the Court validating the Will, if there is one, and appointing a personal representative to manage the estate. This personal representative is then responsible for inventorying assets, paying creditors, and distributing the remaining property to beneficiaries according to the will or, if none exists, Wisconsin’s intestacy laws.
Trust Administration
Similar to probate administration, post-death trust administration involves managing and distributing the assets held in a trust after the death of the trust creator, or grantor. The appointed successor trustee is responsible for gathering and valuing trust assets, notifying beneficiaries, settling any outstanding debts or taxes, and distributing assets according to the terms of the trust. This process may include filing tax returns, handling investments, and ensuring compliance with legal obligations. Post-death trust administration provides a more efficient alternative to probate, while still providing a structured approach to asset distribution, helping beneficiaries receive their inheritance efficiently and in alignment with the grantor’s wishes.
Federal Estate/Gift Tax and Fiduciary Income Tax Return Preparation and Filing
This service includes the preparation and filing of federal estate and gift tax returns, as well as fiduciary income tax returns for estates and trusts. Estate and gift tax returns ensure that any transfers of wealth are properly reported and assessed for potential taxes, minimizing tax liability within legal allowances. Fiduciary income tax returns report income generated by estate or trust assets during administration, ensuring compliance with IRS requirements. Accurate and timely filing of these returns is essential for settling tax obligations, preserving assets, and avoiding penalties, providing peace of mind for fiduciaries and beneficiaries alike.
Estate Planning and Post-Death Administration Legal Team
Meet the team
Amanda J. McCormack is a distinguished attorney with nearly two decades of experience in the estate planning arena. Hailing from Neenah, Wisconsin, Amanda pursued her higher education at the University of Texas at Austin, where she graduated with honors in 2001, earning a degree in psychology, with a minor in business administration. Shortly after graduating, Amanda accepted a job as a legal assistant at a boutique estate planning law firm, which ignited her passion for estate and tax planning and fueled her drive to attend law school. In 2006, Amanda graduated from Marquette University in Milwaukee, Wisconsin, with a Juris Doctor degree.
Amanda's focus has always been comprehensive estate planning, post-death administration, federal estate/gift tax return preparation and filing, and fiduciary income tax preparation and filing. Her expertise and professionalism have been honed over the years through various high-profile roles across the country, including serving as an attorney at two boutique estate planning firms in Wisconsin, serving as a regional tax manager in the Estate Tax group at Wells Fargo in Winston-Salem, North Carolina and Austin, Texas, and as the Trust Fiduciary Officer for Johnson Bank in Racine, Wisconsin. Her work has involved intricate estate planning and related tax strategies, ensuring her clients' estate planning needs are expertly managed and their estates transferred according to their wishes, while minimizing transfer tax liabilities.
Beyond her professional achievements, Amanda is deeply committed to her family. She has been married to the love of her life, Sean, for 26 years. Together, they have one daughter, Mikayla, and are also proud pet parents to three rescue dogs. Amanda also dedicates her time to her community and personal passions. She is an active volunteer on the worship team at her local church, she’s an avid runner and fitness enthusiast, and she has a passion for international travel which has taken her around the globe, exploring new cultures and experiences that enrich her perspective on life and law.
Amanda's legal career is a testament to her dedication, expertise, and compassionate approach to estate planning. Her blend of legal acumen and personal warmth makes her a trusted advisor to her clients and a cherished member of her community.