Wisconsin Estate Planning

Q. What is Wisconsin Estate Planning?

A. Typically, people think about Estate Planning as a plan to handle the distribution of assets in anticipation of one’s death. However, Estate Planning also encompasses what will happen to your assets if you become incapacitated and unable to manage your own affairs. It should also include what will happen to your affairs in the event that you or your spouse find yourself in a long term care situation.

Why is Wisconsin Estate Planning so important?

It helps retirees plan for their future and is a must for retirees.

Wisconsin Estate Planning includes the following:

Special Needs & Disabilities Planning

Health Care Directives, including Declaration to Physicians (Wisconsin Living Will) and Power of Attorney for Health Care

Medicaid

Alzheimer's Law

Probate & Trust Administration

Asset Protection Planning

Elder Law

Guardianships & Conservatorships

Last Wills

Taxation Issues

Durable Powers of Attorney for Property

Living Trusts

IRA Inheritance Trusts

“Why It’s Important to Plan Your Estate Now!”

No one likes to dwell on the prospect of his or her own death. But if you postpone planning for your demise until it is too late, you run the risk that your intended beneficiaries -- those you love the most -- may not receive what you would want them to receive, whether due to extra administration costs, unnecessary taxes, or squabbling among your heirs. This is why estate planning is so very important, no matter how small your estate may be! It allows you, while you are still alive, to ensure that your property will go to the people you want, in the way you want, and when you want. It permits you to save as much as possible on taxes, court costs, and attorneys' fees; and it affords you the comfort in knowing that your loved ones can mourn your loss without being simultaneously burdened with unnecessary red tape and financial confusion.

Find out what Estate Planning Documents you should have- click here.

The 14 Most Common Reasons To Do Estate Planning in Wisconsin

Listed below are the most common reasons why it is so important to get your affairs in order before you pass away or become incapacitated. It eases the burden on family members, and gives you peace of mind in knowing that your affairs are in order. These are all very important matters and should not be ignored.

The time is now to plan for tomorrow.

1. Designate who will manage your affairs if you become disabled and when you pass away.

2. Plan for Wisconsin Medicaid and its impact on your estate if you must go into a nursing home.

3. Avoid Wisconsin Probate, during your lifetime and when you pass away.

4. Protect your children from a prior marriage if you pass away first.

5. Protect assets inherited by your heirs from lawsuits, divorces, and other claims.

6. Impose discipline upon children (and/or grandchildren) who may not be capable or experienced in managing money.

7. Provide for special needs children and grandchildren.

8. Insure that a specific portion of your estate actually gets to your grandchildren, charities, etc.

9. Protect a portion of your estate if you pass away first and your surviving spouse remarries.

10. Address different needs of different children.

11. Prevent or discourage challenges to your estate plan.

12. Reward/ encourage heirs who make smart life decisions, and prevent the depletion of your estate from those who do not make smart choices.

13. Assure an education for children/grandchildren, despite what they (or your parents) dream of doing with the inheritance.

14. "Brady-Bunch" family estate planning: assure the step-parent doesn't spend your children's inheritance and/or provide for a spouse without sacrificing the intended legacy for children of a prior marriage.

* Remember tax reform cannot solve all of your estate planning problems! This information is for general informational purposes only and does not constitute legal advice. For specific questions, you should consult a qualified Estate Planning Attorney with a background in tax planning.

Wisconsin Estate Planning Presentation

"The 4 Legal Documents You Need Now!"- Watch The Short Video Below On Estate Planning Documents

If you cannot see the video below, please hit F5 on your keyboard.