Category Archive: Irrevocable Trusts
- Oct. 24 2019
Grandparent Gifting: The Right Way to Gift to Grandchildren
In our experience as estate planningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while the person is still of sound mind and able to understand and sign key documents such as Power … Read more
- Apr. 8 2019
Trusts for Young and Minor Children: The Basics
In Wisconsin, trusts can provide a powerful tool for parents eager to protect and pass their assets to their children. More specifically, trusts for children bring the power and flexibility of trusts to bear when parents die before their children. … Read more
- Feb. 22 2019
Naming Guardians for Minors and Young Children
Naming guardians for minors and young children is a major priority for Wisconsin parents working to create an estate plan. For any parent of minors or young children, a holistic estate plan must detail your wishes to ensure your children … Read more
- Sep. 26 2018
Nonjudicial Settlement Agreements in Wisconsin
Under Wisconsin law, nonjudicial settlement agreements can be used to modify trusts that otherwise would be considered irrevocable without court action. With a nonjudicial settlement agreement, an irrevocable trustA trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. that cannot be terminated, revoked or amended by the creating person. … Read more
- Aug. 27 2018
Credit Shelter Trusts in Wisconsin
In years past, many Wisconsin couples set up credit shelter trusts as part of their estate planningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while the person is still of sound … Read more
- Mar. 23 2018
Avoiding Probate: Definitions and Key Reasons
Many of our clients name avoiding probateThe court process proving the validity of a Will and conducting the orderly InventoryA document filed during probate administration and sometimes during trust administration setting forth the assets owned at the decedent’s death and the value of those assets. In a probate administration case, the Inventory is filed with the court and is a public document., Accounting, and AdministrationA process during which the deceased persons assets pay debts, claims and funeral expenses and the remaining estate funds are then distributed according to the wishes of the deceased person set forth in the Will or Trust. The Administrator is in charge of the process and must follow what is set forth in the Will or Trust. If there is no Will or Trust, the distributions and payments are made according to the law of the applicable state and is called intestate succession. of a decedent’s assets under a Will or under Intestacy laws if there is no WillA written document that sets forth and names the personal representative who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and property through probate. A Will does not avoid probate, and must be properly drafted and executed to be legal. A Will can also avoid the use of a surety bond in many instances and can help utilize an “informal” Wisconsin probate process if it has the proper clauses and attestation clause.. The probateThe court process proving the validity of a Will and conducting the orderly Inventory, Accounting, and Administration of a decedent’s assets under a Will or under Intestacy laws if there is no Will. The probate process in Wisconsin typically takes between six to twelve months in Wisconsin and can take longer in some cases. Probate can be avoided by proper Estate Planning and through the use of beneficiary designations, Transfer on Death Deeds, Marital Property Agreements and Trusts. … Read more
- Feb. 28 2018
Irrevocable Medicaid Asset Protection Trust: Protection from Nursing Homes
When we meet with estate planningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while the person is still of sound mind and able to understand and sign key documents such as Power … Read more
- Dec. 8 2017
Divorce and Your Trust in Wisconsin
In Wisconsin, divorce raises significant challenges for both revocable and irrevocable trusts. Failure to address issues raised by divorce proceedings will often result in unfavorable or undesirable outcomes. In the third of our series about how divorce effects estate planningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while the person is still of sound mind and able to understand and sign key documents such as Power of Attorneys, Power of Attorneys for Health Care, Wills, and Trusts to form a strategy and provide for the administration and disposition of his or her assets upon death or upon incapacity. … Read more
- Sep. 22 2017
What is a Wisconsin Trust Protector?
A trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the SettlorThe person or persons who create a trust. This person is often also called a Grantor. and/or other beneficiaries. protector is a person or company with the power to perform duties over a trustThe arrangement creating the legal … Read more
- Aug. 31 2017
Irrevocable Life Insurance Trust: A General Procedural Outline
As estate planningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while the person is still of sound mind and able to understand and sign key documents such as Power of Attorneys, Power … Read more