Category Archive: Revocable Trusts
- Dec. 10 2019
Beneficiary Designations – An Often Overlooked Part of Estate Planning
Creating a Wisconsin revocable trustA trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. created during lifetime that can be terminated, amended, or modified by the person creating it. A Revocable TrustA trust created during lifetime that can be terminated, amended, or modified by the person creating it. A Revocable Trust is often used in Wisconsin to avoid probate and provide for the orderly and proper distribution of assets upon death of its creator and to provide for management of assets and property if the creator of the trust becomes incapacitated. is often used in Wisconsin to avoid 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. and provide for the orderly and proper distribution … Read more
- Oct. 24 2019
Grandparent Gifting: The Right Way to Gift to Grandchildren
In our experience as estate planning attorneys, we know that grandparents love giving gifts to their grandchildren. For our clients able to make significant gifts to their grandchildren, they find it rewarding to help their grandchildren with educational expenses and … Read more
- Jul. 18 2019
Estate Planning Elder Law Attorney: When to Contact?
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
- 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
- Oct. 16 2018
Advantages of Revocable Trusts – Beyond Avoiding Probate
Revocable trusts provide a number of key advantages in a solid estate plan, beyond the capacity to avoid probateThe court process proving the validity of a 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. and conducting the orderly Inventory, 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 … 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 trust that cannot be terminated, revoked or amended by the creating person. … Read more
- Jun. 21 2018
Wisconsin Marital Property Law
Wisconsin marital propertyA law for married persons with respect to ownership and rights in and to assets, property, and income during life and upon death of a married couple. Marital PropertyA law for married persons with respect to ownership and rights in and to assets, property, and income during life and upon death of a married couple. Marital Property law is unique to the State of Wisconsin, but is a form of and based upon many principals contained in Community Property law. law is unique to the State of Wisconsin, but … 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 probate … Read more
- Jan. 29 2018
Marital Trusts: Deciding When to Update
In recent years, there have been significant estate taxThe Federal tax that is imposed on transfer of assets at death, especially to non-spouses. The current Federal Estate TaxThe Federal tax that is imposed on transfer of assets at death, especially to non-spouses. The current Federal Estate Tax, simply speaking, is for assets in excess of 5.34 million dollars for the year 2014. There is not currently an estate tax in Wisconsin, but approximately 20 other states still have some form of estate tax., simply speaking, is for assets in excess of 5.34 million dollars for the … Read more