May 8, 2013
Our estate planning lawyers warn that legislation pending in Wisconsin as part of the Wisconsin Budget Bill will affect medical assistance (nursing home and family care) planning and related programs. This legislation, if enacted, will change when and how the State of Wisconsin can recover against property such as life estates, trusts, and other assets. It will also affect asset protection planning for such items as promissory notes and the use of revocable trusts.
Wisconsin Budget Bill Concerns
At Wokwicz Law Offices, our estate planning attorneys will continue to monitor this legislation with a close eye. We are adjusting our current advice and will adjust future advice based upon what is ultimately adopted. We do expect that this legislation will be adopted in some form, and that it will affect the use of trusts, life estates, payable on death and transfer on death beneficiaries, and asset protection planning techniques.
Stop Nursing Homes From Taking Your Assets
With proper advanced planning, you can protect your assets from nursing homes.
Changes to Marital Property Law Protections
This law also changes how asset protection and the marital property law will interact with each other and the duties of trustees, as well as, introducing a new notice procedure for trustees of trusts created by the settlor who has received medical assistance.
Ongoing Need for Estate Planning
It is important to note that this does not affect the need for estate planning, such as Revocable and Irrevocable Trusts, Powers of Attorney, Last Wills and Testaments, etc, but this legislation will effect when and how we plan for asset protection. It is still important to complete your estate planning to make sure that your assets go to your loved ones as you intend, and, to protect your loved ones from unnecessary costs, expenses and probate.
This legislation could affect those with current asset protection plans, and once we have a final versions of the bill made into law, we will provide additional information on this website.
Here is a link to the proposed legislation:
https://docs.legis.wisconsin.gov/2013/related/budget/drafts/13_0617_2
To schedule a conversation with our estate planning and asset protection attorneys, please contact Paul B. Wokwicz at 262-658-2181 or via info@wokwicz.com.