July 5, 2013
Over the past few months, the estate planning lawyers at our firm have been closely monitoring the progress of the Wisconsin Budget Bill. As we previously reported, this new budget bill is likely to have a significant impact on estate planning in Wisconsin.
Wisconsin’s Budget Bill is Now Law
As reported by major news outlets, Governor Scott Walker signed the new budget into law on Sunday, June 20, 2013. Fortunately, the Governor did not veto Amendment 3, thus allowing for a more orderly enactment of the expected changes to the Medical Assistance/Medicaid program. As previously noted on our website, our estate planning lawyers were concerned about the possibility that Amendment 3 would be vetoed.
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The Department of Human Services will now put together a plan for the new law and then must have the Joint Finance Committee approve the new law. Therefore, there are still unanswered questions as to how the new law will function, what will be included in it and whether or not it will be retroactive for transactions and plans put in place prior to October 1, 2013 or prior to the date that the Joint Finance Committee ultimately approves of the changes.
Responding to the New Budget Bill
At Wokwicz Law Offices, we are currently reviewing the practical implications of the new budget bill on estate planning in Wisconsin as they related to Medical Assistance and Medicaid options. It is likely that changes will be required to our advice on what to do with an existing Irrevocable Trust, Life Estate, Marital Property Agreement or a Last Will and Testament. It seems inevitable that best practices for future estate planning in Wisconsin including Trusts, Life Estates, Powers of Attorney and Marital Property Agreements are going to require careful consideration in light of the new Wisconsin Budget Bill.
As always, we will continue to advise our clients on a case-by-case basis of the best practice and best estate planning techniques based upon the new law and the unknowns of the new law.
A Time of Uncertainty in Estate Planning in Wisconsin
This is a time of uncertainty and change for estate planning in Wisconsin. The prospect of having the new law applied retroactively, if it is in fact applied retroactively, will be a first under the Medical Assistance and Medicaid law in Wisconsin. Therefore, please contact us if you would like to discuss your current estate plan or plan for the future, so that we can intelligently discuss the knowns, unknowns, and the most advantageous options based upon your unique personal and financial situation.