The Greatest Wealth Transfer in History

December 15, 2016

The Greatest Wealth Transfer, according to the Boston College Center on Wealth and Philanthropy, has already begun. Through estates, heirs are expected to receive over $30 trillion in inheritance before 2061. Add charities and government to the list of wealth transfer recipients, and that amount jumps to over $59 trillion. Considered a conservative estimate, this process 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. result in the largest transfer of wealth in history.

Wealth Transfer from Small and Moderate Estates

Most of the wealth transfers 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. comprise estates of ordinary people who have saved or invested over the course of a lifetime. For those who have accumulated any amount of wealth, planning is essential to make sure that your hard work is not wasted by inadequate 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..

It Isn’t Only About The Money

Passing on your house, hard earned money and investments is important. But even more important is making sure that your family knows your wishes – and that they follow those wishes. Proper planning can help keep a family together and avoid unnecessary arguments and hard feelings.

Too often families turn to an 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. attorney only after a life-altering event. That can be too late to address all your needs as thoroughly as could have been achieved with proper advance 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.. Advanced 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. can pay for itself many times over in saved fees, court costs, nursing home costs, taxes and preserved family relationships.

What Can An Estate Plan Do

One of the goals of wealth transfer is to ensure that your money gets to the people or organizations that you intend to receive it. A proper estate plan can also make sure that your wishes and desires are followed in a private or public way, whichever you intend.

Our 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. attorneys 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. help make sure that your money is used in the way that your intend, and, the amount that goes to the government through court costs and taxes is minimized.

What Can Go Wrong with Wealth Transfers

No Estate Plan

If you don’t have an estate plan, you can expect higher post-death fees, public 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. with added costs and fees. A trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. plan can reduce or eliminate many of these unnecessary costs and expenses. It can also keep your financial matters private, if that is desired. Most importantly, as mentioned above, a trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. or will can help avoid misunderstandings and disagreements amongst your family and loved ones.

If you don’t have an estate plan, you have no control over the future. You are leaving your legacy to chance and the State of Wisconsin legislature, courts and Wisconsin 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. statutes to decide what 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. happen.

In our experience, lack of a proper estate plan also greatly increases the risk that your family members 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. disagree on what you wanted and that they 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. have to deal with 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. court or guardianship court.

Only a Last Will and Testament (Will)

Often, 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. alone is not enough. 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. cannot 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.. 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. does not address the issues that come up if you are deemed unable to handle your health care or financial decisions during lifetime. 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. can be a good start, but it has very specific and finite limitations.

Avoiding Guardianships – Powers of Attorney

At Wokwicz Law Offices, we recommend two types of Powers of Attorney: A Power of Attorney for Health CareA document that authorizes a person, called an agent, to make health care decisions in the event that the person creating the document becomes incapacitated and can no longer make his or her health care decisions. A power of attorney for health care should also set-forth desires on the use or non-use of artificial equipment and feeding tubes in the event that the creator becomes incapacitated. and a Durable Financial Power of AttorneyA document that authorizes an agent, also referred to as an attorney-in-fact, to conduct financial matters on one’s behalf. A power of attorney ceases to be valid upon the incapacity of a person unless it is a Durable Power of Attorney. A power of attorney terminates at the death of the person who created it..

A Power of Attorney for Health CareA document that authorizes a person, called an agent, to make health care decisions in the event that the person creating the document becomes incapacitated and can no longer make his or her health care decisions. A power of attorney for health care should also set-forth desires on the use or non-use of artificial equipment and feeding tubes in the event that the creator becomes incapacitated., also referred to as an advance directive, sets forth who can make health care decisions for you and sets forth your health care desires.

A Durable Financial Power of AttorneyA document that authorizes an agent, also referred to as an attorney-in-fact, to conduct financial matters on one’s behalf. A power of attorney ceases to be valid upon the incapacity of a person unless it is a Durable Power of Attorney. A power of attorney terminates at the death of the person who created it. sets forth who can take care of financial decisions for your during your lifetime if you are unable to do so.

Avoid court appointed guardians and the expense and difficulty of court hearing. Property drafted Powers of Attorney almost always eliminate the need for guardians.

Not Reviewing Your Estate Plan

An estate plan is not simply a set of documents, but rather, a set of documents tailored to your unique financial and family situation. As your life changes, so should your estate plan. Your estate plan should reflect your current desires and wishes and normally 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 the need for guardianships. If there have been significant life changes, such as marriage, divorce, deaths, or moving to Wisconsin, your estate plan should be updated.

Nursing Home Costs

Not planning for the possibility of an extended stay in a nursing home, could reduce or eliminate your savings and other assets. Protecting some assets, such as a house or cabin, through the use of an irrevocable trustA trust that cannot be terminated, revoked or amended by the creating person. In Wisconsin and in estate planning an irrevocable trust can refer to a trust that is set up to protect assets from a nursing home and Medical Assistance if prepared and funded well in advance. See Using Trusts to Protect Assets from Nursing Homes or gifting, is appropriate for some of our clients. Reviewing and knowing the options available to protect assets from Medicaid and nursing homes is an important first step in determining if nursing home asset protection is right for you.

Do Not Make Your Own Plan

As estate planning lawyers serving clients since 1958, we implore you not to attempt to create your own estate plan. We ask that you do not rely on non-estate planning attorneys or inexperienced 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. lawyers.

Our firm has literally created thousands of estate plans and has been involved in thousands of post-death 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., trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. and other administrations. We know what can go wrong and how to make your 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. process go right.

Experience matters when dealing with trusts, wills, and other 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. matters. Most estate plans require a combination of asset titling, documents, and other 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. techniques to work properly. Doing it on your own, or with an inexperienced attorney or non-attorney, is a recipe for unnecessary costs, expenses, and mistakes.

Get Control over Your Future

Control your future. Don’t let the Kenosha Courts and laws of Wisconsin control you and your assets. Proper 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. is an investment that 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. easily pay for itself in both time, money, and family harmony. Do it for yourself and your loved ones proactively, not after there is a crisis or after it is too late. Contact us today to see how we can help.