Milwaukee Estate Planning Law
Planning Your Estate
It can be a difficult subject, but it is important to develop a strategy for your estate to protect your life’s work. If you die while having minor children you would be leaving their future in uncertain hands. Having a will, a power of attorney, and/or a trust are integral parts of that plan.
Developing one can ensure that your family is taken care of. Isn’t it important that your last wishes are fulfilled? Although there are resources and online forms that can help you, you should consult a lawyer whether you decide to go with one or not. Estate attorneys are knowledgeable professionals who can assist you with the estate laws in Milwaukee and the entire state.
What You Can Do Yourself
1. You can start by making a list of your assets.
2. Start thinking about the selection of people, or persons, you want as beneficiaries.
3. Once you have your documents, store them in water and fireproof lockboxes.
Why You Need An Estate Lawyer
Estate Taxes
A new state law became effective as of December 31, 2012 which removed the requirement for estate taxes for deaths taking place after this date.
Other Taxes To be Paid
It’s the responsibility of the deceased person’s representative to file all of the state and federal tax forms on their behalf.
• All final tax return(s) of the decedent.
• All real estate and/or property taxes owed by the decedent.
• All tax returns with incomes beyond $600.
Brief Summary Of Procedures for Estates Worth Less Than $50,000
There are different procedures for settling smaller estates.
• The decedent left behind a spouse and/or a domestic partner, and/or a minor child or children.
• The decedent has no surviving family and the assets of the estate are not more than the final taxes, debts, or other such expenses.
Additional, (under $50,000) Estate Procedures:
o Transfers by Affidavit
o Informal Administration
o Formal Administration
Medicare Estate Recovery Program
The Medicare Estate Recovery Program in your state will come after repayment for many of those who had long-term services if they were paid by Medicare and BadgerCare. However, unless you’re survived by your spouse, children under the age of 21, and/or with disabilities (including blindness), your estate is exempt.
Assets That Go Through Probate
• Bank accounts without a co-owner or beneficiary.
• Home(s) and/or land that was solely owned by the decedent.
• Home(s) and/or land that was co-owned.
• Stocks and bonds solely in the decedent’s name.
• Personal property such as clothing, jewelry, furniture, cars, etc., that are solely registered to the decedent.
o Some exemptions for probate include certain bank accounts, home(s) and/or land, life insurance, revocable trusts, and/or vehicles. You should speak to a lawyer about these exemptions.
Probation and guardianship procedures can be expensive, complicated, and painful for your family members. In probate cases, income taxes after death can affect the amount that a person can pass on to their beneficiaries.
To Have A Plan, Or To Not Have A Plan
Bottom line, if you die without a will, called “intestate succession,” the intestacy laws decide how your resources are distributed. In other words, the state decides who get what!
If you implement a plan or transfer your assets before you die, leaving none behind at the time of your passing, probate may not be required. With a will in place, it must be recorded with the court, whether probate is required or not, and your property can be distributed.
Planning for the future is important, while planning your estate’s future is protection against the uncertainties of life. In the event of an unexpected illness, accident, or death, your diligence toward planning that future will be appreciated by your loved ones.
A trust plan can help fund family members, charities, and other good causes depending on what you want to achieve. you can benefit from talking to a probate lawyer, regardless of your financial situation. Talking to a lawyer can be especially useful when a person encounters a lot of money, such as an inheritance or a business sale.
Without basic estate documents, your family doesn’t even have the legal authority to make medical or financial decisions for you if you’re incapacitated.
The summary of the laws mentioned within this article merely highlight a small portion of what you need to know about planning for the protection of your estate in Milwaukee. If you don’t yet have a plan in place, browse the directories of probate attorneys in your immediate vicinity to get started.
Once you’ve taken this necessary step you can be rest reassured that your loved ones will be taken care of when you’re no longer able to do it yourself. Preserve what matters most to you and your family for generations to come.
Learn everything you can about the estate laws in Milwaukee, and plan your estate and your family’s future, today!