In Wisconsin, estate planning is a process that allows owners to make decisions about their assets right now. It also enables the owners to acquire a higher level of asset protection and prevents the probate court from seizing vital assets after the owner dies. An Estate Planning Attorney in Green Bay WI explains the process in detail to owners now.
Starting and Legalizing a Will
The attorney starts by assisting the estate owner with the creation of a will. The document outlines the estate owner’s wishes for their assets and identifies their beneficiaries. Any provisions for the asset assignments are listed with the asset. Provisions are a helpful option for estate owners who own businesses and allows them to set up clauses to protect their company’s reputation.
Explaining the Benefits of an Irrevocable Trust
The benefits of an irrevocable trust include separation of assets from the estate and the elimination of inheritance taxes. The successor who takes over the trust after the owner’s death won’t incur inheritance taxes and gains full control over the assets immediately. It is an advantageous option for providing several assets to an heir at once.
Transferring Ownership of Real Property
An attorney introduces the estate owner to the steps followed to transfer ownership of real property right now. Once the property is transferred to the heir, it is no longer a part of the estate. The heir will incur property taxes, but they won’t face the expense of inheritance taxes. The assignments protect assets from nursing home facilities if the estate owner develops a progressive illness and must be admitted.
Identifying Key Elements of Health Care Directives
A healthcare directive specifies what extraordinary measures are used to save the estate owner’s life. Life support is a common measure listed in a directive. The owner also identifies a health care proxy who makes all medical decisions for them.
In Wisconsin, estate planning is a process in which owners create wills, irrevocable trusts, and even trust funds. The options reduce the total value of the estate and separate key assets from it. Owners who need the services of an Estate Planning Attorney in Green Bay WI are encouraged to contact Brabazon Law Office LLC or visit us website right now.
