Reviewing Plans With An Estate Planning Attorney In Green Bay, WI
In Wisconsin, estate planning allows the owner to set up a plan to divide their assets between family members. The options allow the estate owner to transfer some assets out of the estate. The strategies reduce inheritance taxes. An Estate Planning Attorney in Green Bay WI help owners makes decisions about their properties and assets.
Creating a Will
A will provides the estate owner the chance to enforce their final wishes. It states which parties get the owner’s assets and who becomes a guardian for minor children. The owner can specify who gets specific items on whether or not the items are valuable or not.
Early Transfers for Real Estate
Early transfers for real estate are completed while the estate owner is still lucid. The real estate won’t be subject to inheritance taxes, and the new owner will pay property taxes only. The option is beneficial when the estate owner has been diagnosed with Alzheimer’s disease and will need around the clock care. If the individual is admitted into a nursing home, the administrator could file a claim to seize property as payment for care.
Creating an Irrevocable Trust
An irrevocable trust allows the owner to transfer ownership of key assets into a trust and out of the estate. All assets that are transferred are no longer the property of the estate owner, and the assets are deducted from the asset’s value. Any family member can take over the trust after the owner dies. However, a new owner is identified by the owner in most cases.
Establishing Trust Funds
Trust funds are beneficial choices for sharing financial assets with a loved one. The accounts come with stipulations such as age restrictions. The owner can set up any stipulations they prefer for the trust funds.
In Wisconsin, estate planning helps owners create a plan for giving their loved ones their assets and properties. The options include creating a legal will that identifies who receives each item and irrevocable trusts. Trust funds are also established. Estate owners who want to learn more about the plans contact an Estate Planning Attorney in Green Bay WI through Brabazon Law Office LLC or visit http://www.brabazonlawoffice.com/ right now.