Components Of An Estate Plan In Wisconsin

The following article will cover:

• Healthcare-Related Documents in Estate Planning in Wisconsin.
• Planning for Incapacity and Necessary Estate Planning Documents in Wisconsin.
• Special Needs Trust and Estate Planning in Wisconsin.

What Healthcare-Related Documents Do I Need To Include In My Estate Plan In Wisconsin?

In Wisconsin, your estate plan should include a healthcare power of attorney and a living will. The power of attorney designates an individual who can make decisions for you in the event of incapacity. This role, however, does not offer unrestricted power; medical decisions remain in the hands of your doctors who have to uphold ethical standards. A living will provides directives to your medical team about your preferences under specific circumstances.

Can I Plan For Possible Incapacity During My Lifetime? What Estate Planning Documents Are Necessary Under Wisconsin Law?

Yes, planning for potential incapacity is crucial and achievable using specific documents. These include the healthcare power of attorney discussed earlier and another power of attorney for finances and property, enabling a trusted individual to handle your financial affairs if needed. Consideration should also be given to designating a guardian in case of incapacity.

To protect assets from being consumed by nursing home costs, some individuals set up an irrevocable trust. However, this needs to be done at least five years before accruing debts such as nursing home expenses.

What Is A Special Needs Trust Under Wisconsin Law? Who Is It Intended For?

A Special Needs Trust in Wisconsin is designed for individuals who are disabled and reliant on state support, possibly residing in public facilities or drawing on Medicaid. This type of trust allows for funds to be set aside to enhance their quality of life without compromising government assistance eligibility.

What Estate Planning Documents Will Properly Protect And Pass Down Our Vacation Home To Our Heirs?

To pass your vacation home to future generations, you may consider designating it in your will or placing it in a trust or a Limited Liability Corporation (LLC). The latter is currently favored due to its added protection against personal liability. Inheritance transfers are generally non-taxable until they exceed the federal threshold of 13 million dollars.

What Other Important Components Should Be Part Of Everyone’s Individual Estate Planning In Wisconsin?

Beyond the will and power of attorney documents, a trust is often advisable, especially for real estate owners. Assets like cars, bank accounts, investment accounts, and insurance policies should also be considered within the estate planning process. For instance, you can title a car in the name of your trust or set up your trust as the beneficiary for various accounts. This strategy helps consolidate your assets in one place, facilitating their equal distribution among your beneficiaries, typically your children. For more information on the Components Of An Estate Plan In Wisconsin, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (608) 886-8483 today.