Are you looking for an experienced estate lawyer in Milwaukee, Wisconsin to help you with your estate planning needs? Look no further than Heritage Law Office. Our team of knowledgeable attorneys will thoroughly review your needs and wants when planning your estate and provide an outline of your best options, including the creation of an irrevocable trust. Contact us either online or at 414-253-8500 to schedule a free consultation today.
Understanding Estate Planning
Estate planning is the process of preparing for the transfer of an individual's assets after they pass away. It involves creating legal documents that outline how the assets will be distributed, who will be responsible for distributing them, and how any tax liabilities will be handled. Estate planning can also include planning for long-term care and disability, as well as protecting assets from creditors.
In Wisconsin, the estate planning process can be complex and confusing, but an experienced estate lawyer can help guide you through it. The following are some of the key components of estate planning in Wisconsin.
A will is a legal document that outlines how an individual's assets will be distributed after they pass away. It can also name guardians for minor children and specify how any debts and taxes should be paid. It is important to work with an experienced estate lawyer to create a will that accurately reflects your wishes and is legally binding.
A trust is a legal entity that holds assets for the benefit of someone else. There are two main types of trusts: revocable and irrevocable. A revocable trust can be changed or canceled by the creator of the trust, while an irrevocable trust cannot. Trusts can be used to protect assets from creditors, avoid probate, and minimize tax liabilities.
Power of Attorney
A power of attorney is a legal document that gives someone else the authority to act on your behalf. It can be limited to a specific task or broad enough to cover all financial and legal matters. It is important to choose a trustworthy individual to act as your power of attorney and work with an experienced estate lawyer to ensure the document accurately reflects your wishes.
A living will is a legal document that outlines your wishes for end-of-life care. It specifies what medical treatments you do and do not want if you are unable to communicate your wishes. It is important to work with an experienced estate lawyer to ensure your living will accurately reflects your wishes and is legally binding.
Business Succession Planning
Business succession planning is the process of planning for the transfer of a business from one owner to another. It can include creating a buy-sell agreement, setting up a trust, or implementing a management transition plan. It is important to work with an experienced estate lawyer to ensure your business succession plan accurately reflects your wishes and is legally binding.
Estate Tax Planning
Estate tax planning is the process of minimizing the amount of taxes that will be owed on an individual's estate after they pass away. It can involve creating trusts, making gifts, and taking advantage of tax exemptions. It is important to work with an experienced estate lawyer to ensure your estate tax plan accurately reflects your wishes and minimizes tax liabilities.
Contact an Estate Lawyer in Milwaukee, Wisconsin
If you require estate planning assistance in Milwaukee, Wisconsin, please don't hesitate to reach out to Heritage Law Office. Our team of experienced estate lawyers can help guide you through the process and ensure that your wishes are followed. Contact us either online or at 414-253-8500 to schedule a free consultation today.