Unmarried couples often face unique challenges when it comes to estate planning. At Heritage Law Office, our experienced estate planning attorneys will thoroughly review your needs and provide an outline of your best options. Contact us either online or at 414-253-8500 to schedule a free consultation today.
The Importance of Estate Planning for Unmarried Couples in Wisconsin
Unmarried couples in Wisconsin face unique legal challenges when it comes to estate planning. Without proper planning, partners may be left without access to important assets, decision-making authority, or inheritance rights. Our knowledgeable attorneys at Heritage Law Office can help you navigate these complex issues and secure your future together.
Legal Protections for Unmarried Couples
Common Estate Planning Tools for Unmarried Couples
Unmarried couples have several estate planning options available to ensure their assets are protected and their wishes are carried out.
Wills
A will is a crucial document for unmarried couples, as it allows each partner to designate their chosen beneficiaries and executor.
Trusts
Trusts are a powerful tool for unmarried couples, offering flexibility and control over asset distribution while avoiding probate.
Types of Trusts for Unmarried Couples
Tax Considerations and Strategies for Unmarried Couples in Wisconsin
Unmarried couples in Wisconsin must be aware of the tax implications of their estate plan and employ strategies to minimize their tax burden.
Estate and Gift Taxes
Unmarried couples may face higher estate and gift tax liabilities than their married counterparts, but strategic planning can help reduce these burdens.
Retirement Account Beneficiary Designations
Properly designating beneficiaries for retirement accounts can provide significant tax advantages for unmarried couples.
Protecting Real Estate and Other Shared Assets in Wisconsin
Unmarried couples should carefully consider their options for holding title to real estate and other shared assets to ensure their desired distribution.
Joint Tenancy with Rights of Survivorship
Joint tenancy with rights of survivorship allows the surviving partner to automatically inherit the deceased partner's share of the property.
Tenancy in Common
Tenancy in common permits each partner to designate their share of the property to a chosen beneficiary through their will.
Contact an Estate Planning Attorney for Unmarried Couples in Wisconsin
To protect your assets and secure your future together, contact our experienced estate planning attorneys at Heritage Law Office. Use the online form or call us directly at 414-253-8500 to schedule a free consultation.