Are you considering setting up a trust to protect your assets and ensure that they are distributed according to your wishes after you pass away? Look no further than Heritage Law Office, your trusted attorney for estate planning in Wisconsin. Give us a call at 414-253-8500 or send us a message for a free consultation!
Understanding Trusts in Wisconsin
A trust is a legal arrangement where a trustee manages the assets of the trust for the benefit of the trust's beneficiaries. There are several types of trusts, each with its own unique set of advantages and disadvantages.
A revocable trust or revocable living trust allows you to maintain control of your assets during your lifetime while ensuring they are distributed according to your wishes upon your death. An irrevocable trust, on the other hand, removes assets from your estate, which can help you reduce estate taxes and avoid probate.
At Heritage Law Office, our experienced estate planning attorney in Wisconsin can help you understand the differences between the types of trusts and advise you on which one is best for your individual situation. Our attorney will take the time to listen to your goals and preferences and provide you with personalized guidance to help you make informed decisions about your assets.
Benefits of Setting Up a Trust in Wisconsin
There are several benefits to setting up a trust in Wisconsin, including:
One of the biggest advantages of a trust is that it can help you avoid probate. Probate is the legal process that occurs after someone passes away, where a court determines how their assets are distributed. The probate process can be lengthy and costly, and it can tie up your assets for an extended period of time. By creating a trust, you can bypass probate and ensure that your assets are distributed to your beneficiaries quickly and efficiently.
Reducing Estate Taxes
Another significant advantage of a trust is that it can help you reduce estate taxes. When you pass away, your assets are subject to federal and state estate taxes, which can significantly reduce the amount of money your beneficiaries receive. However, if you create an irrevocable trust, you can remove the assets from your estate and reduce your estate tax liability.
A trust can also be an effective tool for protecting your assets. If you have children or other beneficiaries who are not yet financially responsible, a trust can help ensure that they receive their inheritance in a controlled and responsible manner. Additionally, a trust can protect your assets from creditors and lawsuits, providing you with peace of mind that your hard-earned assets are safe and secure.
Contact a Trusts Attorney in Milwaukee, Wisconsin
If you're considering setting up a trust to protect your assets and ensure that they are distributed according to your wishes, don't wait to contact Heritage Law Office, your experienced estate planning attorney in Wisconsin. Our attorney will take the time to listen to your goals and preferences and provide you with personalized guidance to help you make informed decisions about your assets. Contact us either online or at 414-253-8500 to schedule a free consultation today.