What Assets Are Exempt From Probate in Wisconsin?
When someone passes away, their assets could end up in probate. During this process, the debts and assets are managed and distributed by the courts. However, not all assets will proceed through probate. A few are exempt in Wisconsin and can pass to beneficiaries without court supervision. Let’s examine the process and learn what assets… Read more
The Importance of Estate Planning During National Estate Planning Week
Many people often postpone or overlook their estate plans. However, these tools are a great way to secure the future for your loved ones. With National Estate Planning Week around the corner, it is time to learn more about the importance of estate planning for you and your family. What You Need for Your Estate… Read more
Testamentary Trusts in Wisconsin
One type of trust that you may not know about is a testamentary trust. Many individuals put these in their estate plans, making them effective upon death. If you would like to learn more about whether a testamentary trust is the right option for you, here are a few points to consider. What Is a… Read more
What Not To Put in a Wisconsin Living Trust
With a living trust, you can manage and distribute your assets after your passing. While this valuable estate tool can help expedite the probate process and protect your privacy, it may not be the right option for everyone. Some assets are not suitable to be placed in a living trust. Here is what you need… Read more
Can You Update an Outdated Trust in Wisconsin?
Trusts are an essential part of estate planning and managing wealth. They provide a sense of financial security and peace of mind. However, your trust may become outdated with changes in family dynamics, legal requirements, and other factors. If you want to ensure that the trust continues to align with your current needs, intentions, and… Read more
Simplify Estate Administration with Living Trusts in Wisconsin
The distribution of a deceased person’s property and settlement of debts is called probate, which can be a difficult and costly process in Wisconsin. However, creating a revocable living trust can help simplify estate administration and avoid heading to court. This estate planning tool can offer many benefits to individuals and families. Here is how… Read more
Understanding Trust Disputes in Wisconsin
Trust disputes and litigation can arise in Wisconsin when conflicts occur between beneficiaries, trustees, or other interested parties over the administration or interpretation of a trust. These disputes can be complicated and emotionally charged, often requiring legal intervention to resolve them. Individuals involved in or considering trust agreements need to understand the common issues that… Read more
Tax Implications of a Wisconsin Trust: What You Need to Know
Managing a Wisconsin trust requires meticulous attention to tax obligations. Otherwise, the trust could be subjected to state and federal taxes. Both trustees and beneficiaries need to understand these tax implications to comply with regulations and make informed financial decisions. Here is a comprehensive overview of the key tax implications of a Wisconsin trust. Income… Read more
How to Modify or Terminate a Trust in Wisconsin
The rules and procedures for creating, modifying, and terminating trusts are outlined in the Wisconsin Trust Code. Some trusts cannot be changed. However, for revocable ones, you may be able to modify or even terminate them. When it comes time to make any changes or dissolve the trust, there are specific steps that you must… Read more