Everything You Should Know About Trusts In Wisconsin

A well-thought-out estate plan is one of life's true bargains for people who put the right tools in place. An estate plan built around a trust can allow for a smooth transfer of property after a death in the family. Careful planning can greatly alleviate stress and difficulties on surviving family members at such a time, and can help make sure that your estate will not have to go through the probate courts.

Trusts are among the most versatile estate planning devices. People are often surprised at everything that a trust can accomplish. There are many different types of trusts, and each can be a valuable tool with many potential benefits, including:
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• Keeping assets out of probate
• Protecting assets from being subject to inheritance taxation
• Allowing a disabled person — an elderly spouse or a special needs adult child — to qualify for government benefits such as Medicaid while keeping assets in the family​

Nearly everyone knows that it is important to have a will, but a will itself cannot do everything. Putting one or more trusts in place may ease the transfer of assets after a death. A trust offers many powerful options that are not available with a will alone. Once you learn about the strength of trusts and the protections they can provide, you will understand why they are an invaluable part of many estate planning strategies.

Varieties Of Wisconsin Trusts And Their Roles ​In Estate Planning

Different types of trusts accomplish different purposes. For example, a certain type of trust can spread the distribution of an inheritance out over time, ensuring that your loved ones will be able to reap the benefits of your assets for years to come. Trusts may also protect assets from creditors and predatory lenders.

At Block Legal Services in Brookfield, I can help you find a trust that is right for you. As your lawyer, I can help you create a:
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• Lifetime revocable trust - a central, multi-use estate planning tool
• Testamentary trust - a trust created after death
• Special needs trust - protects benefits being paid to a person with special needs
• Charitable trust - provides income tax reductions for charitable giving
• Family trust - an excellent tool to protect inheritance with a blended family
• ​Credit shelter trust - minimizes the amount of federal estate taxes owed​​

Consult With A Wisconsin Estate Planning Attorney To Talk About Trusts

Want to talk to an attorney about creating a trust as part of your estate planning strategy? Call me at 414-930-4478 or send me an email today. The ScheduleOnce function on the Contact page will allow you to set your own consultation time and date.

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