Often times, people find the idea of an estate plan overwhelming or believe they have plenty of time before it’s necessary. The reality is that estate planning is a highly necessary tool that protects both you and your loved ones at every stage of life, whether you’re:
- Turning 18 and naming a durable power of attorney and a health care power of attorney.
- Having your first child and selecting a guardian in a Will in the event something happens to both parents. Of particular importance is who will raise the child and how both families can be a part of the child’s life.
- Considering a trust to administer financial assets and life insurance proceeds for the benefit of your minor children. It’s important to separate the duties of a guardian of the person who is actually taking care of the child and the financial component. Money can be set aside for future education and for support and maintenance while the children are growing up.
- Accumulating more wealththrough investments, retirement accounts, or real estate. An overall estate plan should be put in place to provide direction to your loved one.
- Remarrying/blending families and structuring an estate plan to take care of the current spouse but still separate and preserve an interest for the children from a previous relationship. A revocable trust would be structured to separate the marital interest in order to accommodate both goals.
- Setting up trusts for the grandchildren‘s education and/or helping with a first home purchase or in general assisting their grandchildren in the future.
- Drafting special needs trusts that can be utilized by the entire family to bequest money for the disabled relative. Government benefits are designed to only provide the bare minimum for a person and a small bequest can go a long way in improving the life of a disabled person.
- Addressing the disposition of assets by widows and widowers to their children and/or grandchildren or charitable interests.
- Protecting family cottages or sentimental family property that people want to remain in the family for years to come. The use of trusts and family limited liability companies or partnerships can achieve these goals.
At Axley, our experienced attorneys believe a carefully crafted estate plan is one of the most valuable gifts you will ever give. They guide you through this personal process to create a plan that meets your needs and those of your family. Setup a free initial consultation by using the form below, emailing [email protected] or calling 262.524.8500.
Our Estate Planning Attorneys
Email: [email protected]
Nancy L. Wilson is a partner at Axley’s Waukesha office focusing her practice in the areas of business, tax planning, estate planning and administration.In her estate planning and administration practice, Ms. Wilson assists clients with the preparation of wills, powers of attorney, trust formation, special needs trusts, family limited liability companies, and gifting programs. She also provides estate and trust administration including probate and tax preparation. Ms. Wilson works with financial advisors, accountants and lenders to achieve optimal results for her clients. In addition to her law degree, she also has a Masters in Accountancy with an emphasis in Tax and a Masters in Law in Taxation
Email: [email protected]
Ms. Martin’s practice in estate planning encompasses the preparation of wills, trusts, and powers of attorney; probate proceedings; and probate litigation.
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