In Wisconsin, estate planning strategies lower the financial impact of the probate process. During the probate process, more estate owners lose assets to liens started by creditors. It is during the process that creditors with valid debts can seize property and assets to acquire payment. An Estate Planning Lawyer in Beaver Dam WI mitigates these risks for all estate owners in the local area.
Addressing the Value of the Estate
The most effective strategy for securing an estate is to lower the total value of it. An estate with a higher value leads to a longer stay in the probate court. Effective strategies for lowering the estate’s value is to remove key assets and properties from it.
How Early Transfers of Ownership Help
An early transfer of ownership helps to reduce the total value of the estate. It also prevents organizations such as nursing homes from trying to acquire the property. If the estate owner becomes incapacitated and must enter a nursing home, the facility could take their property as a form of payment. By transferring ownership at an earlier time, the estate owner won’t face these hindrances.
The Full Benefits of an Irrevocable Trust
Irrevocable trusts are separate from the estate. They allow transfers of any assets or property into them without worry. The estate owner retains complete and legal ownership of the assets. However, the trusts eliminate the paper trail that indicates that the assets are part of the estate. A successor is named to take over the trust after the owner dies.
Starting Trust Funds Earlier
Parents who want to leave options for financial support behind for their children start trust funds. Once the monetary assets are transferred to the trust, they aren’t part of the estate. This gives their children access to an inheritance without high tax implications or issues with the probate court.
In Wisconsin, estate planning assists owners in protecting their assets from creditors. With the plans, the owners can transfer key properties and assets based on the options available to them. This could include irrevocable trusts, trust funds, and early transfers of ownership. Owners who need help from an Estate Planning Lawyer in Beaver Dam WI contact QBS Law S.C. today. You can also visit them on Facebook.
