Estate Planning
Estate Planning in Wisconsin
Planning for the future is never easy, but having a comprehensive estate plan in place is one of the most important steps you can take to protect yourself and the people you care about. A well-crafted estate plan gives you control over your finances and health care decisions, helps your family avoid unnecessary court involvement, and ensures your wishes are honored if you become incapacitated or pass away.
Avoiding Probate
Planning for Estate and Inheritance Taxes
Planning for Incapacity
If you become unable to manage your own financial affairs, your spouse or adult children cannot automatically step in to help. Without the proper legal documents, they may need to petition the court for guardianship — a process that can be costly, time-consuming, and emotionally draining.
Through a durable financial power of attorney, you can name someone you trust to handle your banking, investments, bill payments, and property transactions if you become incapacitated. This allows your chosen agent to act immediately without court involvement.
Similarly, Wisconsin law allows you to designate a trusted person to make medical decisions on your behalf. A durable power of attorney for health care ensures your medical treatment preferences are followed if you cannot speak for yourself. A living will can further express your wishes regarding life-sustaining treatment or end-of-life care, reducing uncertainty and stress for your loved ones.
Assets distributed through a will must go through probate, a court-supervised process that can delay access to funds and make private matters public. During this time, your surviving spouse or family may be unable to use certain accounts or property until the court authorizes it.
Proper planning — often through the use of revocable living trusts, beneficiary designations, or transfer-on-death arrangements — allows your assets to pass directly to your beneficiaries without probate. This approach can save time and expense, preserve privacy, and ensure your family has prompt access to needed resourcesAssets distributed through a will must go through probate, a court-supervised process that can delay access to funds and make private matters public. During this time, your surviving spouse or family may be unable to use certain accounts or property until the court authorizes it.
Proper planning — often through the use of revocable living trusts, beneficiary designations, or transfer-on-death arrangements — allows your assets to pass directly to your beneficiaries without probate. This approach can save time and expense, preserve privacy, and ensure your family has prompt access to needed resources
Providing for Minor Children
If you have young children, your estate plan should clearly outline who will care for them and how their financial needs will be met. You can designate a guardian to raise your children and a trustee to manage their inheritance — and these roles can be different people to create checks and balances.
You’ll want to choose a guardian who shares your values and parenting philosophy and who is financially and emotionally capable of taking on the responsibility. A well-designed plan can help ensure your children are raised in a stable environment and that your chosen guardian is not burdened by financial hardship.
While most estates are not subject to federal estate tax, certain larger estates may be. Wisconsin does not currently impose a separate estate or inheritance tax, but careful planning can help minimize potential tax exposure and maximize what you pass on to your beneficiaries. Techniques such as gifting strategies, trust planning, and charitable giving can all play a role in reducing or eliminating taxes.
Charitable Giving and Legacy Planning
Many people choose to include charitable gifts in their estate plans to support organizations or causes that reflect their values. Charitable giving can be structured in a variety of ways — from simple bequests to more sophisticated arrangements like charitable remainder trusts — some of which can provide lifetime income or tax benefits.
The Value of Professional Guidance
Every family situation is unique. A personalized estate plan should reflect your goals, your assets, and the people you want to protect. As Wisconsin estate planning attorneys with over 100 years of combined experience, we help clients create practical, effective plans that minimize complications, reduce costs, and provide peace of mind.