Estate planning is one of the most misunderstood legal topics fraught with misconceptions (i.e. only need a will, don’t need to estate plan until later, etc.) The truth is that estate planning is more than just creating a will—it’s about protecting your loved ones, preserving your assets, and ensuring that your wishes are honored.
Unfortunately, misunderstandings about estate planning can lead to complicated situations that can make it harder on those closest to us during a very difficult time. That’s why we’ve put together a list of the common questions we’ve heard in our office in West Bend about estate planning in Wisconsin, along with answers that can clear up those common misconceptions.
Why is estate planning important?
An estate plan can:
- Ensure your family is taken care of when you’re no longer able to.
- Protect your assets and minimize the tax burden on your estate.
- Designate who will make decisions for you if you become incapacitated.
- Create a plan for minor children or dependents.
- Prevent family disputes and legal battles down the road.
What estate planning services do you offer at your office in Wisconsin?
We offer a number of estate planning services that fit almost every family and situation, such as:
- Wills, Trusts, and Powers of Attorney
- Health Care Directives and Living Wills
- Business Succession Planning
- Guardianship Planning
I already have a will. I’m set, right?
Unfortunately, no! As life changes, estate plans should be updated. If there are any major life occurrences (death, marriage, divorce, disability, health concerns), contact us to review your an estate plan immediately.
How much does estate planning cost?
Every family and every situation is unique, which is why we work closely with our clients to tailor an estate plan that meets their specific needs. We offer a no cost initial consultation to meet with you, learn about your family’s goals and give you an estimate based on your situation. Typically, these estimates range between $750-$3,000, depending on a number of factors: whether you are single or married, whether it is a first marriage or blended family, assets (Do you own real estate or real estate in different counties? Do you own a business? Other unique assets?), and objectives (Are you concerned with Title XIX planning? Are you concerned with estate taxes?).
What do I need to do to get started?
Estate planning may seem very complicated, but getting started is as easy as sending us a message of giving us a call at 262-334-3471. Together, we can work together to make sure your future—and your family’s future—is secure.
Originally published: November 15, 2024.
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- Giving the Gift of an Education
- Estate Tax Cliff
- Wisconsin Nursing Home Care Planning: Long-Term Asset-Protection Strategies
- Estate Planning for Mixed Families and Second Marriages
- Your Family Business Succession Plan
Disclaimer: The information contained in this post is for general informational purposes only and is not legal advice. -Due to the rapidly changing nature of law, Schloemer Law Firm makes no warranty or guarantee concerning the accuracy or completeness of this content. You should consult with an attorney to review the current status of the law and how it applies to your unique circumstances before deciding to take—or refrain from taking—any action. If you need legal guidance, please contact us at 262-334-3471 or [email protected].