Milwaukee Living Trusts Lawyer
Setting Up a Living Trust in Wisconsin
A living trust (also known as a revocable trust) gives you the ability to both manage your assets while you are alive and to distribute those assets to your beneficiaries after you die. Milwaukee living trust attorney Rollie R. Hanson creates trusts for families throughout southeastern Wisconsin, including West Allis and the Greater Milwaukee area.
As the trustee, you retain total control over assets in a living trust. Like a will, you can choose how those assets are distributed after your death. Placing assets in a trust provides for efficient and private estate planning. Trust assets do not have to go through the probate process. Instead, assets are distributed according to your wishes by the person you name as your successor trustee. Avoiding probate saves time and money for your beneficiaries, and also keeps your family’s financial affairs private. In a probate proceeding, your administrator must file an inventory of the estate with the court and this document becomes public record. Placing assets in a trust keeps this information private.
Types of Trusts
There are many different types of trusts to meet your special goals:
- Spendthrift trusts provide additional protection against creditors and allow you to attach conditions as to how and when your assets are distributed to heirs.
- Generation-skipping trusts enable you to leave money for grandchildren.
- A real estate trust saves your beneficiaries a lot of probate expenses, especially if you own property outside Wisconsin.
- Pet trusts allow you to set aside money for the care of a beloved animal.
- Marital deduction and life insurance trusts help you minimize or avoid estate taxes if you have a large estate. In Wisconsin, estate taxes are assessed on assets in excess of $675,000. Federal estate taxes are currently assessed on assets in excess of $2 million.
- Charitable trusts allow you to set aside money for favorite charities.
- Special needs trusts enable you to proved assets for a disabled adult child or family member without making them ineligible for Medicaid.
Contact a Milwaukee Living Trusts Attorney
To set up an appointment to discuss guardianship of a loved one with Milwaukee living trust attorney Rollie R. Hanson, call (414) 321-9733 or complete our simple contact form on this site. We are conveniently located in The Summit Place on Washington Street in West Allis.