Living trusts, also known as revocable trusts, provide the ability to manage your assets while you're alive as well as distribute assets to your beneficiaries after your death. At Law Office of Rollie R. Hanson, S.C., we create trusts for families throughout Southeastern Wisconsin, including West Allis and the Greater Milwaukee area.
As the trustee, you maintain control over your assets in a living trust. Similar to a will, you're able to choose how your assets are distributed after your death. Using a trust is an efficient, private method of estate planning. Trust assets are not required to go through the probate process and instead are distributed according to your wishes through a person you select and name as your successor trustee.
Avoiding probate saves your beneficiaries' time and money while keeping your family's financial affairs private, whereas a probate proceeding requires your administrator to file an inventory of the estate with the court and the document becomes a public record.
Contact us today at 414-321-9733 to learn more about creating a living trust in Wisconsin.
Many people want to provide money for the benefit of a disabled child or family member in a nursing home as part of the estate planning process. Without good planning, though, a gift like this can go awry and cause the disabled person to become ineligible for Medicaid and other government benefits. Placing the money into a special needs trust allows you to provide for a family member without jeopardizing governmental assistance.
Milwaukee estate planning lawyers, Rollie R. Hanson and Atty. Erin Block, create special needs trusts for families throughout Southeastern Wisconsin and the Greater Milwaukee area.
There are many ways special needs trusts can be used:
- To provide an inheritance for a disabled child without making them ineligible for government assistance
- In some cases to provide money for a parent or spouse in a nursing home without making them ineligible for Medicaid to pay nursing home expenses
- To provide a personal injury lawsuit settlement to a severely injured person without making them ineligible for government assistance
When you place assets in a special needs trust for a beneficiary, those assets are not counted as the beneficiary's personal assets. Alternatively, money is managed by a trustee for the benefit of the beneficiary. Special needs trusts are often used in conjunction with Medicaid planning to preserve a family member's assets while planning for their long-term care in a nursing home or assisted living facility.