Trusts in Wisconsin
Trusts are an important part of comprehensive estate planning. But often, people assume that a trust is only something the very wealthy need, thinking solely of “trust fund babies” and the ultra wealthy. But a trust can help you protect your assets for your family and loved ones during your lifetime and beyond, no matter the size of your estate. An experienced Wisconsin trusts and estates attorney like the attorneys at Schuk Law, LLC, can guide you to the best option for your family.
Revocable and Irrevocable Trusts in Wisconsin
A revocable trust is often called a “living trust” and sometimes serves as a substitute for a basic will. This is the most flexible type of trust, and you can revoke it anytime. An irrevocable trust is just that, irrevocable. Once it's in place, you cannot typically break it or change the terms of a trust. While an irrevocable trust is not as flexible as a living trust, you may be able to use one to avoid probate and some taxes.
Testamentary Trusts in Wisconsin
A testamentary trust is created according to the terms in your will, allowing you to control your assets while alive. However, the assets in your testamentary trust may be subject to probate and taxes. A testamentary trust is often a good way to protect assets designated for underage children, those with special needs, large estates, or assets passing from generation to generation. A trustee or trustees will manage the trust. You can also fund a testamentary trust with life insurance proceeds.
Marital Trusts in Wisconsin
A marital trust is used to pass your assets to a surviving spouse. In the past, these trusts were often used to avoid a portion of the federal and Wisconsin inheritance tax before Wisconsin eliminated its inheritance tax and federal inheritance tax thresholds dramatically increased. Now, Wisconsin's Marital Property Act also allows couples to use a marital property agreement to transfer their assets to their living trust when they die without passing through probate.
You Need an Experienced Walworth County Trusts and Estates Attorney
Choosing the best trust option for you and your family can be complex. That's why you need an experienced estate planning attorney to protect your assets for future generations. Our attorneys are skilled trusts and estate law attorneys who have been helping clients safeguard their assets and estates for years, and can help you too. Contact Schuk Law, LLC, for your free consultation today.