Estate Planning FAQs
FAQS
Estate Planning
Everyone can benefit from estate planning. It allows you to control where you asset go upon your death and names someone to act on your behalf in the event you become incapacitated.
An estate plan usually consists of a will, powers of attorney for health care and finances. It may also include a revocable trust. These documents either provide for an agent to act for you in the event you become incapacitated or provide how your assets should be distributed upon your death.
Your estate consists of all the assets you own or control the time of your death, including real estate, cash, personal property, securities, retirement plan, life insurance and business interests.
Probate is a legal process to appoint someone as your personal representative in order to transfer any assets you owned at the time of your death pursuant to your will, if you have one or the statutes if you do not have a will, that did not have either a joint owner or a beneficiary designation.
Generally no. Wisconsin does not have an inheritance tax. The current exemption from Federal estate tax is $13,610,00. Therefore, if your estate is less than $13,610,000 no inheritance tax will be paid.