Why Should Your Consider Estate Planning?

Elder Law Attorney Wisconsin

Why should you consider Estate Planning?

When new clients call our office they typically assume that Estate Planning is only for families that have a million dollars to protect.  We are here to tell you that’s just not true. There are several reasons to consider putting together an estate plan– children/grandchildren, a recent divorce, owning a business, if you expect to receive an inheritance or large sum of money, or if you are planning ahead for long-term care for an elderly parent.

The following are more reasons you should consider putting together an Estate Plan right away:

  • Appointing an individual to handle your financial affairs in the event you become incapacitated or pass away.
  • Avoidance of probate. Nobody wants the time and expense involved in probate. In certain situations, probate is required, but you may be able to bypass it with the proper estate plan in place. In the State of Wisconsin, any assets that pass through a Will still means you’ll have to probate the estate.
  • If you are in a second marriage and you pass away first, be sure your children are protected. Estate planning for blended families may be complex and challenging.
  • Protect assets inherited by your beneficiaries from legal claims. With correct planning you can be sure your assets are inherited by the beneficiaries you choose, not ex-spouses, creditors, the IRS, in-laws, etc.
  • For beneficiaries who are not capable of handling an inheritance responsibly, have not met certain educational expectations you have for them, or are just financially inexperienced, you may include specific conditions and rewards in your estate planning.
  • Plan and provide for special needs beneficiaries. Precise planning is needed to avoid the possible loss of governmental benefits.
  • Plan ahead if you think you’ll ever need to apply for Medicaid. Medicaid laws are complex and continuously changing, but one aspect of Medicaid planning is always the same. As with estate planning, the further you plan ahead, the more options you will have.

Estate planning is not about how much money you have, it’s about protecting what you have during your life and for those you love after you are gone. It ensures what you have is received by the people you love, when you want, and the way you want.

At Senior Planning Group, our service extends beyond life care planning and elder care – we provide the kind of support you would give to your own parent. Our primary focus is maintaining the well-being, dignity and independence of our clients while balancing the special needs and challenges families face while providing care. If you are unsure if you should start looking into Estate Planning, call our office at (262) 670-888 to set up a free consultation.

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