Yes. In Wisconsin, adopted children generally have the same inheritance rights as biological children in a decedent’s estate. Once a child is legally adopted, the child is treated as the child of the adoptive parents for inheritance purposes and has full rights to inherit from the adoptive parents both under a will...
Wisconsin Estate Planning FAQ’s: Why We Procrastinate About Estate Planning
Most people know they should get their estate planning done, yet many still put it off. Cost is a common concern, but delaying can be far more expensive. Without documents in place, incapacity can trigger a court‑supervised guardianship, and death will likely mean probate, both involve attorney’s fees, court costs, and delays...
Wisconsin Estate Planning: In Wisconsin, how are provisions for a former spouse in a Will handled upon divorce, and are there any exceptions to the general rule?
In Wisconsin, divorce has a direct, automatic effect on a will: the law generally treats a former spouse as if they predeceased the testator for inheritance purposes. This means provisions in favor of the former spouse are revoked by operation of law, and the controlling statute is Wisconsin Statutes § 853.11, which...
Wisconsin Estate Planning FAQ’s: Inherited IRA’s are NOT Protected From Creditors
Many families assume that an inherited IRA is shielded from creditors the same way a traditional retirement account is for its original owner. In 2014, however, the U.S. Supreme Court ruled in Clark v. Rameker that inherited IRAs are not considered “retirement funds” for bankruptcy purposes, meaning they can be reached by...
Wisconsin Estate Planning: How does Wisconsin treat a beneficiary who kills the decedent?
In Wisconsin, a beneficiary who intentionally and feloniously kills the decedent is barred from receiving any benefit from the decedent’s estate under the state’s “slayer rule.” The killer is treated as having predeceased the decedent, so they take nothing under a will, by intestate succession, or through nonprobate transfers such as life...
Wisconsin Estate Planning FAQ’s: Inherited Retirement Accounts: 5 Things You Need To Know
Almost everyone has a retirement account (401(k), IRA, or pension), so planning how these funds pass to loved ones is essential. Here are five key points to understand before naming beneficiaries and finalizing your documents.
Expect income taxes on most inheritances from retirement plans....Wisconsin Estate Planning: In Wisconsin, what does “per capita” mean?
In Wisconsin, “per capita” is a method of distributing an estate in which each living person in the designated class receives an equal share, without creating family “branches” as in per stirpes. Under per capita distribution, shares are divided equally among all living members of the same generation, and the descendants of...
Wisconsin Estate Planning FAQ’s: Does Your Estate Plan Need a Checkup?
A properly executed estate plan can spare your family unnecessary hardship and expense in the face of illness, accident, or untimely death, but even the best plan needs periodic maintenance. Laws and tax rules change regularly, and documents that made sense a few years ago may now be out of date, missing...
Wisconsin Estate Planning: In Wisconsin, what does “per stirpes” mean?
In Wisconsin, “per stirpes” is a method of distributing an estate in which a deceased beneficiary’s share passes down that beneficiary’s lineal descendants—children, grandchildren, and so on—rather than being redistributed among all surviving members of the same generation. Literally meaning “by branch,” per stirpes ensures each family branch receives an equal share:...
Wisconsin Estate Planning FAQ’s: Digital Assets: Why They Need to Be Part of Your Estate Plan
What will happen to your Facebook account when you die? Or to the books, music, movies, and games you’ve purchased online? As our lives move further into the digital realm, it’s essential to account for these assets in your estate plan. The value can be financial and deeply personal: from digital currency...