When a child turns 18, you lose the automatic legal authority to access their medical information or handle their finances, even in an emergency. One of the most practical gifts you can give a new adult is a basic estate planning package: a simple will or trust, a financial power of attorney,...
Category: Children
Wisconsin Estate Planning FAQ’s: Should I Name All of My Children as Successor Trustees?
It can be tempting to name all of your adult children to serve together, but that isn’t always the best way to keep your plan running smoothly. A practical alternative is to list them in order of who you think will do the best job so that only one steps in at...
Wisconsin Estate Planning: How do you protect loved ones with a Special Needs Trust in Wisconsin?
A Special Needs Trust (SNT) in Wisconsin is designed to provide financial support to a person with a disability without disqualifying them from means‑tested government benefits like Medicaid or Supplemental Security Income (SSI). The key is that the trust enhances quality of life without giving the beneficiary direct ownership of assets or...
Wisconsin State Planning: What happens to your minor children in Wisconsin if you do not name a Guardian?
If you die in Wisconsin without naming a guardian for your minor children, the court, not you, decides who will care for them. That process is a guardianship proceeding, and it can become one of the most emotionally and legally sensitive parts of probate. The judge selects a guardian based on what...
Handling Sentimental Belongings After the Death of a Loved One
Personal items accumulated over our lifetimes may be left in estate planning limbo when we pass away. You may have kept many personal effects and everyday items more for sentimental reasons than for financial value, such as your clothing, jewelry, books, quilts, collectibles, and religious items.
Each item we...
Foster Children and Estate Planning
A foster child may come into your life through the court system, an agency, or your own extended family. However it begins, the relationship can grow into something deeply personal, with the unshakable feeling that this child is yours.
However, the law does not always see the relationship that...
How to Leave Assets to Minor Children
You love your children and want to ensure that they are always taken care of. The desire to provide for them may also be shared by their grandparents, aunts, and uncles. However, when leaving money and property to minor children, even the best intentions can lead to big problems. Common mistakes can...
New Babies and Estate Planning
Have you just welcomed a baby to the family? Protecting your newborn goes beyond car seats and babyproofing. Ensure that your child is protected no matter what life brings by creating an estate plan. Establishing an estate plan is one to-do task that many people put off. They may delay this very...
Only Child and Estate Planning
Stereotypes surrounding “only child syndrome” have largely been debunked, as recent studies show that only children, on average, develop social skills similar to those of children with siblings.[1] Further, outdated perceptions surrounding only children have shifted as the average size of the American family has shrunk, and one-child families have...
Kids Inheriting and Estate Planning
You may think that if you die while you are married, everything you own will automatically go to your spouse and children. But you are actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as dying intestate. In that case,...