Estate Planning Services
Lippow Law Offices, LLC will work with you to develop a personalized estate plan that may include the following estate planning services:
A will is a formal document in which you declare who receives your assets and belongings after you pass away. The will names a personal representative to handle your estate. A will does not avoid Probate Court involvement.
A trust is a formal legal arrangement you can create for the management and distribution of your property either during your lifetime or upon your death. As the “Settlor”, you transfer ownership of assets to a “Trustee”, who manages the assets and makes distributions to beneficiaries. A Revocable Trust can be changed by you during your lifetime. An Irrevocable Trust generally cannot. If properly drafted, a Trust can avoid the need for Probate.
These agreements decide how each asset owned by a married couple should be classified under Wisconsin’s Marital Property Law. These classifications include “marital property” or “individual property”. Married couples can use Marital Property Agreements to divide assets to distribute to people other than their spouse and to protect assets from the debts of the other spouse. These agreements can apply at the time of divorce or the death of one spouse.
A Durable Financial Power of Attorney authorizes an “agent” of your choice to manage your assets, including bank accounts, investments, and real estate, in the event you become incapacitated.
A Health Care Power of Attorney authorizes another person to manage your healthcare and to make decisions concerning consent to medical treatment, including end of life decisions.
Most probate cases in Wisconsin are “informal.” Informal Probate cases are often settled without any in-person hearings, and without the involvement of a Judge. In a “formal” probate, parties present evidence to a Judge, who then issues formal orders.
No two sets of estate plans are the same. Numerous factors go into developing the best plan for you and your family, including your age, health, financial resources, and your family situation. We provide guidance on estate tax issues and medical assistance issues, to ensure your assets are protected and are available to be passed on to your family after your death.
Go to our Frequently Asked Questions page for more information on many estate planning issues.