Estate Planning Services in Madison, WI

Helping You Protect Your Legacy

Everyone has an estate plan – a plan for how their assets will be distributed after their death. Even if you have not proactively prepared for such events, the State has an automatic plan in place for you. However, you have the opportunity to draft an estate plan that suits your preferences and ensures that the distribution of your property is according to your wishes.

At Estate Law Partners, LLC, we have years of experience guiding clients through all kinds of estate planning strategies, including:

What is Estate Planning?

Estate planning is the process of planning for the distribution and management of your assets during and after your lifetime. It involves creating strategies to minimize taxes, preserve assets, provide for heirs and protect against any potential legal or financial issues that may arise.

Estate planning typically includes:

Creating a will
Setting up trusts
Transferring assets
Naming beneficiaries
Appointing guardians for minor children
Assigning fiduciaries

Working with an estate planning attorney is the best way to ensure that all of your wishes are met and that your loved ones will be taken care of when you pass away. A qualified Madison estate planning attorney can help you create an estate plan that meets your goals while also minimizing taxes, managing legal issues, and ensuring that your wishes are carried out.

Call (608) 292-5185 to learn more about your estate planning options.

What Does a Last Will & Testament Do?

One of the most familiar elements of an estate plan is a last will and testament. Even those who have never done any research related to estate planning have usually heard of a will. What many do not know is what will happen if they do not have a will.

Dying "intestate," or without a will, leaves a person's assets to be distributed according to state laws. The State will determine both how and to whom an individual's assets will be distributed.

There are several other facts about wills you should know, including:

A will does not go into effect until after someone dies. Therefore, a will cannot help a person declare how their affairs should be managed should they become incapacitated by illness or injury.
A will cannot prevent an estate from entering into the probate process.
A will can be used to designate who you wish to parent your children should they become orphaned.

The Stories That Matter Most

Read About Real Client's Experiences

“He took the time to understand our goals and our family situation. He was friendly, thorough, and very knowledgeable.”
- Mark
“The partners very knowledgeable and you can tell they enjoy what they do. The entire staff I'd very helpful and pleasant to work with.”
- Maggie
“Matt did a great job explaining and helping us navigate the process of creating a will and trust.”
- Allison
“Very nice and understanding and helped us through the process to set up our wills and trust.”
- Erik
“They explain the process in terms that are easily understandable and always have your best interests in mind.”
- Barbara

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What Are the Benefits of Having a Trust?

There are multiple types of trusts, including irrevocable trusts, revocable living trusts, testamentary trusts, and special needs trusts. Trusts vary in complexity and are designed to serve a variety of different purposes. Fundamentally, all trusts revolve around the interaction of three parties: the settlor, the trustee, and the trust beneficiary.

The settlor is the person who funds the trust – places certain property and assets within it – on behalf of the beneficiary. The trustee is the person(s) or entity that controls the money or assets. Trust funds can hold a variety of assets, including cash, real property, stocks and bonds, and businesses.

There are several potential benefits of creating a trust, including:

Avoiding probate
Reducing estate and gift taxes
Gaining tax advantages for both the settlor and the beneficiary
Protecting property from creditors and lawsuits

Do I Need a Power of Attorney?

A power of attorney is a legal document that gives another individual the authority (powers) to act and make decisions on your behalf. The type of actions and decisions permitted vary depending on the terms of the document.

You should create a power of attorney if you would like to ensure you have someone who can make decisions about your affairs should you become incapacitated. Make sure to update your power of attorney frequently, since banks and other financial institutions may not honor documents that have not been updated for more than a year. Our Wisconsin estate planning lawyers have years of experience advising in this matter.

What is a Health Care Directive?

A health care directive, or advance directive, is a document that allows you to specify the type of medical and personal care you desire in the event that you become incapacitated. Similar to a power of attorney, you can also designate a person who will make and communicate decisions for you.

Along with an advance directive, you will also want to complete an authorization for specific individuals to access your medical information. Without this document, your doctor may refuse to give the necessary information to your designated decision-maker.

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To learn more about your options for preparing for the future, contact Estate Law Partners, LLC at (608) 292-5185 now. Begin discussing your case in a free consultation with our Madison estate planning lawyers.

Madison Estate Planning: Navigating Local Resources and Challenges

When it comes to estate planning in Madison, Wisconsin, understanding the local landscape is crucial. Madison residents often face unique challenges, such as navigating the specific regulations set forth by the City of Madison and the Wisconsin Department of Health Services. These entities provide valuable resources and guidelines that can impact your estate planning decisions.

One common pain point for Madison locals is the complexity of managing real property within the city limits. With Madison's vibrant real estate market, ensuring that your property is properly accounted for in your estate plan is essential. Our team at Estate Law Partners, LLC, is well-versed in local property laws and can help you navigate these intricacies to protect your assets effectively.

Another significant concern for Madison residents is the potential for high estate and gift taxes. By creating a trust, you can take advantage of tax benefits that may reduce the financial burden on your beneficiaries. Additionally, trusts can help you avoid the lengthy and often costly probate process, which is a common issue in Dane County.

We understand that Madison's community values transparency and security. That's why we emphasize the importance of regularly updating your power of attorney and health care directives. Local institutions, such as the UW Health system, may require up-to-date documentation to ensure your wishes are honored in medical situations.

At Estate Law Partners, LLC, we are committed to providing personalized estate planning services that address the specific needs of Madison residents. Whether you're looking to protect your property, reduce taxes, or ensure your medical wishes are respected, our team is here to guide you every step of the way.

Commonly Asked Questions

What are the benefits of creating a trust in estate planning?

Creating a trust as part of your estate planning can offer several advantages. Trusts can help you avoid the often lengthy and costly probate process, allowing for a more efficient transfer of assets to beneficiaries. They can also provide tax benefits, potentially reducing estate and gift taxes for both the settlor and the beneficiary. Additionally, trusts can offer protection for your property against creditors and legal judgments, ensuring that your assets remain secure for the intended recipients.

How can a power of attorney benefit my estate plan?

A power of attorney is a crucial component of a comprehensive estate plan. It grants a trusted individual the authority to manage your affairs if you become incapacitated. This can include making financial decisions, handling business matters, and ensuring that your personal affairs are taken care of according to your wishes. Having a power of attorney in place provides peace of mind that your affairs will be managed effectively and according to your preferences, even if you are unable to do so yourself.