Brookfield, WI Estate Planning Attorney

Estate planning can be a daunting task. Creating an estate plan requires both a clear sense of how you want to handle your affairs during life and after death, plus a thorough knowledge of the laws that govern property and wealth transfers. It also can be an emotional process to make decisions about who should manage your assets and how those assets will be passed on to future generations. However, with the right guidance from experienced attorneys, you can create an estate plan that meets your goals and protects your family’s financial security for years to come. 

At Krause Estate Planning, we understand the importance of carefully crafting an estate plan that aligns with your personal wishes as well as applicable legal constraints. Our Brookfield, WI estate planning attorneys have decades of experience working with clients to create unique solutions tailored to their individual needs. Whether you are looking to create a will, trust, or other estate planning vehicle for the first time or you would like to update an existing estate plan, our attorneys can provide the personalized attention and counsel necessary to help you secure your future. 

In addition to drafting wills and trusts, we also offer a full range of estate planning services, including: 

• Trusts & Wills
• Powers of Attorney 
• Special Needs Trusts and Irrevocable Life Insurance Trusts (ILITs) 
• Charitable Giving Plans 

No matter your situation or the size of your estate, our experienced attorneys can provide you with the comprehensive services you need to ensure that your assets are managed and distributed according to your wishes. We understand that estate planning is about more than just managing property and money—it is also about protecting your family, safeguarding their financial future, and maintaining control over who makes decisions regarding your care if you become incapacitated. Our goal is to help you create an estate plan that meets your goals and gives you peace of mind. 

If you have questions about creating an estate plan, contact us at (608) 344-5491 or fill out our online form to schedule a confidential consultation with one of our experienced Brookfield, WI estate planning attorneys. 

The Importance of Having an Estate Plan

An estate plan is crucial to ensure that your assets and wealth are distributed according to your wishes upon your death. Without a comprehensive estate plan, your estate may be subject to intestacy laws, which could result in your assets being distributed in a manner that does not align with your preferences. 

Furthermore, a lack of a proper estate plan may lead to unnecessary legal disputes and conflict among your heirs. An estate plan provides clear instructions about asset distribution, reduces the potential for family disputes, and ensures that your legacy is carried out as you desire.

In addition to wealth and asset distribution, an estate plan is essential for making advanced healthcare decisions. Through living wills and healthcare powers of attorney, you can dictate your wishes regarding life-saving treatments and end-of-life care. 

This eliminates guesswork for your loved ones during a difficult time and ensures that your medical preferences are honored. Moreover, you can appoint a trusted individual to make healthcare decisions on your behalf if you become incapacitated.

Estate planning can also have significant tax implications. A well-crafted estate plan can significantly reduce or even eliminate the estate tax that your heirs may have to pay. By utilizing strategies such as trusts, gifting, and other wealth transfer methods, an experienced estate planning attorney can help you minimize the tax burden on your estate and maximize the assets passed on to your beneficiaries. Thus, estate planning is not only about ensuring the smooth transition of your assets, but it is also about financial planning and wealth preservation for future generations.

Estate planning may seem like a daunting task, especially when dealing with emotionally difficult decisions and complex legal proceedings. However, it's essential to understand that estate planning is not solely about wealth distribution. It's also about ensuring your wishes regarding your health care and personal possessions are respected even when you're unable to express them yourself. 

At Krause Estate Planning & Elder Law Center, our Brookfield, WI estate planning attorneys are dedicated to providing comprehensive and personalized services tailored to your individual needs and goals. We understand the importance of creating an effective estate plan that preserves your legacy for years to come. 

Our Approach to Comprehensive Estate Planning

At Krause Estate Planning & Elder Law Center, our Brookfield estate planning attorney are committed to providing the highest level of personalized and attentive service. We strive to be a trusted partner for our clients throughout every step of the estate planning process.

 Whether you are creating an estate plan for the first time or need assistance updating an existing one, our attorneys can use their extensive experience and knowledge to craft a solution that meets your goals. 

Our approach to estate planning is based on three core principles: 

• Compassion - Our attorneys understand the importance of creating an estate plan that honors your wishes and respects your family’s legacy. We take the time to get to know our clients, their families, and their specific needs in order to develop the right estate plan. 
• Knowledge - Our Brookfield, WI estate planning attorneys have decades of experience and are well-versed in all aspects of wealth transfer law. We stay up-to-date on the latest changes in tax and other laws that affect our clients’ estates, so we can provide you with informed advice throughout the entire estate planning process. 
• Integrity - We take pride in our commitment to providing the highest standard of service and value for our clients. We are dedicated to upholding the highest ethical standards while ensuring that all legal requirements are met. 

With over 20 years of estate planning experience, our founder Dan Krause has helped thousands of clients feel better about their future through comprehensive and effective estate plans. He is also a Board-Certified Estate Planning Law Specialist, one of only eight such specialists in Wisconsin. 

At Krause Estate Planning & Elder Law Center, we understand the importance of a comprehensive estate plan that meets your goals and preserves your legacy for future generations. We take great pride in our stellar reputation for steadfast service and loyalty to our clients through both the good times and the challenges of aging and disability. Our Brookfield estate planning lawyer is committed to helping you create an effective estate plan that meets your needs and protects your family’s financial security for years to come. 

Estate Planning FAQ

What Is Estate Planning?

Estate planning is a strategic process to manage and distribute your assets upon your passing, ensuring your financial and healthcare wishes are respected. It involves creating legal documents like wills, trusts, and powers of attorney to minimize taxes and avoid probate complications. An effective estate plan provides peace of mind, knowing your loved ones are cared for and your legacy is preserved. At Krause Estate Planning, we guide you through the intricacies of estate planning, tailoring solutions to fit your unique needs and goals, ensuring a seamless transition for your beneficiaries.

What Is the Difference Between A Will And An Estate Plan?

A will is a legal document specifying how your assets should be distributed after your passing. It appoints an executor to oversee this process. An estate plan, however, encompasses much more than just a will. It includes a comprehensive suite of legal tools to effectively manage your assets, healthcare, and financial decisions both during your life and after your death. Estate planning ensures a holistic approach to protecting your legacy and providing for your loved ones. Krause Estate Planning can help tailor this to your unique needs.

What Things Make Up an Estate?

An estate comprises various assets and properties that an individual owns at the time of their passing. Key components of an estate typically include:

• Real estate properties, such as homes and land
• Personal property, including vehicles, jewelry, and collectibles
• Financial accounts, like savings and checking accounts
• Investments, such as stocks, bonds, and retirement accounts
• Insurance policies with cash value or death benefits

Understanding these elements helps ensure a comprehensive estate plan, protecting your legacy and providing for your beneficiaries.

How Often Should I Update My Estate Plan?

Updating your estate plan is crucial to ensure it reflects your current wishes and circumstances. As a rule of thumb, review your estate plan every three to five years. However, certain life events, such as marriage, divorce, the birth or adoption of a child, or significant financial changes, should prompt an immediate review. Regular updates can prevent potential legal challenges and ensure your assets are distributed according to your latest intentions. 

What happens if I die without a will in Wisconsin?

If you die without a will, your estate will go through the intestate succession process, which means that Wisconsin law will determine how your property is distributed. Typically, your spouse and children will inherit your assets, but if you have no spouse or children, your assets will be divided among other relatives, such as your parents or siblings. This may not reflect your wishes, which is why having a will is so important.

How can a will protect my children?

A will allows you to appoint guardians for your minor children in case something happens to you. This ensures that your children are taken care of by someone you trust, rather than leaving the decision up to the state or the courts. You can name specific guardians for your children, as well as set forth any financial provisions to ensure their well-being.

What’s the difference between a will and a trust?

A will outlines how your estate should be divided after your death, but it must go through probate, a legal process that can be time-consuming. A trust, on the other hand, is a legal arrangement where assets are managed by a trustee for the benefit of your beneficiaries, and it can avoid probate. Many people use both a will and a trust in their estate planning to ensure their wishes are carried out and their estate is efficiently managed.

Can I change my will after it’s been written?

Yes, you can make changes to your will at any time. These changes are typically made through a legal document called a codicil, which amends specific parts of your original will. If there are significant changes, such as adding new beneficiaries or altering property distributions, a new will may be necessary. It's important to review and update your will after major life changes, such as marriage, divorce, or the birth of children.

If you need assistance creating or updating an estate plan, contact us online or call us at (608) 344-5491 to schedule a confidential consultation with one of our experienced Brookfield, WI estate planning attorneys.