Estate Planning Attorney Brookfield

At Krause Estate Planning & Elder Law Center, we’re dedicated to providing clients in Brookfield with comprehensive estate planning and elder law solutions. Our experienced team offers a wide range of services tailored to meet your unique needs. Our services include wills and trusts, probate administration, Medicaid planning, and asset protection strategies. Our law firm can help secure your financial future and protect your loved ones with personalized guidance every step of the way.

We’re Here to Meet Your Estate Planning Needs

Estate planning is the process of organizing and managing your assets and financial affairs to ensure that your wishes are honored upon your death or incapacitation. It involves the creation of legal documents such as wills, trusts, powers of attorney, and healthcare directives that outline:

• How your assets should be distributed
• Who will manage them
• Who will make decisions on your behalf if you’re unable to do so

Estate planning is essential because it:

• Provides a clear and structured method for asset distribution
• Helps minimize tax liabilities
• Reduces the likelihood of disputes among heirs
• Ensures that your loved ones are cared for according to your wishes
• Provides protection for your assets
• Can help avoid the lengthy and costly probate process

With proper estate planning, you gain peace of mind knowing that your financial legacy is preserved and your family is protected.

The Importance of Wills and Trusts in Estate Administration

Wills and trusts are fundamental components of a comprehensive estate plan, each serving distinct but complementary roles.

Will

A will is a legal document that:

• Outlines how your assets should be distributed upon your death
• Appoints guardians for minor children
• Names an executor to manage your estate
• Takes effect only after death and must go through probate

Trust

A trust is a legal arrangement with these salient features:

• One party (the trustee) holds and manages assets on behalf of another party (the beneficiaries).
• Unlike wills, trusts (particularly revocable living trusts) can take effect during your lifetime.
• Trusts allow assets to be transferred directly to beneficiaries.
• Trusts avoid probate, a potentially lengthy and costly court process, offering greater privacy and efficiency.
• Trusts offer potential tax benefits.

Both wills and trusts provide significant benefits in estate planning. At Krause Estate Planning & Elder Law Center, our estate planning lawyers will ensure that your final wishes are legally documented through a will and/or trust. Together, wills and trusts provide a robust framework for protecting your assets and ensuring your wishes are honored.

Guidance on the Probate Process

Navigating the probate process can be complex and emotionally taxing. Our law offices are here to provide expert guidance and support. Probate is the court-supervised procedure for validating a will, settling debts, and distributing the deceased’s assets to beneficiaries.

The process typically involves:

1. Filing a petition with the probate court
2. Notifying heirs and creditors
3. Inventorying and appraising assets
4. Paying outstanding debts and taxes
5. Distributing the remaining assets according to the will or state law

Probate avoidance can save time and money by bypassing the lengthy and costly court-supervised process. It ensures a faster and more efficient transfer of assets to beneficiaries. It helps maintain privacy, as probate proceedings are public records, whereas non-probate transfers remain confidential.

Our firm assists clients at every step, from trust planning to filing the initial paperwork to managing court appearances and communications with creditors. Our legal services ensure that all requirements are met efficiently, helping to minimize delays and costs.

Our experienced estate planning attorneys also provide mediation and dispute resolution services to address any conflicts that may arise among beneficiaries. With our legal representation, the probate process will be handled with professionalism and compassion, allowing you to honor your loved one’s legacy.

Medicaid Planning

Medicaid planning is a crucial strategy for individuals seeking to qualify for Medicaid benefits while safeguarding their assets. It involves structuring financial resources and assets to meet Medicaid’s eligibility requirements without unnecessarily depleting savings. This can include techniques such as:

• Establishing Medicaid-compliant trusts
• Strategically transferring assets
• Spending excess resources on exempt assets or necessary expenses

At Krause Estate Planning & Elder Law Center, our estate planning attorneys guide you through these complex processes. We help protect your hard-earned assets from being exhausted by long-term care costs.

With effective Medicaid planning strategies, you or your family member can receive the necessary care while preserving your estate for your family. This proactive approach provides financial security and peace of mind, knowing that your future healthcare needs are well-managed.

Asset Protection

Asset protection involves strategies to safeguard clients' wealth from potential risks such as lawsuits, creditors, and other financial threats. At Krause Estate Planning & Elder Law Center, we employ various asset protection strategies, such as:

• Irrevocable trusts
• Family limited partnerships
• Liability insurance coverage

These strategies help shield assets from claims while ensuring that property and other assets remain accessible for future generations. Our experienced attorneys tailor asset protection plans to each client's unique situation. Our goal is to help preserve your hard-earned wealth against unforeseen challenges and ensure your financial security.

Request a consultation with our estate planning attorney or probate attorney in Brookfield, WI, today.