Estate Planning

Estate planning includes planning for the disposition of your property interests upon your death. It also includes preparing for the possibility that you may later in life be unable to manage your finances or health care. Finally, an estate plan may help your family cope with many of financial and personal difficulties resulting from your death or disability. In conclusion, estate planning is as much about those persons important to you during your life as it is about your property interests at your time of death.

Many people mistakenly believe that estate planning is costly. However, most people may set up an effective estate plan at a cost of only a couple of hours and a few hundred dollars. It need not be costly for those benefitting from your estate plan either. Wisconsin currently does not have an estate tax, and the federal estate tax is a flat 35% with a $5 million exemption. In addition, Wisconsin does not have an inheritance tax nor does it have a gift tax. Finally, the state legislature has reformed the process for administering your estate, and even allows for estates of less than $50,000 in value to avoid the administration process altogether.

Your estate plan may begin with a will, which allows you to direct the disposition of your property interests remaining at your death. Another estate planning document is the trust—it allows you to appoint someone to manage property for someone else. Your plan may also include a power of attorney for finances, which allows you to appoint an agent to help you manage your finances. Finally, your plan may include a health care directive, which allows you to appoint a health care agent to make health care decisions for you in the event that you are unable to do so. These documents provide much flexibility for meeting the estate planning needs of almost anyone.

Contact Me

If you have any questions or comments, please feel free to contact me. My phone number, mailing and email address are as provided:

Attorney Andrew P. Mongin

P.O. Box 11712

Green Bay, WI 54307-1712

(920) 288-2080

This website does not provide legal advice. The information within this website is promotional and might not apply to your particular situation. No warranties or representations are made as to the accuracy of the information on this website. Please seek the advice of an attorney should you have any questions.