LEGAL SERVICES

Learn more about the services we provide.

Basics of estate planning

Estate planning really gets at two main questions:
1) What happens if I'm alive but not well enough to make decisions for myself?
2) What happens once I'm no longer here?

In order to fully answer both of those questions, an individual will need more than just a simple will. A proper estate plan provides for your care in the event of disability; establishes to whom your assets will be distributed at the time of your death; determines who cares for your minor children at your death, and allows you to maintain control of your assets both during your life and death. It offers guidelines to the people in your life on your end of life decisions and support to them as to your wishes when you are no longer there. Moreover, a good estate plan will also help minimizes or eliminates the cost of probate and also any estate tax.

Sippel Law, LLC estate plans will commonly consist of the following documents:
-Living Trusts
-Tax Planning
-Marital Property Agreements
-Wills
-Guardians for minors
-Power of Attorney for Finance
-Power of Attorney for Health Care or Living Wills
-HIPAA Waiver
-Final Disposition and Authorization
-Trust Funding & Probate Avoidance

This type of comprehensive planning, along with proper probate avoidance techniques and/or funding, is the basis of a well-rooted plan. However, there may be times where more advanced planning is necessary.

Wills + Powers of Attorney

Wills

A will is the legal instrument that permits a person, the testator, to make decisions on how his/her estate will be managed and distributed after his/her death. This is also the document where people can name guardians for their children. See some common questions below:

  • Because writing your will is limited to having the legal capacity to do so, we always recommend you come and discuss your options as soon as possible.

    Once you lose the mental capacity to sign a will, then you have lost your opportunity to do so. It also is an imperative document for young families with children, and those looking to distribute funds according to specific wishes.

  • If you die with no plan, then the state does have language that allows for distribution of funds. The court will appoint a personal representative. The state also allows for distributions of funds to your closest heirs at law. Moreover, the court will also name your child’s guardian. Having a judge decide who is the guardian of your child can be traumatic for all involved.

  • Basically, there are two options:
    1) Write a new will
    2) Write a supplement (called a codicil).

power of attorney

A power of attorney (POA) is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, if that person is alive, but unable or unwilling to make that decision for himself/herself. We often complete both a financial power of attorney and a health care power of attorney for our clients.

Revocable Living Trust

People use Revocable Living Trust documents to protect their assets for their own benefit, as well as the benefit of loved ones or other entities. The purpose of a trust agreement is to leave your property in the hands of a trustee. The trustee, upon a certain predetermined time or event, then releases the property, or uses the property or income from the property for the benefit of someone or something else.

Trust Administration

A Trust Administration is the process of carrying out the decedent's wishes for the management and distribution of their property as outlined in their Trust. The Trustee has a fiduciary responsibility to the beneficiaries to properly follow Trust Administration process and procedures formally known as Uniform Trust Code. A Trust Administration does not mandate court involvement. However, due to statutory requirements and the fiduciary duty of the Trustee, it is highly recommended to seek legal counsel.

probate

  • Upon appointment, the personal representative’s main job is to help with completing the probate process.

    Items they will help with include collecting and managing the decedent’s assets, paying debts and expenses of the descendent, and then finally making distributions.

  • The probate level that triggers a probate is $50,000 in the decedent’s individual name. If there are assets that reach that level, then under Wisconsin law there would necessarily be a probate. There are some assets that avoid probate such as marital property, beneficiary designations, and joint ownership.

  • The cost of probate is dependent on the complexity of the case. In Wisconsin, the average probate is about 4-5%, with attorney fees being about half. In our firm, the initial consultation is complimentary and we discuss our fees once we have analyzed the situation.

  • Probates can take up to a couple years to wrap up for a complex estate. however, the majority of probates can be completed within 6-12 months after the decedent passed away. The time needed depends on the size of the estate, the type of assets, the beneficiaries and the relationship between the beneficiaries.

Probate is the court supervised process of transferring one individual’s assets to another person or entity.

Estate Tax

We prepare estate taxes, and can help you to navigate the complexities of estate and inheritance taxes.