1.  Your offices are located in South Milwaukee, but I am unable to drive. Will you come to my home?

Answer: Yes, we will travel to clients’ homes, nursing homes, assisted living facilities, group homes and other locations throughout southeastern Wisconsin.

2. If I have a Will, must my estate still pass through probate?

Answer: Yes, by executing a Will and not engaging in any additional estate planning, you are ensuring that your estate will be administered through a probate proceeding. In short, probate is a court-supervised process that requires the appointment of a personal representative to take charge of the administration of your estate.

3. Are there other ways to avoid probate besides a trust?

Answer: Yes. Ways to avoid probate include: transfer on death deeds, payable on death designations, joint tenancy, and others. However, whether other means of probate avoidance are appropriate depends on each individual’s assets, goals, tax consequences and other issues that should be carefully evaluated on a case by case basis.

4. If I already have estate planning documents in place, do I ever need to update them?

Answer: We recommend that you revisit your documents at least every 5 to ten years. Think about the 5 “D”s. Review your plan when there has been a death, divorce, disagreement, disability or it has been a decade since you reviewed your plan.

5. How do I know if there has been a change in the law that impacts my estate planning documents?

Answer: We strive to keep personally educated on issues as they arise. If there is a change that is crucial to our clients, a mailer will be sent out.

6. I have heard that there have been changes made to the laws regarding financial powers of attorney. If I had my power of attorney prepared before these changes took place, is my current financial power of attorney still effective?

Answer: In 2009, the Wisconsin Legislature approved changes to the statutes governing the form and content of financial powers of attorney. These changes took effect on September 1, 2010. The changes to the law do not invalidate a power of attorney executed prior to their implementation (provided the power was valid under the law as it existed at the time the power was executed). However, a power of attorney drafted after the changes took effect can incorporate provisions authorized under the new law that enhance the efficacy and flexibility of the document. Therefore, if you executed your power of attorney prior to September 1, 2010, it may be beneficial to review the document with us to ensure that it is optimized to meet your needs.

7. I have read there is a 5 year “look back” period for gifts made by individuals applying for Medicaid or Title 19. Does this mean there is no way to preserve or protect assets if you enter a nursing home within 5 years of making a gift?

Answer: No. While the asset protection techniques are more complicated than ever, there are still options available even upon entry into a nursing home. The best tool for managing changes in Medicaid is a good Durable Power of Attorney.

8. What is a power of attorney? Why do I need one?

Answer: A power of attorney is a document where you name someone else to manage your affairs (health or finances) when you can no longer do so for yourself. It is a way to control your own destiny – to name who you would want to act rather than have a court of law in guardianship name someone for you. These documents are the easiest documents to prepare, but the most important documents in any estate plan.

9. I have heard people tell me I need a trust. Do I really need one?

Answer: No. A Last Will and Testament with beneficiary designations can accomplish probate avoidance. A trust is meant to manage taxes and to control beyond the grave. If your estate is less than the current estate tax limit, you don’t need a trust to manage taxes. Control is the main reason people have trusts. Examples include: making sure minor children have their assets controlled until the parents or grandparents believe they are responsible enough to do so themselves; making sure disabled beneficiaries have their funds controlled in a special needs trust so they do not lose public benefits; making sure beneficiaries with drug or alcohol dependencies are protected from themselves unless or until they are able to be released from their addiction; making sure certain life experiences are preserved like a trip to Europe or other important matter to the trust creator; and managing a long list of beneficiaries that would not work well on regular beneficiary designations.