It is never too early---or too late---to begin Estate Planning for your Wisconsin family and/or business. Let us assist you with all of your Estate Planning needs, such as:
Since 1933, Schloemer Law Firm has been the trusted choice for Estate Planning in West Bend, Wisconsin (as well as neighboring communities). Early, comprehensive planning ensures your wishes are carried out, no matter your age, estate size, or amount of assets.
Our Wisconsin attorneys take the time to understand your business objectives, identify any complicating factors and develop a strategic plan. By understanding your needs, we create customized strategies that secure the long-term success of your business.
At Schloemer Law Firm, we never take a one-size-fits-all approach to working with our Wisconsin families. We take the time to understand your goals and provide ongoing support, regularly updating your estate plan to reflect any changes in circumstances or law.
We believe Estate Planning should be simple and straightforward. Our goal is to make the process as easy as possible for you. After scheduling your initial appointment, we will guide you through the process.
Before your initial meeting, we ask you fill out a Data Sheet to the best of your ability. You can return it to us via email or at our dropbox outside of our building in advance of your appointment if possible.
At the initial meeting, your attorney will get to know more about you, your family, and your goals. Based on this discussion, your attorney will provide recommendations a a fee estimate.
After the initial meeting, your attorney will prepare and send you draft documents. We will include comments to highlight key provisions to aid in your review. You should call to schedule a follow-up meeting with your attorney.
At this meeting, we review all your documents and answer your questions. Once you are satisfied and understand your documents, we proceed with signing. We provide a notary and two witnesses.
Your attorney provides you with a list of follow-up actions. You will need to decide where to keep your documents (ideally a fireproof safe), and let others know where they are stored.
It is difficult to estimate a fee since we customize every plan to our client’s individual needs. This is why we offer a no-cost initial consultation where we meet with you and learn about your objectives. At the end of the consultation, we provide an estimate. These fee estimates include all customary conferences and document preparation. Our estate planning fees generally fall in three categories.
Basic planning includes a Will as the primary planning document, Powers of Attorney for financial and health matters, and a Marital Property Agreement for estate planning purposes for a couple.
Beneficiary Designations are utilized for probate avoidance. Fees usually fall in the range of $750-$1,400 for an individual or $1,000-$2,000 for a couple.
Moderate planning would involve issues such as avoidance of probate through use of a Living Trust, establishment of trusts for beneficiaries, special asset distribution provisions, or second marriage considerations. With a Living Trust, additional documents include a Funding Instructions, Certification of Trust, Marital Property Agreement (if married), Pour Over Will, Durable Power of Attorney for finances, Living Will/HealthCare Power of Attorney, and other documents to fund the Trust, such as Deeds for real estate.
Fees usually fall in the range of $1,700-$2,800 for an individual and $2,200-$3,000 for a couple.
Complex planning would address federal estate tax minimization, non-probate considerations, special needs beneficiaries, business interests, or any other unique planning objectives. Planning documents may include stand-alone trusts such as a Special Needs Trust, Irrevocable Insurance Trust, Qualified Retirement Trust, or Charitable Remainder Trust. Since each individual’s estate value, type of assets, and personal objectives are unique, complex planning fees will be determined upon the full appreciation of these matters.
At a minimum, we recommend clients have a Last Will & Testament, Durable Power of Attorney for finances, and Living Will/Health Care Power of Attorney. Depending on your personal objectives and life circumstances, we may additionally recommend a Living Trust.
We offer a number of estate planning services that fit almost every family and situation, such as:
-Wills
-Powers of Attorney
-Living Trusts
-Supplemental/Special Needs Trusts
-Life Insurance Trusts
-Inheritance, Estate, and Gift Tax Matters
-Business Succession Planning
-Family Farm Planning
-Elder Law and Title 19 Planning
-Probate
-Trust Administration
-Marital Property Agreements
Every family and every situation is unique, which is why we work closely with our clients to tailor an estate plan that meets their specific needs. We offer a no-cost initial consultation to meet with you, learn about your family’s goals and give you an estimate based on your situation.
Typically, these estimates range between $750-$3,000, depending on a number of factors: whether you are single or married, whether it is a first marriage or blended family, assets (Do you own real estate or real estate in different counties? Do you own a business? Other unique assets?), and objectives (Are you concerned with Title XIX planning? Are you concerned with estate taxes?)
Whether a Revocable Living Trust is appropriate for you will depend on your family situation and planning objectives. Whether to use a Will or a Trust as the main planning document is a decision that should be made only after a review of your specific planning objectives, the size of the estate, and the type of assets in the estate. Living Trusts are flexible documents that may provide several additional benefits:
A Living Will (Declaration to Physicians) is a document informing health care providers of your wishes about life sustaining treatment in cases of a terminal condition or persistent vegetative state. Generally, within the guidelines of a Living Will, you will continue to receive medication to relieve pain.
The Power of Attorney for Health Care is an important legal document which you sign, as a competent adult, designating one or more persons to make health care decisions on your behalf, should you become unable to make those decisions. The person you chose to act on your behalf is called an ‘agent’. If you become incapacitated and do not have this document in place, a court proceeding will be required to appoint a guardian for you. The appointment of a guardian is time consuming, expensive, and invasive. A physician would need to examine you and testify concerning your incompetency; a guardian ad litem (attorney) is appointed to represent you during the court proceedings; and if you are physically able, you will be brought to court to hear the testimony. In addition, the person appointed by the court to be your guardian will not necessarily be the person you would choose for the job.
Probate is the process of the court supervising the administration of the assets of a decedent. Probate proceedings typically take 9 months or longer. There is a court filing fee of $2 per $1,000 on the inventory. Accordingly, planning should take into consideration the best way to avoid probate, whether through a Living Trust, use of a Marital Property Agreement, or beneficiary designations.
Estate planning may seem very complicated, but getting started is as easy as sending us a message of giving us a call at 262-334-3471. Together, we can work together to make sure your future—and your family’s future—is secure.
We will provide you with a Tangible Personal Property list, where you can leave instructions for your Trustee or Personal Representative (as applicable) to distribute specific items to specific individuals. These instructions are usually contained in a list outside of your Will or Trust, so that you can make updates as needed, without needing to amend your Will or Trust. Tangible Personal Property Lists provide instructions for personal items such as jewelry, tools, guns, collectibles, sentimental items, etc.
At some point, you may be unable to make important decisions to manage your affairs, either temporarily or permanently, due to incapacity caused by accident, illness, dementia, etc. A Durable Power of Attorney gives someone you trust (your “Agent”) the right to make important decisions and act on your behalf, such as making sure bills are paid and assets are managed.
Without this document in place, it may be difficult, expensive, or even impossible for your loved ones to act on your behalf, and a court proceeding to appoint a guardian may be required. A guardianship proceeding can be time consuming, expensive, and invasive of your privacy, and the person appointed by the court to be your guardian will not necessarily be the person you would choose for the job.
