TRUSTS

ADVANCED STRATEGIES FOR ASSET PROTECTION AND PRIVACY

Securing Your Legacy

A Trust is a legal arrangement where a third party, the Trustee, holds and manages assets for the benefit of designated individuals, the Beneficiaries.

Unlike a Will, which only takes effect at death and must go through probate, a properly funded Trust can manage assets during your lifetime and transfer them privately and seamlessly upon your passing.

Creating a trust can be straightforward, yet it must meet Wisconsin legal requirements to be enforceable. A thoughtfully designed trust helps prevent family disputes, simplifies the probate process, and guarantees that your estate is carried out smoothly and exactly as you intend.

The Ultimate Cost Savings: Avoiding Probate

The most immediate benefit of a Trust is bypassing the lengthy, public, and expensive court process called probate.

  • Save Time and Money: While the cost of creating a Will is usually lower, the overall cost to your estate (and the ultimate cost to your heirs) is often dramatically lower with a Trust. You invest now to avoid high court fees, executor fees, and long delays later.
    • Probate Costs: For a moderate estate, the total cost of probate – including attorney fees, executor compensation, court costs, and appraisal fees – can often range from 3% to 7% of the estate’s gross value. This is money taken directly from your heirs’ inheritance.
    • Probate Timeline: Even a simple probate case can typically take 6 to 12 months to complete. Complex cases involving disputes, assets in multiple states, or high-value business interests can drag on for two years or more. A Trust allows for a much faster, private asset transfer.
  • Privacy: Since a Trust does not go through probate, its contents- including asset details and beneficiary distributions- remain completely private, unlike a Will, which becomes a public record.
  • Incapacity Planning: A Trust names a successor Trustee to step in immediately and manage your assets if you become incapacitated, ensuring bills are paid and investments are overseen without court intervention.

Choosing Your Trust: Revocable vs. Irrevocable

Incapacity Planning: A Trust names a successor Trustee to step in immediately and manage your assets if you become incapacitated, ensuring bills are paid and investments are overseen without court intervention.

Revocable Living Trust

  • Flexibility and Control: Often called a “Living Trust,” you can change, modify, or revoke this document entirely during your lifetime. You typically serve as the initial Trustee, maintaining full control over your assets.
  • Primary Benefit: Managing assets during incapacity and avoiding probate.
  • Limitations: Assets held in a Revocable Trust are still considered part of your taxable estate and are not protected from creditors or medical costs.

Irrevocable Trust

  • Permanent Transfer: Once established, you generally cannot change the terms or take the assets back. You must appoint an independent Trustee.
  • Primary Benefits: Significant tax reduction (for high net worth estates), powerful asset protection from creditors, and eligibility for government benefits.
  • The Medicaid Advantage: Certain Irrevocable Trusts (like a Medicaid Asset Protection Trust) are powerful Medicaid planning tools. By legally transferring assets out of your name (subject to a five-year look-back period), these Trusts can help you qualify for long-term care benefits while preserving wealth for your heirs

Build a Protected, Private Legacy with HKK Law Offices

Trusts are versatile, high-impact planning tools that offer protection, privacy, and control beyond what a Will alone can provide.

Our HKK Law Offices attorneys specialize in both simple and advanced trust planning. We will analyze your assets, family dynamics, and long-term care concerns to recommend the right solution, whether it’s a flexible Revocable Trust or a dedicated Irrevocable Medicaid Trust.

Invest in your family’s future security by planning now.

Contact HKK Law Offices for a complimentary consultation. We’ll review your situation, answer your questions, and help you create a trust that protects your interests.

Schedule your complimentary consultation on line now through Attorney Megan Kerscher-Walsh’s calendar, or call us at (920) 635‑2992. Virtual, phone, and in-person appointments are available.

Let us help you ensure that your wishes are respected and that your loved ones can navigate challenging times with confidence.