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Estate Planning in Wi?

W

wi_buff_farmer

Member
Has anyone did any recent estate planning in wi? I have heard that under our great governor scott walker all trusts created after August 1st 2014 are pretty much fair game for the state to come after for nursing home care. Most of the general public is unaware of it.. IF your trust was created before august 2014 it is valid

Anyway to get around it? I have heard you can file a hardship if its a family farm the kids are taking over?
 
In some states they can "claw back" any gifts, trusts etc for up to 5 years to reclaim state/county costs for care, or judgements. AFIK, life insurance benefits are exempt.
willie
 
You have a great governor, even greater if he has figured out how to stop people with assets from sticking the tax payers with their long term care, people should plan for their later years or die at home or crawl off in the bushes if they have not made provisions for themselves or if their children won't take up their care.
 
Farmer, I'm an Attorney in Indiana who practices in the Estate, Probate and Estate Planning fields. I have NOT researched your states probate laws and they may be far different from ours or other states................So if you hear what another state does, DONT BET THE FARM YOURS IS THE SAME.

HERES MY BEST PROFESSIONAL ADVICE

Consult a local professional Estate Attorney and DO NOT bet the farm on non professional lay opinions heard here or elsewhere. There's just too much at stake to risk your life savings on bad information. CONSULT A PROFESSIONAL NOT LAY PERSONS. Its fine if you want to seek advice elsewhere, its a free country, its your property, its your risk and its your choice NOT MINE AND NONE OF OURS.

That being said, in some jurisdictions as far as Medicare/Medicaid and Trusts are concerned IT MATTERS IF THE TRUST IS A REVOCABLE OR A NON REVOCABLE. The theory is similar to you cant have your cake and eat it to. You either in effect still own the property as Trustee under a Revocable Trust or still retain certain rights and control to a lesser degree pursuant to a non revocable trust, whereby the kids might be protected and could inherit and NOT grant anything to the government (Yeah right, you can bet they will still extract their share or pound of flesh lol).

YES its possible with proper estate planning to protect the family farm so the kids can inherit it and the government doesn't. Its a job estate planning professional attorneys do daily.

NOTE I have prepared several estate plans, perhaps using Wills or Trusts or combinations or other legal tools and procedures AND NO TWO ARE ALIKE. What's right and best and perfect for Billy Bob may be just the opposite for Bubba. Just because one person here has one plan DOES NOT mean that same plan is best for another. Would you want your own estate plan that fits your needs, or would you want a plan that Billy Bob or Bubba has just because their plan is perfect for them???

Consult a trained competent professional estate planning attorney is my best advice as an Estate Attorney, but feel free to do as you please and take advice from whom you please regardless of their expertise PROVIDED YOURE WILLING TO BET THE FARM ON WHAT THEY SAY!!!!!!!!!!!!! If you are, I'm sure there are plenty of lay yet well intentioned (lots of great folks here who try to help, God bless them all) opinions headed your way.

John T BSEE, JD Attorney at Law
 
(quoted from post at 13:15:20 06/26/15) Farmer, I'm an Attorney in Indiana who practices in the Estate, Probate and Estate Planning fields. I have NOT researched your states probate laws and they may be far different from ours or other states................So if you hear what another state does, DONT BET THE FARM YOURS IS THE SAME.

HERES MY BEST PROFESSIONAL ADVICE

Consult a local professional Estate Attorney and DO NOT bet the farm on non professional lay opinions heard here or elsewhere. There's just too much at stake to risk your life savings on bad information. CONSULT A PROFESSIONAL NOT LAY PERSONS. Its fine if you want to seek advice elsewhere, its a free country, its your property, its your risk and its your choice NOT MINE AND NONE OF OURS.

That being said, in some jurisdictions as far as Medicare/Medicaid and Trusts are concerned IT MATTERS IF THE TRUST IS A REVOCABLE OR A NON REVOCABLE. The theory is similar to you cant have your cake and eat it to. You either in effect still own the property as Trustee under a Revocable Trust or still retain certain rights and control to a lesser degree pursuant to a non revocable trust, whereby the kids might be protected and could inherit and NOT grant anything to the government (Yeah right, you can bet they will still extract their share or pound of flesh lol).

YES its possible with proper estate planning to protect the family farm so the kids can inherit it and the government doesn't. Its a job estate planning professional attorneys do daily.

NOTE I have prepared several estate plans, perhaps using Wills or Trusts or combinations or other legal tools and procedures AND NO TWO ARE ALIKE. What's right and best and perfect for Billy Bob may be just the opposite for Bubba. Just because one person here has one plan DOES NOT mean that same plan is best for another. Would you want your own estate plan that fits your needs, or would you want a plan that Billy Bob or Bubba has just because their plan is perfect for them???

Consult a trained competent professional estate planning attorney is my best advice as an Estate Attorney, but feel free to do as you please and take advice from whom you please regardless of their expertise PROVIDED YOURE WILLING TO BET THE FARM ON WHAT THEY SAY!!!!!!!!!!!!! If you are, I'm sure there are plenty of lay yet well intentioned (lots of great folks here who try to help, God bless them all) opinions headed your way.

John T BSEE, JD Attorney at Law
Click to expand...

Listen to John. If it isn't done right and it winds up in court "so and so on YT told me" isn't going to cut it to a judge.

Rick
 
You mean a Judge wouldn't uphold advice offered here !!! IM SHOCKED

Seriously, I love it here and all the fine gents who offer so much time and help and expertise. They have helped me and I try my best to help when I can in return

John T
 
Agreed. Why should the taxpayers pick up the tab for someone's care when they can afford to pay for it? As a matter of fact why should taxpayers pick up the tab for those that can't afford it because of decisions they have made in life? Social aid used to be limited to widows and orphans - now its for every person that's decided to use the safety net as a hammock.
 
I don't understand the desire to make your fellow tax payers cover the cost of your medical and/or long term care, if a person still has assets of their own that could be used for it?
 
This is strange....when you need tractor advice do you contact your barber or dentist?

Spend a few bucks to get expert advice...it will end up being the best dollars you have ever spent.
LA in WI
 
Your Governor was able to single-handedly bypass the Legislature and write his own law? Oh, was the Legislature hiding out in Illinois again? Time to rely less on your hearing (gossip) and rely on professionals.
 
I can not believe how they advertise that someone owed the gov. $25k and then went to Bubba, and then only had to pay the IRS $10K. WE, the honest people just got screwed out of $15k. Really?
SDE
 
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