Frequently Asked Questions
If you have concerns about wills, trusts, legacy planning, and elder law practice that are not addressed here, please give us a call at (715) 273-5072, or fill out our online form.
What are the most important elements of estate planning?
Estate planning involves the drafting of various legal documents including a financial power of attorney, a healthcare power of attorney, and a will. The creation of a trust depends on your family situation and/or financial standing.
What should you look for in an estate planning attorney?
Estate planning involves the preservation of your assets and the protection of your legacy. Choose a lawyer who has experience in estate planning. Loberg Law Office, LLP, has this experience and makes sure you feel comfortable sharing intimate life details with them.
How are wills and estate planning related?
Estate planning often starts with the drafting of a will. The latter is a legal document that plays a significant role in the estate planning process. It lets you clearly express your final wishes, and lays the groundwork for a smooth resolution.
What’s the difference between a living will and a last will and testament?
A living will dictates your decisions regarding life support if you go into an irreversible coma or vegetative state. A last will and testament states how you want your assets distributed, and who will inherit property when you die.
Is it possible to waive rights over inheritance?
It is possible for an individual to waive their rights to a property or to other assets. The person must file a disclaimer stating they do not wish to inherit the assets. If the individual is receiving government benefits they
may not be able to waive their inheritance.
Is it possible to avoid probate?
Some assume that creating a revocable trust is the only way to avoid probate. This isn’t always true. Our attorneys can assure transfer of assets without probate through more cost-effective techniques, like drafting a transfer on death deed.
How does an irrevocable trust protect assets?
An irrevocable trust transfers ownership of the assets from the grantor to the grantee. It is an effective way to make sure your assets are safe from lawsuits and estate taxes when the time comes for your heirs or benefactors to inherit them. It may also protect assets from a nursing home.
What’s better, a revocable or an irrevocable trust?
You can modify or dissolve a revocable trust when there are major changes in your family or finances. An irrevocable trust is irreversible — you transfer control and ownership of your assets. The choice depends on your personal circumstances and goals that we assist our clients in
defining.