Clients are still asking me about estate taxes. Temporarily, the Federal estate taxes are only applied to estates over $11.58 million, per individual. Wisconsin has no estate tax or inheritance tax. Thus, for now most of my clients do not have to worry about estate taxes. The things to worry about is just having a viable plan in place for your loved ones be it human ones or furry one. But this is another reason to check in with your attorney every 3 years or so to see what changes are happening with the estate tax.
I have always offered clients the service of placing their will in the courthouse vault of the county where they reside. The cost to keep your will in the courthouse vault is $10.00 forever and ever. If of course you have a new will, it will be another $10.00 to put the new one in and we pull out the old one and shred it. So many attorneys don't know that this option exists or don't tell their clients. Two weeks ago I was at a Milwaukee County probate meeting and the question of lost wills came up. I replied, "What lost wills? My clients have theirs in the vault." All the commissioners and probate court personal were busy nodding and smiling. Of course the next week I took on a probate case where we couldn't find the original will. The deceased client did have a copy. His attorney says he doesn't have the original. So we had start a special administration in probate court to hire a locksmith to get into his bank box. Of course there was no will there. So now we are starting a formal probate to prove up the copy of the will. The expenses for this are adding up quickly. Probably an extra $1,500. Make sure your wills are safe and accessible to your loved one. Not only will it save time and aggravation it will save money.
I love a website with a blog. Now I have a platform to write about all the fun things I get to do as an attorney. So look for more posts and feel free to ask me to write about various topics that are of interest to you.