Trusts Lake Geneva
Lake Geneva residents who are looking to avoid probate or are interested in more complex bequests than a will can provide may need to set up a trust. In Lake Geneva, many clients turn to Wynn at Law, LLC for this kind of matter. We are a firm comprised of a team of attorneys who help clients who need assistance in setting up trusts in Lake Geneva. We also handle other related personal and corporate legal matters.
Basics of Trusts in Lake Geneva
Trusts in Lake Geneva exist primarily to manage the transfer of assets. There are three parties involved in trusts in Lake Geneva: the trustor, trustee, and beneficiary. Trusts in Lake Geneva should be beneficial to all parties involved.
The trustor is an individual or organization that plans to transfer assets to others using a trust.
The party managing the trust is called the trustee. Take note that trustees can only use the powers given to them in the trust document. For example, for estate planning, trusts in Lake Geneva can dictate that the trustee can transfer the assets only in the event of death or disability of the trustor. Prior to events like that, trusts in Lake Geneva may not give trustees the power to transfer any assets.
The one designated to receive the assets in trusts in Lake Geneva is called the beneficiary. They are the individual or organization for whom the trust agreement was created for.
Trusts in Lake Geneva have different types, which include revocable and irrevocable trusts. In revocable trusts in Lake Geneva, the beneficiary can be removed or replaced by the trustor anytime. Meanwhile, in irrevocable trusts in Lake Geneva, the beneficiaries cannot be replaced easily. In some cases, The trustor needs the beneficiaries’ consent before being taken out of irrevocable trusts in Lake Geneva.
Take note that beneficiaries do not necessarily have to be related to the trustor. Trusts in Lake Geneva have different rules and guidelines based on why the agreement was created in the first place.
What Are the Benefits of Trusts in Lake Geneva?
Trusts in Lake Geneva are created to avoid unfair ruling and to ensure that assets are transferred to the right people. Some advantages trusts in Lake Geneva offer include:
Avoiding probate or court intervention
When you pass away, your assets can be sent directly to your beneficiaries through your chosen trustee without the court intervening.
Possible reduction of tax liability
You may reduce the burden of tax while passing on assets to your beneficiaries.
Keeping certain financial affairs confidential
The trustee is obligated to keep the affairs of the trust confidential.
Why Should You Hire an Attorney to Help You With Trusts in Lake Geneva?
Appointing trustees for trusts in Lake Geneva is a major responsibility. You can be the trustee initially, but you need to find someone you can completely trust with your assets. Some people find it hard to find a candidate trustee because they have limited knowledge of trusts in Lake Geneva and what the different parties involved should be doing. That’s why for agreements such as trusts, Lake Geneva clients need the help of a well-versed attorney.
Contact Wynn at Law, LLC for Assistance in Setting Up Trusts in Lake Geneva
When it comes to legal processes that involve third party agreements such as trusts, Lake Geneva clients should seek help from Wynn at Law, LLC. Our experienced attorneys, Shannon Wynn and Alyssa Wilson, are here to guide you and protect your best interest.
Having been in practice for years, our attorneys know that drafting wills and trusts in Lake Geneva can be a complicated and delicate process. You can count on them to show professionalism and value confidentiality at all times. You can also be sure that their knowledge of the rapidly changing estate law is up to date.
Contact us to discuss your need for trusts in Lake Geneva or for assistance in other aspects of estate planning.
Wynn at Law, LLC, Your Trustworthy Law Office
At Wynn at Law, LLC, we can help clients with various legal issues. We focus on personal and corporate concerns, such as bankruptcy, real estate, estate planning, and probate.
Our lawyer, Shannon Wynn, completed her undergraduate degree at Vanderbilt University with honors. She attended Marquette University Law School in Milwaukee, WI, where she also graduated with honors. Afterward, she opened her law office in Lake Geneva, where she was born and raised. Practicing in a city where she grew up gives her a better understanding of the issues and concerns of her clients.
Our Areas of Practice
Chapter 7 Bankruptcy
You may have reservations filing for Chapter 7 bankruptcy, thinking that it can negatively affect your credit ratings. However, bankruptcy can help you eliminate a large part of your unsecured debt, such as credit cards, loans, and medical bills, and keep your property and assets. Our lawyer can assist you with the procedure.
Chapter 13 Bankruptcy
Filing for Chapter 13 bankruptcy allows individuals to keep their assets as they repay their debts. Our office can help you prepare the necessary documents to make the process easier for you.
Chapter 128 Debt Amortization Plan
Chapter 128 offers a less expensive alternative to bankruptcy and debt consolidation. Here are some of its advantages:
- Debts need not be included in your 128 plan
- No assets will be under jeopardy
- Can be filed after bankruptcy
- Costs less than a bankruptcy
- Faster process compared to bankruptcy
We are up-to-date when it comes to estate planning laws. Apart from wills and trusts, our office can handle the following:
- Transfer on Death Deeds
- Marital Property Agreements
- Health Care Power of Attorney
- Financial Power of Attorney
Our lawyers have the experience and resources to assist you with various employment issues, including:
- Sexual Harassment
- Family and Medical Leave Disputes
- Whistleblower Claims
- Noncompete and Severance Agreements
Real Estate Law
We can provide guidance for landlord-tenant issues, zoning, and other real estate concerns. You can also count on our lawyer for sound advice and excellent representation if you are buying or selling a property.
The time following the death of a loved one can be difficult and overwhelming. To help ease your worries, our office will assist you through the probate process. This includes sending letters to creditors, settling any disputes over the will, distributing assets, and compiling the final accounting.
If your car or other assets were repossessed due to nonpayment, rely on our office for assistance. We can help protect you from unfair creditors and possibly save your assets from repossession.
Banks or lending firms can file for foreclosure and take possession of a property if the homeowner falls behind with his or her mortgage payments. We can help you communicate with the lending firm and protect your property.
Personal Debt Collection for Individuals
We can help you get the amount owed to you by your friends, your co-workers, or a business. You can depend on us to work hard so that you can get your money back.
Lender Foreclosure Representation
We can represent financial institutions in a foreclosure proceeding. Our foreclosure attorney has in-depth knowledge of real estate and bankruptcy laws in Wisconsin.
Business Debt Collection
Our office understands the stress involved in debt collection, which is why we are here for business owners who need to recover money. We can help you evaluate your claim.
We can help businesses looking for legal counsel and representation. Some matters we handle are:
- Small and Large Claims
- Replevin of Business Assets
- Short Sales
Real Estate (Property Owners and)
Our attorney can help you regarding different real estate concerns, such as lease agreements, landlord/tenant issues, and real estate document drafting. We can review contracts, closing documents, listing agreements, and buyers’ offers, among others.
Contact the Law Office of Shannon Wynn
Turn to Wynn at Law, LLC for reliable legal advice and representation. Contact us at (262) 725-0175 to set up an appointment.