A Real Estate and Estate Planning Tool
Schmidt & Schmidt, S.C. — Wausau, Wisconsin
Creating a life estate is part real estate transaction and part planning for your estate at the same time. It operates by transferring your real estate while you retain the right to live in the property for the rest of your life can be especially useful as part of long-term care or Medicaid planning.
How Creating a Life Estate Can Benefit You and Your Family
At Schmidt & Schmidt, we have a great deal of experience in creating life estates for families and individuals in the Wausau area and throughout North Central Wisconsin. Generally given as an irrevocable gift, life estates can do and accomplish many things, including:
- A life estate can preserve your residence, your possession and your occupancy rights for as long as you live.
- A life estate can be used to simplify your estate and make the probate and estate administration processes smoother for beneficiaries.
- A life estate can be created and donated to a charitable organization now, allowing you to live on it and providing significant tax deductions in the interim.
- A life estate can be used to transfer property to children or grandchildren upon your death, perhaps avoiding estate taxes in the process.
- A life estate can be used as part of your divestment or asset protection strategy. Used this way, you remain living on the property but the property cannot be counted as an asset in determining your eligibility to receive government benefits or medical assistance.
High-Quality Representation at an Affordable Cost
Call Our Wausau Office at 866-514-1627
Is a life estate right for you?
Find out what your options are and call or contact us in Wausau to schedule a consultation. Weekend and evening times are available by appointment. We can also meet with you in your home, in a health care facility or in another setting, if necessary. Major credit cards are accepted.