Estate Planning & Will Preparation
The Diamond Society was established to acknowledge the significant impact of those who leave their legacy through estate planning. The Lutheran High School Association of Greater Milwaukee Foundation allows us to provide a service of will and estate planning to our school families, alumni, and friends of our schools.
Wills and trusts (an estate plan) specify how you want your money and other assets distributed after your death, making it easier for your loved ones to handle your affairs during grief.
Only 42% of U.S. adults have estate planning documents like a will or a living trust. The figure for those with children under 18 is even lower, with just 36% having an end-of-life plan. Do you need a will or trust and don’t know where to start? The LHSAGM Foundation is committed to helping families and individuals navigate the estate planning process and complete a will or a living trust. This is a free service for our school families, alumni, and friends of our schools.
Why is it good to have a will or a trust?
You decide who in your family will receive your assets. Otherwise, the court can give them to other family members whom you may not want to receive anything.
If you have children under 18, it protects them from being placed in the wrong guardianship through the court decision.
It stops beneficiaries from overpaying in taxes. With just a little planning, you can reduce your entire federal and state inheritance taxes with your estate.
It eliminates the stress of decisions on family members, which can cause rifts.
If you want to leave a legacy by starting a restricted fund with a charitable organization, including them in an estate plan is perfect.
The bottom line
Simply put, if you want your assets and your loved ones protected when you no longer can do it, you will need a will or a trust. Without one, your loved ones could face huge tax burdens, and the courts could designate how your assets are divided or even who gets your children.