Guidance from Hougum Law Firm, LLC in Wisconsin
As we age, caregivers often become more than just support. They become trusted companions. Whether your caregiver is a family member or a dedicated professional, you may want to recognize their commitment in a meaningful and lasting way.
At Hougum Law Firm, LLC, we understand the importance of honoring those who have supported you. If you’re considering including a caregiver in your estate plan, we’re here to help you do it thoughtfully and in compliance with Wisconsin law.
Why You Might Consider Including a Caregiver
Caregivers often carry a heavy load physically, emotionally, and even financially. Including them in your estate plan is one way to express gratitude and ensure they feel supported in return.
Ways to Include a Caregiver in Your Plan
There are several options available, depending on your goals and your relationship with your caregiver:
Monetary Gifts or Bequests
You can leave a specific amount or a percentage of your estate to your caregiver through a will or trust.Personal Property
Want them to have a vehicle, heirloom, or sentimental item? These gifts can be included clearly in your estate plan.Trusts
A trust can provide ongoing support and reduce the risk of disputes or tax issues.Beneficiary Designations
Your caregiver can be named as a beneficiary on accounts like a retirement plan, bank account, or life insurance policy.Caregiver Agreements
If care is ongoing, a formal personal services contract may be appropriate. It documents the arrangement and ensures fair compensation during your lifetime.
Protecting Your Intentions
Leaving a gift to a caregiver, especially a substantial one, can raise questions from other beneficiaries. To prevent disputes or legal challenges:
Be clear and specific in your estate planning documents
Consider writing a letter to explain your decision
Make updates while you are mentally sound. Some individuals choose to get a competency letter from their physician
A Note About Wisconsin Law
Caregivers in Wisconsin are generally prohibited from accepting gifts from clients, particularly in regulated settings and when the caregiver is a non-relative. These laws are designed to prevent financial exploitation of vulnerable adults. That is why it is so important to work with an experienced estate planning attorney when making these decisions.
Let’s Talk About What Matters Most
At Hougum Law Firm, LLC, we help individuals and families throughout Wisconsin create plans that reflect their values, protect their legacy, and honor the people who matter most.
If you’re thinking about including a caregiver in your estate plan, we’re here to guide you every step of the way.
Call to schedule a consultation today to get clarity, peace of mind, and a plan that works for your unique situation.
