Legal Question in Credit and Debt Law in Wisconsin

Anyone with elderly parents who are willing to take the necessary to plan their estates has a rare opportunity to avoid one of the world's worst bureaucratic morasses, the court controlled probate process. If the parent is not willing to dispose of their assets prior to death via other estate planning techniques, all assets which remain in the estate of a deceased person on the date of death are liquidated and remaining funds are paid first to his or her creditors. In particular, tax creditors must be paid (or furnish a certificate of no tax) due, before any estate can be closed, often meaning that a partial year income tax return must be filed by the personal representative for the year of death, in addition to the last full year's income tax return, even if no tax is due. Hospital liens and title XIX reimbursement claims are also near the top of the "food chain" in terms of payment priorities. However, general unsecured creditors are also, at minimum, given notice via a newspaper classified advertisement, and must in turn file a claim before the "bar date." Unsecured creditors who comply with this deadline must also be paid in full before any heirs receive money from the estate. Such creditors include medical bills which have not become liens, credit cards, and any other miscellaneous bills. You would therefore be wise to schedule an appointment with an experienced estate planning attorney as soon as possible, while your father still has sufficient mental faculties� remaining to restructure asset ownership to avoid all of this. Many of these techniques are simple, quick, cheap and effective. Attorney responses on this public website are intended only for public educational purposes rather than as legal advice for your specific situation. Responses to your questions therefore do not create an attorney client relationship between us and should not be relied upon for making any important decisions until they have been reconsidered by your private attorney. You are; however, welcome to contact my office in Racine to discuss any additional questions which you may have or to seek private advice intended for you alone. Answers on this website may also contain attorney advertising materials.