Legal Question in Wills and Trusts in Wisconsin

Re: stock not in trust

It goes through probate. Depending on the value of the shares, it may qualified for simplified probate proceedings. Taxes are unaffected by trust vs. probate. There will be no income tax, since the shares are inherited, the cost basis in the shares for income tax/capital gains tax pursposes becomes the value of the shares on the date of death. There is no estate tax unless the value of the estate exceeds $2,000,000.

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Re: stock not in trust

I respectfully disagree with Mr. Roth's answer. There is a way you may be able to avoid probate even if the assets were not officially put into a trust. It depends on where the trust has to be brought to the court's attention. In southern California, it seems less likely you can do it without probate, while in the Bay Area, you have a greater chance.

Give me a call if you are interested.

Sincerely,

Kai H. Wessels, Esq.

toll free: 877-wessels