In 2001, Congress passed a law that made big changes to the estate tax. It raised the amount that could pass without tax, increasing it in steps from $675,000 in 2001, to $3.5 million in 2009. Then, in 2010, the estate tax was repealed for one year only—2010. However, late in 2010, Congress brought the
Minnesota Wills, Estates & Probate Attorneys
A Minnesota estate planning attorney, sometimes called a Minnesota trust attorney or Minnesota will attorney, can help you establish a will, trust, and other legal documents to accomplish your objectives and minimize taxes through thoughtful estate planning. We help clients plan to distribute and dispose of their property according to well-prepared plans.
Minnesota Estate Planning
Unfortunately, a lifetime of earnings can be wasted on unnecessary taxes and fees through poor estate planning (or no estate planning). By meeting with a Minnesota estate planning attorney, your attorney an analyze your situation, identify your goals, and prepare a customized estate plan for you and your heirs.
Only through careful planning can you ensure that your assets are distributed according to your wishes. For most people, this means preparing a plan to transfer personal property to family members or charitable causes without delay or unnecessary expense for the recipients of assets after death.
Minnesota Estate Planning Attorney Services
Our experienced estate planning attorneys provide the following professional services
- Assessment consultation
- Health Care Directive (living will, advance directive, instruction directive)
- Power of attorney
Contact us to schedule an appointment with a Minnesota estate planning attorney.
Planning for Retirement Benefits: Get it Right the First Time
Retirement assets comprise a large portion of most Americans’ total wealth. By March 2015, retirement assets hit $24.9 trillion. That’s a lot of money! The key to maximizing and maintaining that large chunk of your clients’ wealth is to keep the money in the retirement plan for as long as possible. There are two reasons
Tax Fraud Awareness: How to Protect Your Identity and Assets
The IRS, taxpayers and tax preparers share a common enemy: identity thieves. We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. From there, taxpayers can take proactive steps to protect their data online and at home. Dishonest individuals may steal
Estate Tax Repeal in 2017?
Now that the election of Donald J. Trump has become a reality, the question is how that will affect estate taxes and estate planning. The simple answer is that for most Americans there will be no change, as currently 99% of taxpayers are not subject to the estate tax. If the law remains unchanged, the
Moving or Buying Property in Another State? Evaluate Your Estate Plan
Have you thought about moving to another state? Or do you want to buy (or already own) property in another state? If so, you should be aware of various estate administration problems that may crop up -- and why you want to avoid them by having a proper estate plan. Many people move from one
Inheritances: Providing Incentives for Children
Worried about how your children or grandchildren will handle an inheritance? While a large inheritance can alleviate financial concerns for your heirs, you probably don't want to remove the incentive to work hard or to lead a productive life. You also don't want your heirs to spend the money irresponsibly, obtaining no long-term benefits from
Distributing Your Estate to Your Adult Children
When your children were young, your primary concern was probably how to provide for them in the event you and your spouse died. Now that they've grown, they're probably still the center of your estate plan. After all, who but your children and grandchildren will eventually inherit your estate? But even though they're now adults,
FBI Case Exposes Massive Telefraud Scheme
Do you dread getting phone calls from unfamiliar sources? It seems that callers are more likely to be aggressive solicitors, pushy telemarketers or even devious con artists than legitimate business people. Criminals typically target the elderly, disabled people or immigrants, threatening them with fines, penalties or deportation if they don't make payments to the callers.
ABLE Accounts: A New Planning Tool for Persons with Disabilities
Persons with disabilities have been seeking a way to save for college, medical equipment and health care expenses, and retirement without being disqualified from government assistance programs such as Medicaid and SSI (Supplemental Security Income) for decades. Generally speaking, a disabled person receiving needs-based government assistance cannot have more than $2,000 in a bank account
Living Trusts: FAQs
A living trust is a legal document that outlines a person's desires with regards to their assets, dependents, and heirs. It is similar to a will but differs in some important ways. Wills only become effective after a person dies and the the will enters probate. However, a living trust avoids probate allowing the designated
Protecting Assets When a Spouse Receives Medicaid
Many couples, in their golden years, find themselves wondering: What if one or both of them is admitted into a nursing home and needs Medicaid? After saving throughout their lives, they are fearful that if one of them enters a nursing home, they will have to dissipate their life savings to pay for
Putting Your Trust Into A Living Trust
The foundation of any comprehensive estate plan is a Last Will and Testament; however, for many people, an estate plan also includes one or more living trusts. Trusts have come a long way over the last century, meaning they are no longer used only by the rich and famous. In fact, putting your trust into
Estate Planning Benefits of Charitable Giving
axes may be a big concern when you are planning your estate, and charitable giving can be part of the solution. The federal estate tax and the gift tax are unified, and there is a $5.25 million unified exclusion in 2013. Minnesota has a $1 million exemption. If the combination of taxable gifts that you
Long-Term Financial Planning: Some Things to Think About
Estate planning attorneys assist clients with financial matters. Everything is connected, and estate planning need not necessarily take place in a vacuum separate from a broader, more comprehensive financial plan. For example, when you are looking ahead toward your retirement years and the twilight years that will follow you could choose to look past the
Power of Attorney in Minnesota: How are General POA and a Limited POA Different?
general power of attorney and a special or limited power of attorney. As everyone has unique needs when considering estate planning, it is important to understand the difference between these two types of planning tools. That way, you can make sure you have the plan that is most appropriate for you. Generally speaking, a power
Estate Planning After Baby – Immediate Changes to Make
The birth of a baby brings about numerous changes. Everything from how much sleep you get to where you live is subject to change as soon as your bundle of joy makes his or her appearance into the world. It is understandably easy to get caught up in the emotions that a new baby brings
The Benefit to Working Longer – A Longer Life Expectancy
If you are one of those people who isn’t exactly looking forward to retirement, you may have a valid excuse to continue working. While some people count down the years, months and days until they can officially retire, others dread the day when they are forced to retire, or when people expect them to retire. If
How to Avoid Being Scammed
Scam artists are often smarter than you may imagine. In today’s digital age, scam artists have gotten even more creative and are hard at work trying to find victims. Unfortunately, older individuals frequently make excellent victims. Statistics compiled by the National Center for Elder Abuse indicate the financial abuse of the elderly may be even more
Think Twice Before Appointing Your Executor
One of the decisions you must make when creating your Last Will and Testament is who will be the personal representative. People often make this decision without giving it much thought. This can be a costly mistake, both in terms of time and money. The personal representative of your Will has an important, and often complicated,
New York Stands to Absorb $40 Million Estate
Surveys are done periodically, and we consistently find that the majority of adults in the United States have not executed proper estate plans. A lot of people out there go through life without a will or a trust or any other asset transfer vehicle. If you are among them, you may want to learn something