ESTATE PLANNING PLYMOUTH, MN
Comprehensive Estate Planning
What Exactly is ``Estate Planning``
Many see estate planning as a one-and-done task resulting in a will or a trust. This is, however, a bit simplistic. Estate planning is much, much more. It covers two times in the life cycle – while you’re alive but incapacitated (“incapacity planning”), and after your death (“legacy planning”) – and addresses three primary categories for each time in the life cycle – finances and assets, health and body, and minor children. For this, we’re going to use several core documents (see below).
If done right, can protect your well earned legacy. If done poorly, then the plan won’t be worth the paper on which it’s written. If you’re looking for an estate planning attorney that will help you create peace of mind for today and the future, then we can help.
What Exactly is ``Estate Planning``
Many see estate planning as a one-and-done task resulting in a will or a trust. This is, however, a bit simplistic. Estate planning is much, much more. It covers two times in the life cycle – while you’re alive but incapacitated (“incapacity planning”), and after your death (“legacy planning”) – and addresses three primary categories for each time in the life cycle – finances and assets, health and body, and minor children. For this, we’re going to use several core documents (see below).
If done right, can protect your well earned legacy. If done poorly, then the plan won’t be worth the paper on which it’s written. If you’re looking for an estate planning attorney that will help you create peace of mind for today and the future, then we can help.
Beyond “Just a Will”
Estate planning is more than just drafting a will or trust and the three core incapacity planning documents. The will or trust may include various testamentary trusts. Your house may be re-deeded into a transfer on death deed. You may include in your plan Medical Assistance planning or trusts for special needs planning. Your plan may rely on giving gifts while you are alive rather than everything after your death Here at Signature Law, we’ll customize your estate plan to fit your unique needs, and help you avoid the risks of running into a pitfall that could void your entire plan.
Myths and Misconceptions
The process is tailored to the needs and comfort of each client. Generally, however, the process is as follows:
MYTH #1:
IF YOU DO NOTHING, IT WILL AL GO TO YOUR SPOUSE OR CHILDREN.
This may or may not be true. Yes, the intestacy statutes will first distribute to your spouse, and then your children. But what if your spouse remarries? What if you or your spouse are already on a second marriage? What if you or your spouse have children from before your marriage? What if your spouse gets into credit trouble or is scammed? What if your spouse has children after you have passed? What if your spouse disinherits your children? There are a lot of unknowns that can happen that, if not prepared for correctly, can be devastating to your estate.
MYTH #2:
ESTATE PLANNING IS ALL ABOUT AVOIDING TAXES.
Most estates will not be subject to an estate tax. In order to be subject to an estate tax your estate will need to be worth at least $3 million for the Minnesota estate tax, and nearly $14 million for the Federal estate tax. If your estate might grow beyond these thresholds, then yes, we will need to address taxes. But for most people, estate planning is not about taxes, and even for those people where the estate tax is relevant, estate planning goes far beyond taxes.
MYTH #3:
PROBATE IN MINNESOTA ISN’T SO BAD, THERE’S NO NEED TO AVOID IT.
It is true that probate in Minnesota is much easier and less expensive than in other states like California, Florida, Illinois, or New York. However, even in Minnesota, probate can be a long and expensive process. A quick probate can take 8 to 10 months and cost many thousands of dollars in attorney fees and other costs. To add insult to injury, no matter where the probate occurs, during the process your accounts and property will be frozen and inaccessible by your loved ones. If probate is a concern, there are several ways to avoid it, you need to do careful planning.
MYTH #4:
I CAN JUST DOWNLOAD SOMETHING FROM THE INTERNET AND DO IT MYSELF.
This is really dangerous territory. Many of the forms on the internet are flawed, incomplete, or even incorrect on the law. Even templates from seemingly legitimate sites are often flawed. Even if you find a legitimate website to work with, the website can only take you so far: you don’t know what you should be looking for. You could accidentally write an ambiguity into your will and invalidate the entire document and send your heirs and loved ones into a lengthy court battle. Remember, legacy planning is only effective after you have died. This means you won’t have a chance to change or fix anything that might have been done in error. You need to have experienced counsel to guide you through the many pitfalls of estate planning.
My husband and I had an outdated will and when our needs changed we looked for someone to help update it. Greg came highly recommended by a CPA. He was one of two people we talked to and he definitely had a more comprehensive approach to the task. He demonstrates a depth of understanding and commitment to the service that we very much appreciate. After working with him we now have comprehensive trust and health directive documents. We feel very confident that our wishes will be met both with our health and estate. I would not hesitate to recommend him to others.
– Carolyn B.
Let’s Get Started With Estate Planning
If you’re ready to develop a comprehensive estate plan, we’re here to help. You can get started by scheduling a free consultation where we can answer any questions and identify next steps.