Estate Planning

The best advice you can receive when planning for your estate is "make your own plan".  Don't follow the plans of someone else, as they may not be the right for you. Each client has a different set of assets, goals, desired outcomes and because of that, each plan should be customized to your situation. 

 

Estate plans are composed of several documents and come in a multitude of options: 

Powers of Attorney

Health Care Directives

HIPAA Waivers

Last Wills and Testaments

Trusts (Revocable or Irrevocable)

Beneficiary Designations

Transfer on Death Deeds

Life Estate Deeds

Both the Federal and Minnesota governments have an estate tax. Estate taxes are specific to those who pass away with a higher net worth. If this is a concern for you, ask about the estate tax thresholds and if your estate will be affected.

When selecting an estate plan, you are going to want to consider your family, your assets, your goals, administration of your estate, taxes and overall costs to carry out the plan.