An effective estate plan must be thoroughly tailored to each person’s specific circumstances. That’s why we approach estate planning as a collaboration between you, your attorneys, and your advisors. Together, we work to develop, create, and execute a comprehensive plan that transitions assets to the next generation in a manner that is responsible, efficient, and consistent with your goals.
Among other things, an estate plan prepared by Arnold & Rodman PA can help increase control over your assets; reduce friction between family members; increase privacy; reduce/eliminate probate costs; plan for incapacity; and reduce taxes.
Increase Control Over Your Assets
Without an estate plan, the State of Minnesota imposes a series of default provisions that direct who oversees your estate, and who receives your property when you pass on. We can help you ensure that the right person is in charge, and that your property goes where you want it to.
Reduce Friction Between Family Members
Family conflicts tend to escalate when someone passes on. We can help identify points of potential conflict and prepare plans that reduce the risk of family in-fighting.
Increase Privacy
Most of the documents filed with the probate court are public, and anyone – even people outside the family – may obtain copies of them. We can help you avoid publicizing the size and composition of your assets, and the identity of your beneficiaries, by transferring property into private trusts, which are inaccessible to the public.
Reduce/Eliminate Probate Costs
The probate process can be expensive, and may drag on for many years. An effective estate plan can reduce and often eliminate the costs associated with probate, and can dramatically expedite the transfer of property.
Plan for Incapacity
We can help make medical and financial arrangements to assist in the event of incapacity due to old age, illness, or injury.
Reduce Taxes
Though estate taxes do not apply to everyone, they can be hefty. Currently in Minnesota, the top combined estate tax rate is 56% (state and federal) of the estate. Through careful planning, however, we can reduce and often eliminate estate tax liability through strategic gifting, trusts, and other estate planning vehicles.
