We have covered an array of legal topics related to estate plans, but sometimes the process of setting up an estate plan or making changes to an existing estate plan can be difficult for other reasons. For example, some people may experience strong emotions as a result of estate planning, or they may be going through other issues in life which can affect their ability to work through matters related to estate planning. From anger and depression to anxiety and even fear, there are many different emotions people may experience and it is pivotal to work through these difficulties carefully.
With so many components working together to form a well-rounded estate plan, you are questioning where to begin. Developing your plan will take time and is a process that you should carefully complete to guarantee that your plan is completely customized to meet the needs of your family and your lifestyle. At Dunlap & Seeger, we are committed to helping people in Minnesota recognize the importance of establishing an estate plan for their posterity.
If you are one of the many people in Minnesota who has had an estate plan in place for a while, you might want to make now the time you re-evaluate your plan. One reason that makes this a great time to review and potentially update an estate plan is the new tax law that took effect earlier this year.
As a Minnesota resident, you may be wondering what kind of state laws affect end-of-life decisions. If you want to ensure you have control over your medical care, you may follow the state's guidelines for creating a health care directive. If you are over 18 years of age, Minnesota law allows you to make such a document, and the state even provides forms to make the process simpler.
Creating a will, naming and assigning assets to named beneficiaries is not something most Minnesota residents enjoy doing. While having a will is important for everyone, it is essential if you have a disabled child. At Dunlap & Seeger, P.A., we often assist clients in setting up a trust that ensures their child is taken care of after the parent passes away.
When people first sit down to discuss their estate plan, they may be overwhelmed with how many options they have and how many components there are to planning an estate in Minnesota. However, if they take things slowly and take adequate time to articulate their end-of-life wishes and desires, they may be more productive at putting together a well-rounded estate plan that will give them confidence and peace of mind.
Once you have finalized your estate plan in Minnesota, you breathe a breath of relief. A burden has been lifted and you suddenly feel at ease about being able to provide direction and comfort for your family when you pass away. At Dunlap & Seeger, we have helped many people with the development of an estate plan that meets their personal needs.
When people recognize a need to begin planning their estate, they may be instantly overwhelmed with the breadth of important decisions that are awaiting them. However, when people in Minnesota put in adequate time learning about the purpose and function of an estate plan, they may be much more confident and effective in putting together a comprehensive document that accurately depicts their final wishes.
An old saying goes, "there are two certainties in life – death and taxes." Most people assume that taxes end after death, but the truth is that that the tax man hits a deceased person's estate hard. Federal estate taxes typically amount to 45 to 55 percent of an estate's value. The family or beneficiaries must pay the taxes in cash and within nine months of a person's death. Because few Minnesota estates have the cash to pay these hefty fines, families are often forced to liquidate assets. If you do not want your family to have to liquidate assets to pay your estate's taxes, there are a few steps you can take to reduce or even eliminate estate taxes.
Your estate plan does not just have to include plans for what happens after you die. It can also include plans for managing your life and assets if something happens to you while you are alive that makes it difficult for you to do it yourself. One option you have is creating a power of attorney in Minnesota, which according to the National Caregivers Library, gives someone else authority to make decisions for you.