Hennepin County Estate Planning Attorney

Edina Estate Planning Services for Your Family

Why is having an estate plan important? Likely the greatest reason is that it gives families peace of mind knowing they will not be leaving heirs and survivors with a legal mess to deal with. Most people want to make sure that the wealth they have worked so hard to build will be fairly distributed to the people and institutions they choose.

What Happens if I Die Without a Will in Minnesota?

In short, you will have no control over who inherits your estate. In Minnesota, we have intestacy succession laws governed by the Minnesota legislature. If a person dies without a will in Minnesota the probate courts will distribute your wealth in accordance with the intestacy succession statutes, which you will have no control. In fact, Minnesota is one of only a handful of states that still collect an estate tax and your inheritance may be subject to federal estate taxes and owe income taxes on certain assets. The biggest issue is that without an estate plan, you do not get to determine who should inherit your wealth. Instead, it is the cold and impersonal statutes that are in control. In summary, having a signed will (with two people witnessing your signature and signing too) is the easiest way to pass your wealth on to those you choose.

During the process of having a lawyer create your Last Will and Testament, you will select a personal representative who will serve as manager of your estate after you die. This trusted person will manage all debts and final expenses tied to your estate.

Philanthropic Motivations

Many people are interested in passing all or a portion of their estate to their favorite place of worship, to a non-profit, or to their alma mater. I can help you take a planful and mindful approach to your estate plan, considering all the organizations that have made an impact on your life and creating a bequest for you to donate through your will to the organization(s) you select. Whether you choose to (or not) incorporate these organizations into your estate plan, is your choice. But if you do choose to pursue philanthropic bequests in your estate plan, we need to ensure your bequest is properly addressed in your estate plan.

Flexible Options Depending on Your Life Situation in Edina, MN

I am pleased to offer various flexible options for me to create your estate plan based on whether you are just beginning to save, acquiring and maintaining your wealth, and preserving the wealth you have built. Please review our three plans:

Silver Level: Accumulation Phase for Singles and Young Families

Client Type: Young single individual or young couple with or without young children

Type of Assets: Homestead, life insurance policy, retirement accounts.

Estate Size: Less than $500,000

Services:

Basic Will (with a minor trust if you have young children);
Guardianship;
Power of Attorney;
Health Care Directive; and
Review of any life insurance policies and retirement beneficiaries.

Cost: $950.00-$1,250.00 for a single and $1,300 to $1,500.00 for a couple.

Gold Level: Preserving and Growing Your Assets

Client Type: Middle aged individual or couple with or without teenage or college aged children, blended families, charitable planning goals

Type of Assets: Homestead, second real estate in Minnesota, real estate outside of Minnesota, investment accounts, life insurance policies, retirement accounts

Estate Size: $1 million to $3 million

Services:

Estate Plan Development
Guardianship
Power of Attorney
Health Care Directive
Review of all life insurance policies and retirement plans
Revocable trust
Prepare and file deeds to transfer real estate into the trust
Certificate of Trust.

Cost: $1,500 – $2,500 for single and $3,500 to $4,500 for a couple.

Note:Any assistance transferring assets into a trust will be billed at an hourly rate of $325.00.

Platinum Level: Protecting and Preserving your Wealth

Client Type: Individuals and couples that have large estates or individuals or couples that need special needs planning, long term care planning, charitable planning.

Type of Assets: Homestead, second real estate, closely held business, investment accounts, life insurance policies, retirement account, estate tax planning.

Estate Size: $3 million or more

Services:

Estate Plan Development
Guardianship
Power of Attorney
Health Care Directive
Review of all life insurance policies and retirement plans
Revocable trust
Irrevocable Trust
Cabin Trust
Supplemental/Special needs Trust
Prepare and file deeds to transfer real estate into the trust
Certificate of Trust

Cost: Begins at $5,000.00

Note: Any assistance transferring assets into a trust will be billed at an hourly rate of $325.00.

Contact Me Today to Discuss Your Estate Planning Situation in Edina, MN

Regardless of what phase of life you are in, it is important to have a will or estate plan that reflects your wishes. You don’t want to die in Edina, Minnesota without a will. I would love to talk with you about what really matters to you and what you want your permanent legacy to be after you die. Contact me today to set up a free telephone or video conference conversation. You can also reach me at BBarbosa@gilbertalden.com, or 612-887-9286.