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IDS Center, Minneapolis
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The actions outlined in your Will only commence after you have passed away. A Revocable Trust allows you to plan ahead and avoid probate. We can determine the best option in relation to your plans and goals for you estate, helping you to maximize the inheritance of your beneficiaries as well as ensure an efficient transfer of assets.
The Federal Government imposes taxes when you transfer property during both lifetime (Gift Tax) and at death (Estate Tax). The Generation-Skipping-Transfer (GST) Tax applies when the property is transferred to grandchildren. Our attorneys can help minimize the amount of tax owed by you and your estate.
Charitable donations are a great way to help those in need, as well as provide you positive tax benefits. Our attorneys can explain and draft the charitable giving vehicle that will maximize your tax benefits while benefiting your charitable purposes.
We fully understand that transferring a family business is a symbol of love for and trust in your children. Our attorneys provide more than just guidance concerning taxes and legal documents. We also help maintain the bonds that tie your business and your family together.
You have the right to dictate your preference when it comes to your medical care. Advanced healthcare directives allow you to guide the decisions of doctors and other medical staff in cases when you are terminally ill, in a coma, or are seriously injured. Additionally, you relieve your family of the burden of deciding on your medical care without your guidance.
Should you become incapacitated due to health problems or other circumstances, it is important that you assign a trusted representative to handle financial matters on your behalf.
A Family Limited Partnership (FLP) often offers families tax benefits, such as Discounted Values for Estate and Gift Tax Purposes, and non-tax benefits, such as Centralized Management of Assets. A Limited Liability Company (LLC), on the other hand, allows for better tax flexibility and protection against liability for acts and debts. Our attorneys can identify which is the best option for your family.
The amount set aside in your life insurance policy is meant to replace your earnings, as well as fulfill other important financial goals, such as funding the college education of your children and even paying Estate Taxes. An Irrevocable Life Insurance Trust works toward this by removing the insurance proceeds from your taxable estate.
There are significant differences between prenuptial agreements and postnuptial agreements, and both options have their merits. We will gladly discuss both options with you, help you decide which option is the best for you, and draft the agreement.
Probate is a hassle your heirs do not need. We specializing in minimizing the occurrence and effects of probate proceedings. However, in those instances where a probate is unavoidable our attorneys can address the concerns of beneficiaries, settle debts and distribute assets, ensuring a more smooth probate process.
A properly crafted lifetime giving program allows you to transfer assets to individuals in small increments, without these transfers consuming your Gift, Estate, and GST Tax exemptions.
Intra-family loans are gaining popularity due to the flexibility of terms, and the fact that the transfer does not affect the lender’s lifetime Gift Tax exemption. We can draft the terms and conditions of the loan to ensure your family is able take full advantage of the benefits available.
By legally designating beneficiaries your beneficiaries on insurance policies, etc. , you can prevent certain asset classes from going through probate.
Our attorneys aggressively represent clients in tax dispute matters of all levels—from the audit level all the way up to the Supreme Court
