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 Estates,
Trusts & Estate Planning.
Primus Law Office, P.A. has provided assistance
to three generations of families in planning their
estates and administrating their estates & trusts.
The planning process can also include planning
for disability. (Guardianships
& Conservatorships).
Estate planning services range from the preparation
of simple wills to more complex estate plans including
provisions for a supplemental needs trust for
an incapacitated family member, minimizing or
eliminating of federal estate taxes, and contingency
planning for persons with minor children. Primus
Law Office, P.A. also has had extensive experience
in the administration of trusts and estates including
probate and trust litigation.
For probate and trust matters and estate planning
involving significant tax issues Primus Law Office,
P.A. has affiliated itself with Hoffmann & Swintek,
certified public accountants. They may be reached
at Hoffmannswintek.com.
GETTING STARTED
SIX REASONS YOU SHOULD PLAN YOUR
ESTATE
BASIC ESTATE PLANNING TERMS
GETTING
STARTED
The first step in preparation of an estate plan
is to complete our Estate Planning and Will Questionnaire.
This form may be printed from this site and then
returned via fax or mail.
Click
here for the form to be printed.
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 Six
Reasons Why You Should Plan Your Estate.
1. Financial protection for loved ones.
Most people want to make sure that their spouse
and/or children are well-taken care of it they
are not around to do so themselves. We'll work
with you to coordinate your Will with the beneficiary
designations on you insurance policies and retirement
plans to make sure that your estate passes to
the proper persons in the proper proportions.
If you die without a Will and without proper beneficiary
designations, Minnesota laws will determine who
will receive your assets, and in what proportions,
and this may not reflect your preferences. For
example, current law does not provide for passage
of assets to close personal friends, children
of a second spouse, or other unique family situations.
In addition, the intestacy laws may provide for
a division of assets between you spouse and children
which you find inappropriate.
2. Appointment of guardians for children.
Your children will need an adult to care for them
in the event both parents die before the children
become adults. If you don't designate a person
in your Will, the court will designate one for
your children. The process of court involvement
can cause tension among family members and anxiety
for the children. In addition, the guardian selected
by the court may not be the one you would have
chosen. A designation by you in your Will provides
a much smoother transition.
3. Save taxes. To the extent the value
of your estate (or the combined estate of you
and your spouse) exceeds $700,000, (or a combined
estate of $1,400,000) your estate Will be subject
to federal and Minnesota estate taxes. This tax
will reduce the amount of your estate which will
pass to your children or other heirs. However,
we can prepare an estate plan for you which will
minimize these taxes, and in some cases, completely
eliminate them, by simply taking advantage of
existing laws.
4. Ease burden on survivors. If you prepare
an estate plan and related documents, you will
have organized your financial and personal matters
during your lifetime, and relieved your family
the burden of many decisions after your death.
In addition, they will have the comfort of knowing
that they have transferred your assets and handled
your personal matters in accordance with your
wishes.
5. Plan for transfer of family business interests.
If your estate contains interests in a closely
held business, you will want to provide for its
orderly transfer after your death. The process
of preparing a will and reviewing the value of
your assets provides an excellent opportunity
to determine whether the business will continue
after your death, who will take your place, place
a value on your interest, and estimate taxes payable
at your death as a result of that interest.
6. Opportunity for disability planning.
Disability can happen to anyone at any time. The
process of preparing an estate plan is an appropriate
time to addresses this issue, and allows you to
decide whether any of the following documents
may be appropriate:
a) a Power-of-attorney, which allows a person
or institution to handle your financial matters
in the event you are unable to do so yourself.
It can also be used anytime you are traveling
out of the country, or otherwise unavailable.
b) a Nomination of Conservator, which allows
you to designate your preference for a guardian
or conservator in the event you become incapacitated
and unable to manage your own affairs. (Guardianships
& Conservatorships).
c) a Healthcare Declaration, which directs
your physicians regarding your wishes concerning
life-sustaining measures which are acceptable
to you in the event you are unable to convey
those wishes yourself.
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Basic Estate
Planning Terms.
Estate: The taxable entity which results
after your death, consisting of all your assets,
and including most life insurance and all income
to which you are entitled at your death.
Personal Representative (Executor): Your
personal representative will be responsible for
managing your estates, transferring your assets,
and performing all other tasks according to the
terms of your Will.
Trust: A device which can be used to
hold assets and distribute income or principal
according to your wishes. It is most typically
used in cases of spouses, minor children, or disabled
persons. A trust may also be used as a Will substitute
to avoid probate.
Trustee: Your trustee will manage and
invest any assets held in a trust. The trustee
is required to account to those entitled to receive
trust income or principal, if requested.
Guardian(s) for Minor Children: This person(s)
will be responsible for the long-term care of
any minor children who survive you. As guardian,
he or she will be able to make decisions involving
where your children will live, their education,
and their health care, in the event both parents
are deceased while the children are not yet adults.
Health Care Declaration (Living Will):
This is a document which gives direction to health
care professionals regarding your care in the
event that you are diagnosed to be in a terminal
condition.
Power of Attorney: A document which can
be used by an individual or institution to manage
another individual's property. Although these
are typically used for periods of incapacity,
they can also be used during periods when an individual
is traveling outside the country or otherwise
unavailable.
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QUESTIONS?
Send inquiries to frontdesk@primuslawoffice.com
or call us at (612) 333-0909
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