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No two families are alike when it comes to estate plans

St. Paul families come in all shapes and sizes. Some families may consist of a husband and wife, others may have one or many children and others may have neither of these relationships. Other individuals may find themselves in closer relationships with friends, regardless of whether they have surviving family members or not.

Accordingly, no two families are alike, either in terms of the existence of different members of the family or in the relationships individuals have with those family members or friends. For this reason, no two estate plans should be alike either.

As discussed recently in this blog, Minnesota law handles the distribution of assets differently based on which family members survive a person at death. However, the better option is for the person to make these choices himself or herself, by creating an estate plan that directs assets to those chosen by the person.

For instance, individuals can provide for a surviving spouse and utilize certain tax advantages in the process. Individuals may also choose to provide for their children in unique ways, such as passing along business assets to a child who may continue to run that business, while providing for other children with other assets.

Our firm has years of experience in dealing with these different family dynamics. We recognize that our clients are unique individuals with different needs, and we can help advise our clients of the law so that they can put in place a plan that will respect their wishes and distribute their assets to those who are desired. For more information on our firm's estate planning experience, please visit our estate planning webpage.

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