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What laws affect your estate plan?

St. Paul residents work very hard to provide for themselves and their families. Parents enjoy being able to look after their children and ensure that their children's needs are met.

While this parental desire to look after one's children may be strongest when the children are young, it does not end when the children grow up. Many families run businesses or farms, for example, and they have an interest in seeing that the next generation is able to assume operation of the business or farm upon the parent's death.

This is where having an effective estate plan comes into play. Estate planning is, simply put, the means by which families are able to distribute their assets and express their wishes after death.

While the estate planning concept is simple, putting it into effect may be more complicated. For example, last week, this blog discussed the application of the Minnesota estate tax, which is estimated to affect about 800 families this year. Accordingly, while a number of families will be directly impacted by the estate tax, other families may not have estates valued at a level that would trigger the inheritance tax. The most effective way to know whether the estate tax or other financial consequences will apply is to understand the law and how one's plan will be impacted.

Our firm takes pride in being able to meet the individual needs of our clients when it comes to estate planning. We can help examine a person's assets and desires and explain how the law will apply to their particular circumstances. We then help our clients formulate an effective estate plan aimed at wealth protection, passing on a business or farm or meeting the other specific needs our clients may want. For more information on our firm's estate planning strategies, please visit our page on estate administration.

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