Estate Planning Basics- Essential Concepts, Individual Needs

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Learn more about estate planning in Minnesota with regards to inheritances and taxes in this presentation.

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Estate Planning Basics Essential Concepts, Individual Needs

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INHERITANCES

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How do I leave inheritances?

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There are several possible ways, but your estate plan will likely use two primary tools

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A last will and testament

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and a revocable living trust

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Both of these tools give you the chance to make almost any inheritance choice you want

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TAXES

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How much will my estate have to pay in estate taxes?

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It’s very likely that your estate won’t have to pay anything in estate taxes

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Though estate taxes were a considerable concern 10 or more years ago, they are significantly less important today because the exemption limits are so high

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Even if your estate is large enough to be taxed, there are ways to reduce or eliminate your exposure

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PROBATE

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What is probate and why should I worry about it?

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Probate is a legal process that applies to your estate property

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Though it’s not as bad as you might have heard, it can be costly and time consuming

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It’s also something you can mostly avoid if you take the proper action

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TIME IS RUNNING OUT

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Ok , I know I need to begin estate planning. When should I do it?

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IMMEDIATELY

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You never know what the future holds, and not having a plan in place could mean some serious problems for you or your family

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A good plan is one you create as soon as possible, and one that you update as your needs and desires change LEARN MORE ABOUT ESTATE PLANNING IN MINNESOTA

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A good plan is one you create as soon as possible, and one that you update as your needs and desires change CLICK TO VISIT: GERMANLAWGROUP.COM

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