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Peace of mind for you and your family.

A good estate plan will allow you to retain control of your assets and protect you from the high costs of medical care in later years to the extent that federal and state laws permit. An estate plan is a set of legal documents that are designed to preserve your assets and distribute them to your desired heirs in an intelligent and well thought out manner.

The complexity of your estate plan depends upon many factors.

The attorneys of The Kraft Walser Law Office will discuss your situation with you. Taking into consideration the value of your assets, types of assets, your beneficiaries (and their age), tax implications and alternatives available to you they will design an estate plan for your specific needs. They will review the plan with you, explaining in detail why each part of the estate plan is created the way it is.

What should an estate plan consider?

Protecting your assets for your later years and determining how your want your assets distributed to your heirs can be complicated. There are tax, legal and many other considerations that will influence your estate plan.

  • How to best protect your assets.
  • Avoiding probate.
  • Avoiding or minimizing tax liability.
  • Selecting Guardians and Personal Representatives.
  • Planning succession strategies for family businesses.

 

Protecting Your Assets

Careful advance planning of your estate is prudent to protect your assets from taxes and other expenses.  

A real life example: In the event you become subject to a long nursing home stay Medicaid, for example, will not kick in until your available assets are depleted.  They do allow you to set aside money in a prepaid funeral arrangement without the money being counted as a resource for program eligibility purposes. This means that your family will not need to worry about paying for your funeral, and can be a great relief for them.

Avoiding Probate

Proper advance planning of your estate can help your heirs avoid the probate process. Common probate-avoidance strategies include Revocable Living Trusts, joint ownership of assets with named death beneficiaries, lifetime gifts, and Transfer on Death Deeds.

Probate is a process with which your property is distributed after your death. The basic process is as follows:

  1. Your will is entered into court.
  2. The court decides if the your will is valid.
  3. The court appoints a personal representative.
  4. Known and unknown creditors are notified.
  5. Claims against the estate are paid.
  6. Any remaining funds are distributed to your heirs.

Avoiding or Minimizing Tax Liability

Income, gift and estate tax structures play a significant role in your estate plan. There are multiple vehicles available to use in order to reduce these tax liabilities. Which to use will depend upon your estate and your goals. The attorneys of the Kraft Walser Law Office are experienced in all areas of estate planning.

Powers of Attorney and Health Care Directives

We all must face the fact that someday we may be unable to take care of ourselves. Having a Power of Attorney and Health Care Directive is an important part of planning your estate. This will allow for managing your assets and making sure you receive proper food, housing and medical care in the event of disability.

Succession Strategy

Even though you have passed away, your farm or business may still be running strong. It is important to create a succession strategy to make the transition after your death smoother.  

 

Advance planning, good legal advice, and the collection of important information will ensure peace of mind for you and your family. Call Kraft Walser Law Office and let us get started working for you.

Olivia 320-523-1322 | Hutchinson 320-587-8150 | Stewartville 507-533-0325 | Cokato 320-286-2396 | Renville 320-523-1322