Many individuals and families think estate planning is only for the extraordinarily wealthy, the people they see on television living the “lifestyles of the rich and famous.” But the fact is, almost every family should have an estate plan of their own—without one, the state of Minnesota and the IRS will simply create a plan for you. And you, your loved ones and heirs will likely suffer some painful financial consequences. It is equally important to have your plan prepared by a firm with estate planning experience, because it is a highly specialized area of the law.
Our approach to estate planning is just like the one we take for business planning and other practice areas. We listen closely, get to know you and your most pressing concerns, then create a plan that addresses every single one of them and helps you realize your dreams. We also take the time to explain your options in clear, easy to understand language, without all that confusing “legalese.”
- Revocable Living Trusts
- Wills
- Powers of Attorney
- Health Care Directives
- HIPAA Authorizations
- Dynasty Trusts
- Irrevocable Trusts
- Life Insurance Trusts
- Family Limited Partnerships
- Qualified Personal Residence Trusts
- Gift Programs
- Retirement Trusts
- Minors’ Trusts
- Generation-Skipping Trusts
- Tax Planning
Medicaid Planning.
Medicaid planning is an increasingly important aspect of estate planning. The reason is simple: Americans are living longer than ever before, and many elderly people eventually require long-term or nursing home care. In fact, nearly one in two women and one in four men find themselves in nursing homes at some point in their lives. Unfortunately, nursing home care is very expensive, averaging anywhere between $5,000 and $9,000 per month, and Medicare will not pay for it. Little wonder, then, that two out of three families run out of money within the first year of a prolonged nursing home stay.
There are many legal tools available that we can put to work on your behalf to prepare for a nursing home stay in advance, or help you in a “crisis” situation if you or a loved one must enter a nursing home in the very near future. And even if you are already in a nursing home, we may be able to help you obtain financial assistance to offset the cost.
