Estate planning basics essential concepts, individual needs

ESTATE PLANNING BASICSEssential Concepts, Individual Needs

INHERITANCES

HOW DO I LEAVE INHERITANCES?

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

two primary tools

A last will and testament

and a revocable living trust

BOTH OF THESE TOOLS give you the chance to make almost any inheritance choice

you want

TAXES

HOW MUCH WILL MY ESTATE HAVE TO PAY IN ESTATE TAXES?

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

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

Even if your estate is large enough to be taxed, there are ways to

reduce or eliminate your exposure

PROBATE

WHAT IS PROBATE AND WHY SHOULD I WORRY ABOUT IT?

Probate is a legal process that applies to your estate property

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

and time consuming

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

TIME IS RUNNING OUT

OK, I KNOW I NEED TO BEGIN ESTATE PLANNING. WHEN SHOULD I DO IT?

IMMEDIATELY

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

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

A good plan is one you create as soon as possible, and one that you update as

your needs and desires change

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