Estate Planning Basics: Essential Concepts, Individual Needs

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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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Its very likely that your estate wont 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 its not as bad as you might have heard,
it can be costly and time consuming
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Its 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
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