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– Wayne U.– Alan R.
Bloomington Estate Planning Law Firm
Every person and every family is different. That fundamental reality gets obscured when estate planning is reduced to one-size-fits-all strategies. Sandahl & Damhof believes that to best protect the interests and legacies of our clients, it’s important to understand the full scope of legal, financial, and tax strategies available. That’s why our attorneys have spent over a combined 60 years studying the details behind estate planning law and strategy. It’s why we work with a wide range of tools to put the hopes of our clients into a legally binding program. That starts with the most basic element—a last will and testament. It may include a trust and the attendant need for administration. We help clients make important decisions on issues like power of attorney. And we work with them on sensitive matters like caring for children who may have special needs. Whether the need is for a family or a business, Sandahl Damhof understands the issues that have to be raised and the questions that need to be asked. From our Bloomington office, we serve clients throughout Minneapolis, Edina, and Richfield.
Call us at 612-448-3898 or reach out here online today.
Minneapolis Business Succession Planning
Over 90 percent of the businesses in this country are family-owned. The family business is integral to our economy, and their very presence is often a vital part of the community. But there’s a problem. It’s all too common for a family-owned business to ultimately fail after the passing of its founder. The reasons are as varied as they are businesses, but there are some common problems that a good business succession plan can address. Our lawyers work with clients to identify how financial interests in a company will be passed down while also dealing with operational control of the firm. This can be particularly important for owners who know that one of their children might be particularly gifted in running the business while still wanting all of their offspring to share in the wealth. Business succession can deal with tax planning, working to prevent new ownership from taking a big financial hit right at the start. All of these questions call for a detail-oriented experience, and that’s what Sandahl & Damhof offers.
Call us at 612-448-3898 or reach out here online today.
Bloomington High Asset Estate Planning
People with larger portfolios have a unique set of needs when it comes to passing down their legacies to the next generation. Decisions have to be made regarding trusts and whether it will be funded during the grantor’s life or only upon their death. The means of distributing a large inheritance to children has to be determined. High asset earners often have business interests, which have to be properly managed in estate planning to avoid messy legal fights after death.
Strategies to shield assets from creditors and lawsuits are often imperative. Sandahl & Damhof have the experience and knowledge necessary to deal with these complex affairs.
Call us at 612-448-3898 or reach out here online today.
Our mission is to become an essential, trusted partner in our clients’ lives. We achieve this by leveraging our experience, expertise, and tireless work ethic.
What is Probate?
Probate is the court and process that looks after people who cannot make their own personal, health care, and financial decisions. These people fall into three general categories: Minor Children (under age 18 in most states), Incapacitated Adults, and People who have died without legal arrangements to avoid probate. Probate proceedings can be expensive and time-consuming. Additionally, the court proceeding and associated documents are all a matter of public record. Many people choose to avoid probate in order to save money, spare their heirs a legal hassle, and keep their personal affairs private.
What is Joint Tenancy with Rights of Survivorship? (in some states, when between spouses)
This is the most common form of asset ownership between spouses. Joint tenancy has the advantage of avoiding probate at the death of the first spouse. However, the surviving spouse should not add the names of other relatives to their assets. Doing so may subject their assets to loss through the debts, bankruptcies, divorces, and/or lawsuits of any additional joint tenants. Joint tenancy planning also may result in unnecessary death taxes on the estate of a married couple.
What is a Will?
The document a person signs to provide for the orderly disposition of assets after death. Wills do not avoid probate. Wills have no legal authority until the willmaker dies and the original will is delivered to the Probate Court. Still, everyone with minor children needs a will. It is the only way to appoint the new “parent” of an orphaned child. Special testamentary trust provisions in a will can provide for the management and distribution of assets for your heirs. Additionally, assets can be arranged and coordinated with provisions of the testamentary trusts to avoid death taxes.
What is Health Care Directive?
Sometimes called an Advance Medical Directive, a living will allows you to state your wishes in advance regarding what types of medical life support measures you prefer to have or have withheld/withdrawn if you are in a terminal condition (without reasonable hope of recovery) and cannot express your wishes yourself. Oftentimes a living will is executed along with a Durable Power of Attorney for Health care, which gives someone legal authority to make your health care decisions when you are unable to do so yourself.