Estate Planning Law
Values Based Estate Planning
Tom and his team have built an Estate Planning Practice based on perpetuating your core values. Most people do not want to fundamentally change their loved ones. Most people want to enhance the lives of their loved ones. Some worry that by leaving heirs (children and grandchildren) them too much money in a lump sum that it might change their career aspirations and ambition, provide access to less desirable activity or even be the cause to instigate a marital termination. Estate planning can entail providing direction or guidance on how to use the money. We can create a comprehensive plan that enables you to pass on your values with your wealth by teaching and preparing your heirs to receive your wealth.
Tom and his team can create estate plans that encourage
Strong work ethic
Purchase of a business
Foster asset protection for your children
Supplement their retirement income
Provide for lump sum payments when they reach an appropriate maturity level or age
Real estate investment
A well-executed estate plan allows you to control your property while you’re alive and well, provide for yourself and loved ones if you become disabled, and allow you to “leave what you earned with what you learned”
Tom and his team understand asset protection is an integral part of your estate plan. A comprehensive plan requires exploring methods of protecting your assets from the claims of creditors. Tom and his team work with you to ensure that you are adequately protected. Just as important, Tom and his team will provide counsel with regard to having your heirs assets protected as they inherit your wealth.
Elder Law and Planning for the Aging
Tom’s team assists you in dealing with issues associated with growing older. Asset planning for in-home care or nursing home care in Minnesota is a trap for the unwary. You need to deal with issues involving long term care insurance coverage, spend downs on your assets, Medicare, Medical Assistance and Veterans Administration benefits. You need to make sure you are working with a qualified team. Tom has assembled a team with experience and understanding of these elder law issues. Tom and his team understand asset protection is an integral part of your estate plan. A comprehensive plan requires exploring methods of protecting your assets from the claims of creditors. Tom and his team work with you to ensure that you are adequately protected. Just as important, Tom and his team will provide counsel with regard to having your heirs assets protected as they inherit your wealth.
Special Needs Planning and Supplemental Needs Planning
Individuals with special needs require unique planning so as to preserve their eligibility for certain governmental benefits. Special needs planning for you to take care of loved ones with disabilities to improve the quality of their life without disqualifying them from government benefits.
A Special Needs Trust is created by the disabled person for the purposes of allowing for their assets to be distributed to them in the future for life enhancing goods and services that are not covered by governmental benefits. For example, a settlement could be used to fund future travel for entertainment.
A Supplemental Needs Trust is created by a third party for someone who has a disability. Like the Special Needs Trust, these assets are also distributed for life enhancing goods and services without jeopardizing access to governmental benefits.