Estate Planning

Minnesota Estate Planning Attorney

If you have never been in the middle of a will contest or a family feud over a relative's estate, you may not realize how important it is for everyone to have a will. No matter if they have very few assets or a second home, a boat, two cars, a portfolio of investments, and other significant assets, everyone should have a will, a medical power of attorney, and perhaps a revocable trust. To help you devise a plan that fits with your unique family and financial circumstances, you can count on a Minnesota estate planning attorney at Patrick Burns and Associates.

Planning for you and your family's future financial security is essential if you want to avoid certain kinds of taxes, penalties for reallocating assets, and difficulties during probate. To learn how our lawyers can help you, contact Patrick Burns & Associates today.

Why Estate Planning is Essential

If you haven't made plans for asset protection and tax minimization because you do not think your estate is big enough, consider these real life situations:

• A Twin Cities father of adult children fails to have his will updated prior to his second marriage. His will leaves everything to his first wife, trusting she will take care of the children who were still minors when the will was drafted. Minnesota law takes care of the second wife, but does it help the children?
• A Minneapolis mother with minor children marries a man with a child whom she dearly loves but she forgets to write a will including a bequest for him when she dies. He will certainly inherit from his father, but how will he feel about being forgotten by his stepmother?
• A couple with a family-owned business draft a will based on the minimal success of the business in the first years of operation. They fail to pay attention to tax consequences as its assets go into the millions of dollars in later years. What taxes will the family have to pay when the parents pass away?

At Patrick Burns and Associates, we could describe dozens of other scenarios for you. Whatever reason has kept you and your family from making, and updating, your estate plan, do not let another day go by without contacting our office to schedule an appointment to get your wills, trusts, and powers of attorney in order.

Read more about our probate and estate administration practice.