Estate planning involves more than the writing of a basic will or establishing a trust. A comprehensive estate planning process should also involve medical, financial, tax, and business planning to fully address your estate planning needs. Whether your estate is large or small, an intelligent estate plan can anticipate contingencies and define courses of action (under your guidance and in consideration of state and federal laws) to ensure that your family and financial goals are met after you die. Putting your financial affairs in order to avoid bequeathing a costly administrative nightmare involves many considerations, including:
- Formulating a cost-effective distribution of total asset value that minimizes tax implications.
- Designating the intended beneficiaries of your estate's assets and creating contingencies as to the time, payment method or gift amount.
- Authorizing others to make health and personal care decisions if you become incapacitated.
- Assigning a guardian who can care for minor children if you become unable to.
- Stating your wishes with respect to you remains.
The 2001 Tax Relief Act contains much of the federal law that governs current estate planning strategies and is a complex law that is inexact. The Act contains dozens of provisions that are being phased in over a 10-year period and that are scheduled to sunset in 2010. However, Congress may pass legislation that could extend or eliminate the current provisions, drastically affecting the intentions of hundreds of thousands of existing estate plans.
Estate planning has therefore become complicated for those with sizeable estates and if the current administration follows through with its economic policy, more Minnesotans will need the services of a trusted and competent estate-planning lawyer to protect their assets from a new series of excessive estate and death taxes. Chmielewski Law Office remains abreast of federal and state estate planning laws and can create effective legal documents, offer advice, keep your estate plan current with new laws and help administer the disposition of assets.
Don't postpone planning until it is too late. Contact Chmielewski Law Offices today via our email form or toll free at 866-446-6529 to consult with a knowledgeable Twin Cities estate-planning lawyer who will invest the time and energy necessary to help organize and manage your estate plan for distribution either at death or during your lifetime.
