Phone: 218.365.3221
Toll Free: 1.877.365.3221
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Why create an estate plan?
To protect the ones you love. Everyone needs an estate plan, begin planning now. Estate planning enables you to protect your assets and, in turn, your loved ones. The IRS is only benefactor when individuals procrastinate in planning their estate. The Estate Planning Attorneys at Klun Law Firm provide clients, of all ages, with basic, as well as sophisticated estate planning strategies. Our attorneys work closely with clients to secure their estate, real estate investments, and health care needs. We provide estate planning legal services throughout Minnesota, however, our primary service area includes northern Minnesota and the communities of Virginia, Hibbing, Ely, Grand Rapids, Bemidji, Cloquet, International Falls, and Duluth. Contact our office to speak with an experienced lawyer today.
Our goal is to give you peace of mind. At Klun Law Firm, our Wills, Trusts, and Estate Planning Lawyers listen to your story and your tradition. We strive to understand what you value and desire. Our attorneys can then create a tailored estate plan for you and family. We will assist you in developing a plan that translates your story into a enduring legacy.
Protect your family. Protect yourself. Protect your estate.
Regardless of the size of one's estate and one's age, proper planning can have significant benefits. Most individuals in their 20s, 30s, and 40s have probably not given much thought on planning their estate. However, as painful as it is to consider, what would happen to your children or spouse if you died unexpectedly in an accident?
Estate Planning Tools:
Trust
A trust is an estate-planning tool that can replace or augment wills, as well as manage property during life. Some people want to avoid settling a loved one’s estate in court, and will create a trust designed to do just that. A trust can help avoid probate because your property is technically owned by the trust, therefore the probate courts don’t have anything to administer. The trustee distributes your assets pursuant to your instructions. A trust can be used to accomplish many different purposes and can be tailored to your goals.
Will
A will is a legal document that allows you to transfer your property at your death. A will is a simple way to ensure that your money, property, and personal belongings will be distributed as you wish after your death. If you die intestate (without a will), Minnesota's state laws of distribution will determine who receives your property by default, that law may or may not reflect your actual wishes. Contact our office to speak with an experienced lawyer today.
Durable Power of Attorney
A durable power of attorney is a legal document authorizing someone to act on your behalf. You determine how much power the person will have over your affairs. A general power of attorney authorizes your agent to conduct your entire business and affairs (buy & sell your property, pay taxes, invest your money in stocks, bonds, etc.). A limited or special power of attorney authorizes your agent to conduct specified business or make only certain decisions on your behalf. A power of attorney is considered "durable" when it remains valid even if you become incompetent or incapacitated.
A healthcare directive written document that informs others of your healthcare wishes. It allows you to name a person or agent to make decisions for you if you are unable to do so. A healthcare directive is useful if you become unable to adequately communicate your healthcare wishes.
Long-Term Healthcare Planning
The U.S. Department of Health and Human Services found that at least 70% of individuals over the age of 65 will at some point in need long-term healthcare services. The cost of long-term healthcare has been steadily rising over the years and is expected to continue. Receiving professional care for an extended period of time at either a nursing home or in an assisted living community could significantly deplete your retirement savings and leave your children with nothing to inherit. The future is unpredictable. However, the cost of long-term healthcare is guaranteed to be expensive.
One of the most important parts of planning for long-term care is deciding how you will pay for the services. You can pay for the services out of your own personal income, use your healthcare insurance coverage, or qualify for Medicaid. The eligibility requirements for Medicaid are complex and constantly changing. In addition, a recent legislation made it tougher to qualify for Medicaid by revising the look-back period, and increasing penalties for transferring assets.
Guardianship of Minor Children
Usually, a surviving parent assumes the role of sole guardian of your minor children. However, if neither spouse survives, or neither is willing and able to act, it is very important to name a guardian in your will. The guardian you chose should be over 18 and willing to assume the responsibility.
Jointly Owned Property
If you own property with another person as joint tenants with right of survivorship, that is, not as tenants in common, the property will pass directly to the remaining joint tenant upon your death and will not be part of your probate estate. It will, however, be part of your taxable estate. From our home in Ely, Klun Law Firm provides legal services throughout the state of Minnesota. This includes the Minneapolis and St. Paul metro area, along with northeastern Minnesota: the communities of Virginia, Hibbing, Ely, Grand Rapids, Bemidji, Cloquet, International Falls, and Duluth. Contact our office to speak with an experienced lawyer today.
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Featuring Our Small Business & Corporate Practice
Klun Law Firm provides a broad range of services to both privately and publicly held companies, with operations throughout the Minnesota and the world.
Featuring Our Real Estate & Estate Planning Practices
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Two Northern Minnesota Offices To Serve Your Needs
1 E. Chapman Street
Ely, MN 55731
Phone: 218.365.3221
Fax: 218.365.5866
Toll Free: 1.877.365.3221
301 N. Broadway Ave
Gilbert, Minnesota 55741
Phone: (218) 741-2077
Toll Free: 1.877.365.3221
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