You are working hard to make sure your loved ones have everything they need to be happy and successful. You want to have a plan in place so that your family is well cared for if something happened to you. You want to make sure your children would be taken care of in the best way possible and will be prepared to receive your assets and the help they need if anything happened to you. You want to make sure that estate taxes are avoided to the maximum extent possible.
At Roulet Law Firm, we take pride in tailoring your estate plan to your needs and applying our knowledge of tax law to safeguard it from unnecessary estate taxes. We carefully help you select both temporary and permanent guardians for your children so that those you trust most will take care of your children, and their fate will never be left to the overcrowded court system.We offer free periodic reviews to keep your plan updated so it will work when you need it.
Kids Protection Planning:
It is always devastaing when young parents pass away. Compounding the tragedy is when the children have to go through the foster care system because a temporary guardian has not been named for them. While the foster care system in Minnesota tries to place children with family members first, it's always better to have a plan in place so foster care doesn't need to be called in the first place.
We highly recommend our Kids Protection Plan and make it our practice to advocate it to our younger adult clients with children. A traditional estate plan that merely names permanent guardians for minor children does not protect them from a temporary stay with Child Protective Services in case something happens to you and the authorities have to be called. Nor do these kinds of plans protect your children from a custody battle if someone you wouldn’t want to raise your children challenges the guardians you have designated. Click here to learn more.
It is possible to donate to charities while helping your family avoid estate taxes. You can establish your foundation during your lifetime or it can be set up after you die. A small percentage of the trust's assets would be distributed to charity each year. You can name whomever you wish to run the foundation, including your children, and the foundation can pay them a reasonable salary. You can be very specific about which charities you want to support or you can leave that up to the trustees of the foundation, in accordance with IRS guidelines.
For more information about creating an estate plan in the Twin Cities, we welcome you to contact our office at (763) 420-5087.