Rochester Estate Planning Lawyers

Estate Planning

 

At Davis Law Firm, we draft unique estate plans tailored to each of our client’s individual needs. At the initial meeting, and throughout the planning process, we work with our clients to identify their goals and expectations, so that each document we draft fully addresses the needs of our clients. It is important for every adult to create an estate plan as proper planning allows individuals to establish a care plan to provide for themselves, as well as their dependent family members, during periods of incapacity and to provide for the transfer of their assets after death. This can be accomplished through use of health care directives (a combination of a health care power of attorney and a living will), financial powers of attorney, wills, and revocable, irrevocable, and testamentary trusts.

Simply put, an estate plan allows an individual to choose how and to whom his or her assets should transfer after his or her death. Our estate plans involve planning for continued care and maintenance of our clients during life and periods of incapacity, as well as the preservation of wealth and the transfer of assets and care of dependent family members after death. With an estate plan, our clients can choose the people to handle their affairs during periods of incapacity or after death, including a personal representative (or executor) to manage their estate, a health care agent to make medical decisions on their behalf, a trustee to manage trust assets on behalf of the trust beneficiaries, and an attorney-in-fact to manage their finances if they are unable to do so. This allows them to plan for any physical or mental incapacity during their lifetime. They can also choose a guardian or conservator for their children and choose how and when their children will receive their assets, as well as provide for the continued care of other dependents such as an individual with special needs. We work with our clients to preserve and maintain their assets during their lifetime and after their death and to designate who will receive their assets after their death. Finally, our estate plans can allow our clients to avoid probate and minimize estate and other taxes.

During and after the development stage of creating an estate plan, we often consult with our clients’ accountants and financial advisors to help coordinate their investment strategies with their estate plan to help ensure a smooth transition of wealth and the greatest minimization of taxes. We provide advice to our clients on titling their assets and updating their beneficiary designations to flow consistently with their estate plan. When creating an estate plan, we continue to represent our clients throughout the entire process, from drafting their estate plan to making necessary updates as they age to administering their estate. We work with our clients on both an individual and a family basis and often assist our clients’ children or other family members during periods of incapacity or after the death of a client. As we often both draft and implement the estate plan, our involvement provides for a smoother transition of wealth to the next generation.

 

Contact Us



Davis Law Firm, P.A.
3006 Allegro Park Lane SW, Suite 3
Rochester, MN 55902

Phone: 507-424-6330
Fax: 507-424-6332