state planning is necessary for people and families of all ages and sizes. An estate plan provides the legal mechanism for transferring property upon your death in a way that recognizes your wishes and the needs of your survivors. For many people it also involves creating a plan which will take care of critical personal medical choices and essential obligations and affairs, including the care of your minor children, in the event you are unable to do so.
At Bloomgren Hanson Legal we take the time to explore all of your options. We help you understand the alternatives in estate planning tools. This includes simple wills, powers of attorney, family limited partnerships, health care directives and a variety of trusts including special needs trusts, irrevocable trusts, and living trusts.
Business succession planning. Planning for the transition of a family owned business is necessary for business owners creating an estate plan. We can assist you in drafting buy-sell agreements (as part of business succession planning) and in helping you develop and carry out plans for the future of your business. At Bloomgren Hanson Legal we help our clients make and implement important decisions such as who will take over, how assets will be divided if the business is sold, and how to give each child or other heir the desired distribution of the assets. We will explore all of your options and alternatives to protect your interests in the business succession planning process.
Comprehensive tax planning. Estate and business succession planning involves more than simply planning for the estate tax. It involves the interplay of various tax regimes, including estate and gift tax, generation skipping taxes, corporate tax, capital gain tax, and fiduciary income tax. Through our strategic tax planning, we assist our clients in developing and implementing an estate plan that minimizes the overall tax consequences, taking into consideration the interplay of all the applicable taxes.
Estate planning for second marriages and blended families. If you are planning to get remarried, we can protect your assets for yourself and your children with a carefully drafted premarital agreement. If you have already remarried, we can create an updated estate plan to protect your children from a former marriage . Estate planning is essential for blended families, especially when substantial assets are at stake. Through pro-active estate planning, you can prevent future disputes and protect your children’s financial security.
Charitable Gift Planning. Charitable giving provides a vast array of planning opportunities and options. Whatever your charitable dream or vision, we can advise you about the various options and ways for you to accomplish your goal. Whether you wish to make a monetary gift to your church, set up a charitable remainder trust or establish an endowment fund for a specific purpose, Bloomgren Hanson Legal can help you achieve your charitable objectives and maximize the tax benefits from your gift.
Probate. There are many different ways to administer a probate estate. At Bloomgren Hanson Legal, we can work with you to identify the most efficient and cost-effective way to accomplish each step of the process, from obtaining initial letters of authority to filing the final account.
Contact Katie Hanson at Bloomgren Hanson Legal for Estate Planning Services.
903 Mainstreet, Ste. A Hopkins, MN 55343