| Like most states Minnesota levies taxes in it's | | | | planning for the care of elderly relatives, taxes |
| own way. For example, property tax on real | | | | and other legal issues. Using appropriate financial |
| estate in Rochester, MN is levied at the Olmsted | | | | services in Minnesota for your estate planning is |
| county level and the tax rate is two tiered: | | | | extremely important because it helps to protect |
| | | | your property and its distribution after death and |
| 1. one to three family residential properties are | | | | ensures that you decide what happens to your |
| taxed at the Homestead Rate | | | | assets. |
| 2. while other properties are taxed at the higher | | | | Minnesota's Probate Procedure |
| Non-Homestead Rate | | | | Dying without an estate plan means that your |
| These requirements, unique to Minnesota, make | | | | family would have to go through the probate |
| choosing the right financial services necessary. | | | | procedure according to Minnesota state law. This |
| The right financial services enable you to manage | | | | process takes at minimum five months depending |
| your personal finances as well as your business | | | | on the type of probate process, and is extremely |
| finances. Making this one of the most important | | | | stressful and time consuming. Added to this |
| decisions you will have to make. If you get it | | | | unnecessary stress is the fact that without an |
| right, by choosing an experienced and well qualified | | | | estate plan the contents of your estate would be |
| financial expert, you're more than half the way | | | | subject to significant federal and state taxes |
| there to financial security for yourself and for | | | | which results in a reduced amount of assets left |
| your family. | | | | for your heirs. |
| Setting Out Your Financial Plan | | | | Benefits of an Estate Plan (beyond avoiding |
| Once you've made the decision to seek financial | | | | Minnesota's Probate Process) |
| services in Minnesota and have chosen a reputable | | | | By explaining your wishes in an estate plan, will or |
| and professional financial planner you can get | | | | trust, you avoid potential conflicts between family |
| down to setting out your financial plan. This should | | | | members who may take competing positions in |
| include an estate plan including an inventory of all | | | | order to divide the estate at a time when they |
| your existing financial assets. If you are a resident | | | | should be coming together. Within your plan you |
| of Minnesota and you die without an estate plan it | | | | can also create a healthcare directive so that you |
| means that the distribution of your property | | | | decide who has responsibility to explain to |
| would be determined by Minnesota state laws and | | | | healthcare professionals what medical care and life |
| not by you or your family members. | | | | sustaining measures you want (or don't want) if |
| Your estate plan includes financial aspects aimed | | | | you become incapacitated. You may also use |
| at securing your family's future financial security | | | | Powers of Attorney to explain decisions on your |
| as well as, business planning, retirement plans, | | | | behalf to financial advisors, banks and others. |