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Press Law Office, PLLC

PRACTICE AREAS OVERVIEW

Offering Individuals, Couples, Domestic Partners, Families and Small Business Owners Practical Estate Planning Solutions Attorneys Jody Cohen Press and Steven Press

For over twenty-five years, we have provided outstanding legal representation to individuals, married couples, domestic partners, families and small business owners throughout the Twin Cities metropolitan area. We are proud to offer our clients a broad-based foundation of estate planning experience and knowledge.

Estate Planning

Estate Planning Documents

Wills

Wills are the fundamental document of an estate plan. A will makes your wishes known regarding your assets (bank accounts, brokerage accounts, stocks, bonds, mutual funds, real estate, etc.) when you die. It's also the document that expresses your wishes for deciding who will care for your children if you die before they reach age 18.

Trusts

There are many types of trusts, each addressing a different estate planning need. There are living revocable trusts, irrevocable life insurance trusts and special and supplemental needs trusts, to name a few. For clients who wish to benefit a charity as well as receive supplemental retirement income, a charitable remainder trust is an option. A consultation with us can help you decide if one of these trusts is right for you.

Trusts can also address elimination or minimization of estate taxes. Minnesota has an increasing estate tax exemption as follows:

$2,100,000 for deaths occurring in 2017
$2,400,000 for deaths occurring in 2018
$2,700,000 for deaths occurring in 2019
$3,000,000 for deaths occurring in 2020 and thereafter

Although you might think that the Minnesota estate tax might not apply to you, if you add up the value of your home, cabin, retirement plans, life insurance and all of your other assets, you might be surprised by the total value!

On the federal side, for the year 2017, you have an exemption amount of $5,490,000 before you owe estate tax.

Health Care Directive

A Health Care Directive gives your spouse, domestic partner, adult child, other relative or trusted friend the authority to take care of health care matters on your behalf if you become mentally or physically unable to do so. A Health Care Directive makes your wishes clear to your family, health care providers and the courts. A Health Care Directive also allows you to name someone to make and finalize funeral arrangements for you.

Power of Attorney

A Power of Attorney, sometimes called a Financial Power of Attorney, gives your spouse, adult child, other relative, trusted friend or domestic partner the authority to take care of legal and financial matters on your behalf if you become mentally or physically unable to do so.

Guardianship and Conservatorship

If you have a family member who is no longer able to manage his or her affairs, a guardianship might be needed. A guardianship is established through a court proceeding where a referee (judge) hears evidence and determines whether the guardianship is needed. A guardian decides where the incapacitated person (ward) lives, makes medical decisions on his or her behalf and controls personal belongings.

If the family member has financial assets in need of protection, the referee (judge) might also appoint a conservator.

Contact us for a complementary consultation.

Press Law Office, PLLC
Park Place East
5775 Wayzata Boulevard Suite 700
St. Louis Park, MN 55416
Contact Attorney Steven M. Press at 612.338.8927 or 952.525.2297
Contact Attorney Jody A. Cohen Press at 952.525.2298

We represent individuals, married couples, domestic partners and small business owners throughout the greater Twin Cities metropolitan area.

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The information you obtain at this site is not, nor is it intended to be, legal or tax advice. You should consult an attorney for individual advice regarding your own situation.

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