Individuals spend a lifetime building their estates, often with the ultimate goal of securing their financial futures or passing assets on to the next generation. Faegre Baker Daniels lawyers help clients achieve their financial objectives through strategic estate planning.
Document Preparation and Counseling
Our attorneys are skilled and efficient in preparing will and trust documents to direct the organization, administration and disposition of clients' estates. We provide guidance on valuation of assets and help individuals understand their financial options while considering goals such as inheritance maximization and equalization. Our professionals are experienced in international estate planning matters and can manage large, global estates or the assets of local individuals.
Trusts and Charitable Giving
Our attorneys are knowledgeable in tax efficient gifting programs and the use of revocable and irrevocable trust agreements to bequeath funds. We assist clients in implementing charitable deduction trusts to minimize or delay estate and related taxes, including charitable lead and remainder trusts. When clients wish to make lifetime gifts, we counsel on the use of qualified personal residence trusts, grantor retained annuity trusts and trusts that take advantage of the marital deduction.
Life Insurance Planning
Life insurance can be a significant tool in effective estate planning. We support clients throughout the acquisition and ownership of policies and designation of beneficiaries. Through prudent planning, we assist clients in using life insurance to provide for the payment of death taxes by setting up irrevocable life insurance trusts to hold the ownership of policies.
Medical Care Preparation
Often, planning for the future includes preparing for difficult times. We assist clients with financial planning in anticipation of long-term medical needs and related expenses, including the use of lifetime distributions from assets held in qualified retirement plans. We prepare power of attorney documents, living trusts and health care directives that guide personal care.
Tax Considerations
Our team recommends strategies for transferring wealth with minimal tax consequences to ensure that successors receive the majority of clients' estates. We develop effective, individualized estate plans by analyzing the effect of all types of taxes on client assets, including gift and estate taxes, the generation skipping tax, and inheritance taxes.