Estate Planning | Rochester

Estate planning is one of the most important gifts you can give to your loved ones. Proper estate planning requires listening and discussing your wishes with an experienced estate planning attorney. The attorneys at Rochford & Langins will design your plan so that your assets will pass not only in the most tax efficient manner, but in a way that best represents your wishes and family values.

Our attorneys will create an estate plan for you and your family that minimizes taxes and reflects your unique family values. Often our attorneys will utilize a combination of the following documents:

Revocable Living Trusts and Pour Over Wills

• Transfer assets from your estate while maintaining the control and benefit of the assets during your lifetime, and at the same time avoiding or minimizing the burden and expense of probate
• Reduce exposure to estate taxes by means of a revocable living trust
• Make sure that all assets are transferred into the living trust by means of the pour-over will

Blog: Should I have a Revocable Living Trust?

Irrevocable Trusts

• Can be used to maximize tax savings when funded with life insurance, or as Medical Assistance planning tool in very limited circumstances.

Charitable Trusts

• Can utilize certain tax advantages while providing for your charity years after your passing.

Disclaimer Trust/Wills

• Can be used by a married couple to utilize individual estate tax exemptions.

Life Insurance Trusts

• Can be used to hold life insurance to pass on as part of your legacy.

Special Needs Trusts

• Special needs trusts and supplemental needs trusts are important documents to consider when you have a loved one living with a disability. Please see our Blog for more information.

Blog: What planning tools are available for my loved one living with a disability?

Wills

• Can be used to pass assets through probate in Minnesota.
• Give you peace of mind knowing that your assets will pass according to your wishes and not according to Minnesota intestacy statutes.
• Can be used to name a Guardian for minor children.

Powers of Attorney

• Can allow a trusted person or fiduciary to make important financial or administrative decisions with regard to your assets in the event of disability.

Health Care Directives and Living Wills

• Can be used by your nominated agent during incapacity to make health care decisions on your behalf.

How Estate Planning Works

Our attorneys will identify your estate planning objectives and craft your plan accordingly. Objectives common to many of our estate planning clients include:

Asset Protection

Commonly, business owners come into our office with various assets held both individually and within their respective businesses (real estate, securities, cash, land, etc…). In these scenarios asset protection is of paramount importance. As a business owner, you will want to discuss the utilization of Limited Liability Companies and Asset Protection Trusts with one of our attorneys to learn how these helpful tools can minimize liability and protect assets.

Blog: Asset Protection Planning: The use of LLCs in Estate Planning
Blog: Estate Planning for Surgeons, Physicians, Dentists, and Administrators

Charitable Gifting

Planned gifting can leave a lasting legacy to the charity of your choice. Often times charitable gifting will help minimize federal taxes on your estate, and can reduce capital gain and income taxes.

Tax Planning

A number of legal alternatives exist to minimize or avoid federal estate taxes; the larger your estate, the more imperative it is to obtain the legal expertise necessary to take full advantage of those options.

Probate Avoidance

Establishing trusts and proper funding of trust can help you avoid the expense of probate and reduce the risk of probate litigation.

Blog: Top 4 Ways to Avoid Probate in Minnesota

Farm Transition Planning

The attorneys at Rochford & Langins, LLC have helped many farmers in Rochester, Plainview and throughout Southeastern Minnesota. Any plan to pass along a family farm brings up a myriad of complex issues. Often times parents have one child who wants to continue farming the family farm, however, parents want all of their children to inherit equally. There are several solutions to this scenario and the attorneys at Rochford & Langins will help guide you through the various options available given your unique situation.

Family Business Succession Planning

Much like with farm transition planning, for other family owned businesses, planning how to leave your business to the next generation is of critical importance. Our lawyers can help guide your family through the succession process. By working with a family succession planning attorney you may be able to avoid the all to common feuds that occur when planning has not taken place.