Ford Law Office

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Today: 1:00 pm - 5:00 pm

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19 Years

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(507) 831-4400Call Visit WebsiteVisit Website Map & DirectionsDirections332 10th StWindom, MN 56101 Write a ReviewWrite Review

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Mon - Fri:	1:00 pm - 5:00 pm

Places Near Windom with Attorneys

Bingham Lake (7 miles)
Bergen (13 miles)

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TollFree: (800) 831-0719

AKA

The Ford Law Office LLC

The Ford Law Office

Ford, Hannon

Other Links

http://mnplans.com

https://fordlustfieldlaw.com

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Attorneys, Business Law Attorneys, Estate Planning, Probate, & Living Trusts, Family Law Attorneys, General Practice Attorneys, Tax Attorneys, Trust Companies, Wills, Trusts & Estate Planning Attorneys

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Phone: (507) 831-4400

Address: 332 10th St, Windom, MN 56101

Website: http://mnplans.com

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Ford Law Office

Guardianship
You should still plan. Otherwise, your estate is likely to go through the probate court and the statutes of Minnesota or South Dakota will determine who will receive your assets. Additionally, if you experience incapacity in your lifetime, the court may have to appoint someone to care for you through the guardianship process.

Business and Corporate Law

Limited Liability Companies

Trusts and Estates

Estate Planning
Estate Planning has three parts in its definition. First, estate planning is controlling your assets while you're are alive and well. Most individuals prefer to be in charge of their assets as long as they are able. However, many individuals prefer to use a financial advisor to make the most of their investments. Second, estate planning is preparing for a disability of yourself or a loved one. This planning may take some legal documents and advice in order to make the process as easy as possible. The documents and their functions will be discussed below as many of them serve a dual role during disability and after death. Finally, estate planning is legally arranging to give what you have, to those you want to receive it, when and how you want them to receive it, with the lowest possible cost and difficulty for you and your family. The many legal documents mentioned below explain how they can be used to accomplish your goals for these three areas of estate planning.
Wills
Trusts
When you create a trust, you (the Trustmaker) transfer your property into the name of the trust, to be managed by yourself (the Trustee) during your lifetime for the benefit of yourself or someone else (the Beneficiary). In a Living Trust you are generally the Trustmaker, Trustee and Beneficiary to begin with so that you retain total control over your assets. However, at the time of your death, if the trust is then the owner of everything in the estate, there is nothing to probate and that process is avoided. Your Successor Trustee simply follows your instructions for further managing and distributing your estate. A revocable Living Trust does not require any special or additional tax filings during your lifetime, and can generally be revoked or amended at any time.
Power of Attorney
A Durable Power of Attorney authorizes someone to act on your behalf while you are alive, and if for some reason, you are not available, or capable of acting on your own behalf. The person appointed to act for you is called your attorney-in-fact or agent. There are basically two types of powers of attorney. A Statutory Power of Attorney authorizes the agent to act on your behalf immediately and in any way they choose. Also, Statutory Powers of Attorney can be limited by the state government changing the authority given in the statute. The second type, A Common Law Power of Attorney, authorizes the agent to do virtually anything you could do as well, but your agent may be limited to only using it if your are disabled. Most Elder Law Attorneys prefer to use the common law power of attorney for its flexibility and because it cannot be changed by a legislator's whim.
Probate

Tax Law
The federal tax laws allow each of us a tax credit to protect a portion of our estate against the estate tax. In 2021, any individual can protect the first $11.7 million of their estate, and, if properly planned, a couple can easily protect up to $23.4 million from federal estate taxes. In many states like Minnesota there is a separate state "death tax" or state estate tax. Although the tax rates are much less than the federal government, individuals with estates of over $3 Million in 2021 need to do special planning to avoid paying unnecessary death tax. For estates larger than $3 Million there are advanced planning techniques that minimize taxes.

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