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Attorney at Law, Certified Public Accountant |
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Bruce B. Phillips |
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Wills and Trusts |
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Estate planning is directing and planning for the orderly transfer of one’s property at death, and planning for the care of one’s family at death. Proper estate planning will insure that your property, investments and personal belongings are handled in the manner that you wish when you are no longer here. Estate planning also includes minimizing the estate taxes that will be payable. Wills and Trusts A Will names one or more persons to manage ones estate and provides for the transfer of property upon death. A person can also make other designations in their will, including instructions for the care of minor children and a person’s wishes for their funeral arrangements. Within the will, one can chose to create a trust for their children care. A trustee is named in one’s will to manage and distribute the assets for the benefit of the children in the event of the parent’s death. Non-Probate Assets: A will generally directs for the transfer of one’s assets at death if there is no joint owner and no surviving named beneficiary of the decedent’s property. Assets owned jointly, or assets such as bank or investment accounts and life insurance with a named beneficiary do not go through the probate process. The distribution of these assets therefore will not be determined by the will. Real property (homes and other real estate) also can avoid the probate process by the Transfer on Death (TOD) deed. This revocable deed allows for one to determine who will own their real property while avoiding the probate process. Power of Attorney A Power of Attorney enables your agent or “Attorney in Fact” to act on your behalf. The power may be general, or limited to a certain activity. Often the Power of Attorney is used in estate planning to designate a person to act for another upon one’s incapacity. Healthcare Directive Healthcare Directives (sometimes called “Living Wills”) are used to designate one’s wishes regarding medical decisions and access to medical information if a person becomes unable to make decisions on their own. It allows a person to provide a clear statement of wishes about their choice to prolong life or to withhold or withdraw treatment. |
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Bruce B. Phillips Thomas Lake Executive Center 1590 Thomas Center Drive Suite 106 Eagan, MN 55122 |
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Contact Information: |
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Phone: 651-208-2420 Fax: 651-207-4520 E-mail: bruce@bphillipslawoffice.com |
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