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Planning for the future can be challenging, whether you are creating an estate plan, settling a loved one’s estate, or looking to protect a vulnerable adult. The complicated legal landscape can be even harder to navigate if you are grieving or in crisis.
Part of the reason is that decisions you make don’t exist in a vacuum; one choice affects others. That can make the planning process overwhelming—but it doesn’t have to be, if you have the right support.
At Tarrant & Liska, we have decades of experience helping families find a path forward that works for their unique needs. We will meet you where you are, listen to your concerns, and offer sound, practical advice to achieve your goals. Our estate, probate, and guardianship attorneys take a big picture approach and help you understand all the implications. No matter your situation, we will give you the guidance you need to move forward with confidence today, and peace of mind for tomorrow.
We assist people in the following practice areas
Meet the attorneys at Tarrant & Liska, P.L.L.C. We serve clients throughout the Twin Cities metro area and statewide in the areas of estate planning, probate and estate administration, guardianships and conservatorships.
The attorney you choose to help you with legal matters must be able to assure you that he or she will protect your interests throughout the legal process and pursue efficient and effective solutions that stand the test of time. At Tarrant & Liska, P.L.L.C., we offer you:
We are here to help you. Our St. Paul estate planning attorneys can guide you, advise you of your options, and ensure that your legal matters and experience remain manageable rather than overwhelming. Our goal is to give you knowledge and confidence to navigate the legal process in Minnesota and make the important decisions your situation might entail.
Probate refers to the process that your assets have to go through to get your debts paid and the property distributed where it belongs. So, the will tells us what to do, but whether your assets have to go through probate or not depends on what kind of assets you leave.
Assets like life insurance, IRAs, 401(k)s, jointly held property, transfer on death (TOD) or pay on death (POD) designations, and transfer on death deeds (TODDs) have named beneficiaries and so those assets do not normally have to go through probate.
Assets in your name alone or held with someone else (such as tenancy in common) are assets that have to probated.
The issues of what assets are subject to the will and whether the government will assess estate taxes are totally different issues.
First, only large estates are subject to estate taxes. Presently, estates have to be valued over $1 million for the state of Minnesota to assess an estate tax.
Second, the government will include in the estate tax calculation all assets you owned, regardless of whether those assets are governed by the will or not. Life insurance, IRAs and other assets that are not governed by the will and are not “probate” assets will still be included in the tax calculation.
The short answer is by planning in advance.
Many people have the impression that if they have a will, they can avoid the probate process. This is not true. Having a will is a good thing. A will allows you to have a say in what you want to happen to your assets upon your death and who you want to act as your personal representative or your trustee. It also allows you to deal with a lot of contingencies and establish trusts to hold any assets going to minors or disabled people. However, a will tells your loved ones what needs to be done during the probate process; it does not help avoid the process altogether.
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