Estate Planning

At Singh Advisors, we try to make the estate planning process down-to-earth and understandable. Estate planning is simply focused on making sure your wishes are respected if you are incapacitated or when you die.

There is no one-size-fits-all approach to estate planning - every situation is unique. We personally consult with each client to custom tailor the best solution for you.

One tool in estate planning is the Living Trust.

What is a

Living Trust?

A Living Trust is similar to a will in some ways - both are created for the purpose of transferring assets to your beneficiaries at death. However, and in contrast to a will, a living trust completely avoids probate, if properly drafted and funded. A living trust can also manage your property for you, if you become incapacitated. It can also manage property for the benefit of a minor or other loved one with special needs.

How does a

Living Trust work?

A Living Trust is a legal agreement created to hold title or ownership to your property. Under your direction, property is transferred from you as the titled owner, to you as the trusteed owner under the trust. As Trustee of your Living Trust, you retain total control of the trust assets during your lifetime.

Is there a lot of expense in setting up a Living Trust?

Generally, a living trust is more expensive than a will. However, because a properly done trust avoids probate, there are few costs associated with settling the trust after your death. This allows for the costs to be known up front. While a will may be less expensive initially, the estate will incur probate costs, such as attorney fees and other expenses, which should also be considered.

A Revocable Living Trust Offers Many Benefits

The revocable living trust is a powerful estate planning tool.
It can provide numerous benefits to you and your beneficiaries if done correctly.

Benefits a Living Trust Can Offer:

Keeps your estate completely private
Saves time, money and hassle by avoiding probate
Can hold and manage assets for minor children or loved ones with special needs
May protect inheritance from creditors of a beneficiary
May be changed, modified, or revoked at any time
Can reduce or eliminate Federal Estate taxes
Provides control during life and even after death
Combines assets under one plan for easy management
More difficult to contest than a simple will.

Cabin Trust

A cabin plan is an part of an estate plan. Most estate plans will address planning for incapacity, estate administration, asset distribution, taxation, and other planning consideration.

We can work with you to design a plan related to shared ownership of your family's cabin; it works to keep the property in the family for generations.

Powers of Attorney

Financial Power of Attorney - with this type of power attorney, you authorize a trusted agent to act on your behalf, including entering contracts or buying or selling real estate. You can choose which powers the agent has and how long they have the power.

Healthcare Power of Attorney - with this type of power of attorney, you authorize a trusted agent to make medical treatment decisions if you’re incapacitated.

Probate

What is probate?

Probate is the legal process in which a court oversees the administration of the estate of a decedent. Generally, a will must go through probate administration before its directives can be carried out. Once the will is proven the court sees that the decedent's debts are paid and their assets are distributed according to their will.

Singh Advisors can work with you to go through the probate process.

Estate Taxes

What are Estate Taxes?

The federal estate tax is collected on the transfer of a person's assets to heirs and beneficiaries after death.

The total tax due is calculated by adding up the fair market values of all the decedent's assets as of his date of death.

The estates of each and every U.S. citizen are subject to the federal estate tax, but very few estates actually have to actually pay it because of the exemption. The Internal Revenue Code effectively gives each U.S. citizen this "coupon" to apply against the value of their estates.

In 2020, the exemption is expected to increase to $11,580,000. The annual gift tax exclusion is expected to remain at $15,000 per person for 2020, which is the same as 2019

Call us for a free no obligation consultation

We meet clients in the Twin Cities and Two Harbors .