Ann’s clients are important to her, each with unique and individual qualities and circumstances. Ann takes the time to get to know her clients and find out what is important to them, what their needs are. Ann then works collaboratively with the client to fashion a solution, solve the problem as best able. Ann values the relationships she has developed with her clients and works hard to keep her clients.
We’ve all heard that owning a single family home is part of the American Dream. But that part of the “Dream” can become a complicated nightmare!
Your home may well be the largest single purchase of your lifetime, and you want to be sure you understand it and that it is done right. Working with you and your lender and your realtor, Ann can explain this complicated process to you and provide you with understandable answers.
Perhaps more beloved that your home is your cabin! Cabins and hunting shacks hold a special place in a Minnesotan’s heart. This is where the memories are made, where the family plays games, fishes and bonds together.
None of these questions is insurmountable and a little planning can go a long way towards keeping the property in the family! Ann can help you work through this process, answering questions and determining what vehicle will work best for taking your vacation property into the future.
Farming is big business and plans need to be made for what happens to the farm when you want to retire. You can just end your operation but what if you want a family member to continue on? That takes planning and good planning takes time.
Transferring the family farm works best when the process occurs over several years, allowing the next generation to learn skills and establish a financial footing. Just as importantly, the retiring generation must be willing to let go of control.
Developing a written plan is an important part of a successful farm transition. It necessitates discussion and sets forth a plan. That plan may need changing and tweaking but there will at least be a “road map” to use. Ann can help develop that written transition plan and, working with your accountant and/or financial planner, can advise as to the vehicles chosen and draft agreements and documents to make sure the plan works.
If you do not have your own estate plan, the laws of your state will determine who administers your estate and how your assets will be distributed. There may be no ability to take into account individual circumstances, such as a child or grandchild with special needs or gifts or loans made during your lifetime.
So, the question is not whether you will have an estate plan but whether you choose the plan, based upon your needs and wishes, or accept the plan imposed upon you by the law.
Estate Planning includes planning for both death and incapacity. An estate plan can accomplish several objectives:
As you can see, estate planning is not only a good idea for the wealthy or those advanced in age, but should be part of everyone’s life plan.
A Health Care Directive also called a “Living Will” is a legal document that you use to make known your wishes about certain medical treatments and conditions and appoint someone to make medical decisions for you, in the event you cannot communicate.
A Power of Attorney is a legal document which allows a person to authorize another person to act on his or her Behalf with respect to certain specified legal obligations.
It can be quite broad but can also be limited to certain circumstances or authorities. This allows business to proceed and transactions to occur even in the event of incapacity.
Great care must be taken in choosing the person who you want to make these decisions for you. You must trust this person implicitly and the person must be competent and able to make the decisions for you.
There is no beating around the bush here… to a large extent, we are dealing with what happens when a person dies, something people really don’t want to deal with, but it will happen to all. So, what are some of the options?
The most well-known estate planning tool is a Will. A Will is a legal document that disposes of assets that are owned only in the name of the decedent at the time of death that are not disposed of by other means.
A Will can nominate a guardian for minor children. A Will can set up a trust. A Will can nominate a personal representative to handle all of the estate and probate matters. There are certain legal requirements necessary to make a Will valid. A Will can be relatively inexpensive to set up and can be a safety net for non-probate or unknown assets.
Although Wills are well known and have many benefits, they also have drawbacks. A Will, since it takes affect only upon death, does nothing for incapacity or Medical Assistance planning purposes.
A Will may require a probate. A Will is usually a public document once it is filed for probate which means its contents are view-able to the public.
Probate is the legal process that takes place when a person dies, with or without a Will. The personal representative needs to be appointed by the court and then must identify and secure the decedent’s property, pay all of the debts and taxes, then distribute the remainder as directed in the Will or by state law.
This process can be expensive, with court filing fees, publication fees and attorneys’ involvement. It is also a lengthy process that many people find difficult because there are many steps required for a successful completion of the process.
Becoming more useful and popular as an estate planning tool, there is a Revocable Living Trust.
A person sets up this Trust and becomes its Trustee, its manager. The Trust is then funded by assets which are re-titled in the name of the Trust or into which the assets can be transferred upon death. Then, upon death, the successor trustee can step in, take over management of the Trust, and follow the directions set down in the Trust. This is a very simplified outline of the Revocable Living Trust but it gives you an idea of how it works.
There are many benefits to this, as it can help avoid probate, keeps a persons’ private business private, can include planning for incapacity, is revocable and amendable.
Although very popular, a Revocable Living Trust does not help with Medical Assistance planning, it is more involved to set up and takes a bit of work to maintain.
Trusts can be used extensively in estate planning because they can be tailored to fit a persons’ needs. There are revocable trusts and irrevocable trusts, marital deduction trusts, life insurance trusts, charitable trusts, supplemental/special needs trusts and even cabin trusts, just to name a few!
What trust you may use will depend upon your unique circumstances.
Ann grew up in central Minnesota, a middle child in a large family. She learned the value of education, hard work and a sense of community from her parents. Ann attended the University of Minnesota for her undergraduate degree (B.A. English) and for law school (J.D. 1989 cum laude). For many years, Ann truly had a “general” practice, enjoying the variety of issues that she encountered. Over the years, however, her practice narrowed and now focuses primarily on estate planning, elder law, business planning and real estate.
Ann is very active in her community. She is a member of the Sauk Centre Rotary Club, Friends of the Bryant Library and Treasurer for the Sauk Centre Area Combined Fund. She was active in her church and led small adult groups and taught religious education for children. Ann served on the Sauk Centre Board of Education for 9 years, was a member of the PTA and the Sauk Centre Sports boosters.
Ann has been married for over 30 years to Lane and they have 2 children, Lucy and Daniel. She enjoys reading just about anything, seeing movies, and plays. Ann also enjoys embroidery, boating, fishing, and cooking.
Ann’s clients are important to her, each with unique and individual concerns and circumstances. Ann takes the time to get to know her clients and to find out what is important to them. Ann then works collaboratively with the client and other professionals to fashion a solution and address their issues. Ann values the relationships she has developed with her clients and works hard to earn their trust, offering common sense advice.
Ann tries her best to respond to her clients promptly, scheduling time daily to return calls and emails.
The use of the internet or this form for communication with this office or any individual of this office does not establish as attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.
508 S. Main St.
Sauk Center, MN 56378