The answer to this question is what estate planning is all about. The quick answer is what do your parents want to have happen and we can recommend strategies to achieve the desired result.

Estate planning is the interrelationship of tax and probate law that determines what happens to the assets of someone when they pass on. The planning element is knowing and understanding the landscape to determine the most tax efficient way to achieve the desired goal.

Any family unit whose assets need to be allocated in a manner different than the allocation prescribed by statute. Minnesota as well as most states have default provisions as to disposition of a decedents assets if there is no will, without proper planning your assets will be allocated by default rather than by choice.

The standard is earlier is better but generally the planning is done in earnest starting between 50 and 55.

Many states do not have an estate excise tax, however Minnesota does and there are several restrictions relating to ownership of assets and the tax starts at a much lower level than federal estate tax does. Also, there is no portability among spouses.

The main difference relates to the need to probate a will but not a trust. The items in a trust are not available to the public while probate filings are. There will always be a will but generally the will dictates that assets just pour over to the trust.

This is entirely dependent upon the child. Some children are mature at 25, others not until 50 or later, this is why you need to sit down and discuss your specific situation to determine the best provisions.

Significant charitable giving can be incorporated into your estate plan in multiple ways from Donor advised funds and CRUTs for current giving, to charitable bequests as a part of your estate – whichever is most appropriate for you.