Protecting Your Family, Protecting Your Assets

Rochester estate planning, trust, and probate attorney Rodney D. Anderson is exceptionally well versed in handling large estates and in conducting business succession planning. He is able to provide clients with knowledgeable legal guidance to properly protect and direct their assets. Contact our Rochester estate planning law office to schedule a consultation.

Estate Planning Issues

The first step in any proper estate planning process involves understanding the unique needs and special circumstances of the individual and their family. At the Rodney D. Anderson Law Office we have our clients complete a detailed estate planning worksheet that asks for detailed family information, including any special needs that should be addressed, financial holdings, life insurance, retirement plans, liabilities, and other relevant information. 

The next step is assessing an estate's assets. We review the assets and estate planning goals to see how we can maximize estate tax exemptions while providing for a surviving spouse and other family members.

Powers of attorney and health care directives are a routine part of most estate plans today and our clients, in particular, understand the importance of letting family members know how to make medical decisions on their behalf should they be unable to do so themselves.

Drafting estate planning documents is not the end of the process. It is critical to retitle real estate, investment accounts, and business assets and ensure correct beneficiary designations on financial products, life insurance, and pension plans. Many attorneys leave these details up to the client to complete, but this can be very time consuming and if it is not accomplished correctly and in a timely fashion the estate plan cannot be implemented.

At the Rodney D. Anderson Law Office, we take care of all the details for our clients. We will consult with your investment advisor, banker, pension or 401K plan administrator, and insurance agents to make sure all the loose ends have been addressed.

Putting the Estate Plan into Action

Our clients' families appreciate that we’re available after the death of a loved one to see that their estate plan is properly implemented, if the family desires assistance. We can probate the estate and implement any trusts that have been created. We assist clients in:

• Arranging a family meeting with a surviving spouse or children to review documents
• Gathering asset information from statements, insurance paperwork, and pension funds
• Valuing assets and preparing a detailed summary
• Re-titling assets in accord with the estate plan directives
• Preparing state and federal and estate tax returns and state and fiduciary income tax returns for trusts and estates

Business Succession Planning

Business succession planning is usually accomplished in conjunction with the business-owner's estate plan. We have assisted owners of large and small family owned businesses and family farming businesses in carefully considering all the issues that come into play when transferring control of a business. We work to minimize estate tax and income tax consequences of any type of business transfer. We help clients think through the important issues that may arise, including:

• Who do you want to have run your business and how can they be prepared to do so?
• Can you limit the transfer of ownership or stock in or out of the family?
• How can you ensure equitable treatment of children who do not wish to inherit a portion of the family business?
• Is a buy-out agreement the best option in this case?
• If it is a family farm, how can you structure the succession so that the estate tax on the land will not cause the sale of the farm?

Contact the Rodney Anderson Law Office to speak with an estate planning attorney with extensive knowledge of tax law. Appointments are also available in the Twin Cities of Minneapolis and Saint Paul. We can help you prepare for the future of your business with confidence.

Rodney D. Anderson Law Office, LLC
206 S. Broadway, Suite 404
Rochester, MN  55904
507-288-3156 • 507-529-2204
Fax: 507-288-6190

Attorney Rodney D. Anderson handles complex estate planning and probate issues for a sophisticated clientele in the Rochester metropolitan area and surrounding communities in Southeastern Minnesota, including Minneapolis and St. Paul, Red Wing, Winona, Austin, Albert Lea, Owatonna, Wabasha, Stewartville, St. Charles, Kasson, and Spring Valley, and throughout Olmsted County, Winona County, Fillmore County, Wabasha County, Dodge County, Mower County, Goodhue County, Ramsey County, Hennepin County, Washington County, Scott County and Dakota County.