Estate and Gift Tax Planning +
Wills and Trusts
Nicholas has a proven track record of crafting comprehensive legal strategies to safeguard clients' assets, minimize tax liabilities, and ensure a smooth wealth transfer.
Representing clients in California, Minnesota, Nevada, and North Dakota, Nicholas leverages his expertise in estate planning and administration to provide personalized solutions and peace of mind to individuals and families.
Creating an estate plan isn't just for the wealthy; it is a crucial tool for individuals of all financial backgrounds to protect their assets, ensure their wishes are carried out, and provide for their loved ones after they're gone. Regardless of age or wealth, everyone benefits from having a carefully crafted estate plan to manage their affairs, designate beneficiaries, minimize taxes, and avoid unnecessary legal complications. Carefully planning your estate is about securing your legacy and providing peace of mind for yourself and for your family.
Contact Me
Hellmuth & Johnson, PLLC
8050 West 78th Street
Edina, MN 55439
nhulwi@hjlawfirm.com
(952) 746-2159
Areas of Practice
Wills & Trusts
Wills and trusts are essential legal instruments used in estate planning to ensure that your assets are distributed according to your wishes after you pass away. A will is a document that outlines how you want your property and assets to be distributed, appoints guardians for minor children, and names a personal representative to carry out your wishes. A trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries, providing flexibility, privacy, and control over how assets are distributed.
Incapacity Planning
Incapacity planning involves preparing legal documents to ensure your affairs are managed if you become unable to make decisions for yourself due to illness, injury, or advanced age. This process involves the creation of a durable power of attorney, which appoints someone to make financial decisions on your behalf, and a healthcare directive, which designates someone to make medical decisions for you if you are unable to do so. Incapacity planning helps ensure that your wishes are followed and that trusted individuals are empowered to act in your best interests during times of incapacity.
Estate and Gift Tax Planning
Estate and gift tax planning involves strategies to minimize your tax burden on gifts made during your lifetime and upon your estate at your death. Estate and gift taxes are imposed on the transfer of assets from one person to another, either during life (gift tax) or at your death (estate tax). Effective planning often includes the utilization of exemptions, deductions, and gifting strategies to reduce the taxable value of your estate. Common techniques may involve creating trusts, making annual exclusion gifts, leveraging lifetime exemptions, and utilizing valuation discounts for certain assets. By implementing these strategies, you can preserve more of your wealth for future generations and minimize the impact of estate and gift taxes on your estate.
"By failing to prepare, you are preparing to fail."
– Benjamin Franklin
Get in Touch
Ready to secure your legacy and protect your loved ones' future? Schedule your initial consultation today to discuss your estate planning needs. Contact Nicholas now to take the first step towards peace of mind and financial security.