Erickson & Associates, P.A.

Attorneys At Law

Contact Information

Broadway Place West, Suite 1600
1300 NE Godward Street
Minneapolis, MN 55413
  • Phone: 612 465 0080
  • Cell: 651 270 2594
  • Fax: 612 465 0084


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Ten Reasons to Plan Your Estate


  1. What If You Become Incompetent?
    • Without a Plan
      • The courts pick the successor manager of your affairs.
    • With a Plan
      • You pick the successor manager of your affairs.
  2. Who Raises Your Children?
    • Without a Plan
      • A judge decides without the benefit of your insight.
    • With a Plan
      • You nominate the guardian of your choice.
  3. How Does Your Family Inherit Your Assets?
    • Without a Plan
      • Your family members receive your assets without benefit of your direction or trust protection.
      • Your state’s intestacy statute effectively writes your will. Assets pass according to state laws of descent and distribution.
    • With a Plan
      • Your family members enjoy the benefits of the plan you set up for responsible management of your assets.
      • You write your plan. You decide who receives your assets, as well as when and how they receive them.
  4. You Have a "Blended" - Multiple Marriage - Family
    • Without a Plan
      • Your priorities are not even considered
      • Children from different marriages may not be treated according to your wishes
    • With a Plan
      • Your priorities prevail
      • You decide what goes to your current spouse and to children from different marriages
  5. You Have a Special Needs Child
    • Without a Plan
      • Medicaid and SSI benefits are at risk
      • Your child may be disqualified from receiving Medicaid and SSI benefits and forced to use your assets for basic care
    • With a Plan
      • Medicaid and SSI benefits can be preserved
      • A Supplemental Needs Trust can hold assets so that the child can qualify for Medicaid and SSI benefits
      • Your assets remain available for other non-covered expenses
  6. You Want Your Money to Stay in Your Family
    • Without a Plan
      • Your child’s spouse may benefit from your assets
      • If your child passes away prematurely, your daughter/son-in-law and a new spouse may receive your assets
    • With a Plan
      • Your child can receive absolute asset protection
      • A trust can ensure that your assets stay in your family, e.g., pass to grandchildren
  7. Can Your Spouse and Children Survive Financially?
    • Without a Plan
      • They may need to downscale their lifestyle
      • Without the income replacement provided by life insurance, your family may not have the funds to maintain their current standard of living
    • With a Plan
      • They can enjoy financial security
      • With the income replacement provided by life insurance, your family can be protected from having to downscale their standard of living
  8. You Have an IRA
    • Without a Plan
      • Your beneficiary designation form may not effectively reflect your current wishes
      • Your beneficiary may experience burdensome income tax consequences because of large required distributions within a short time frame
    • With a Plan
      • You choose the optimal beneficiary based on advice and counsel of your Financial Advisor, Attorney and CPA.
      • Your beneficiary may be able to minimize the income tax bite by “stretching” out distributions over time and enjoying the benefits of tax-deferred compounding.
  9. You Own a Business
    • Without a Plan
      • There is no succession planning; no successor is named
    • With a Plan
      • You choose the succession plan and the successor
  10. The Probate (Estate Settlement) Process is Cumbersome
    • Without a Plan
      • Your estate is subject to unnecessary delays and excess fees
      • Your assets become a matter of public record
    • With a Plan
      • Your assets may avoid probate entirely
  11. Charitable Planning
    • Legacy
    • Donor Advised Fund
    • Charitable Remainder Trust