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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
January/February 2026
The Importance of Estate Planning
Estate planning is a critical process that ensures your assets are distributed according to your wishes after your passing, while minimizing taxes, legal complications, and family disputes. With rising financial complexities, estate planning is essential for individuals of all wealth levels.
Asset Distribution
Control Estate planning allows you to dictate how your assets—such as savings, property, or businesses—are distributed. A will or trust ensures your intentions are clear, preventing unintended beneficiaries or state laws from determining outcomes. For small business owners, the One Big Beautiful Bill Act (OBBBA) of 2025 enhances Qualified Small Business Stock (QSBS) exclusions, making succession planning vital to maximize tax benefits and ensure business continuity.Minimize Taxes and Costs
Proper planning reduces estate taxes and probate costs. The OBBBA's increased SALT deduction cap ($40,000 through 2029) and permanent QBI deduction can be leveraged in trusts to lower tax burdens. Without a plan, estates may face higher taxes or lengthy probate, depleting assets. According to the Bankrate 2025 Annual Emergency Savings Report, only 46% of Americans have three months' emergency savings, underscoring the need to protect wealth for heirs.Protect Loved Ones
Estate planning safeguards dependents by designating guardians for minors or establishing trusts for their financial security. It also prevents family disputes by clearly outlining asset distribution, reducing emotional strain during grief. For those with complex family dynamics, trusts can provide privacy and avoid public probate battles.Healthcare and End-of-Life Decisions
A comprehensive estate plan includes advance directives, like a living will or power of attorney, ensuring your medical and financial wishes are honored if you're incapacitated. According to the U.S. Department of Health, it's estimated that 56% of people over 65 will need long-term care, these documents are crucial for managing care costs, especially alongside long-term care insurance.Estate planning is not just for the wealthy; it's for anyone with assets or dependents. Starting early—ideally in your 40s or 50s— avoids rushed decisions and ensures flexibility. Consulting a financial advisor or attorney is key to tailoring a plan.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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