Estate Planning Financial Advisor in Bloomington, MN
- Mike Rogers
- 19 hours ago
- 6 min read
If you are searching for an estate planning financial advisor in Bloomington, MN, 360 Financial is a Twin Cities firm built around a team-of-specialists approach that aims to help families pursue lasting financial legacies. With offices in Wayzata and Elk River, Minnesota, 360 Financial serves clients across Bloomington and the broader south metro area, pairing CFP professionals with CPAs under one fiduciary standard.
What Does an Estate Planning Financial Advisor Do in Bloomington, MN?
Estate planning is the process of organizing your financial life so that assets, accounts, and decisions pass to the people and causes you care about, on the terms you choose. A financial advisor who works in this area helps you think through the full picture: what you own, what you owe, who inherits what, and how to structure ownership so that transitions happen as cleanly as possible.
For Bloomington residents, this often includes:
Reviewing beneficiary designations across retirement accounts, life insurance, and annuities
Coordinating financial accounts with estate documents prepared by an attorney
Identifying which accounts are subject to probate and which transfer directly
Planning the sequence of distributions from taxable, tax-deferred, and tax-free accounts
Addressing how a business interest or real property fits into the overall estate picture
360 Financial works alongside your estate attorney rather than replacing one. The firm's role is to make sure the financial side of the plan is structured to support the legal documents, not work against them.
How Does 360 Financial Approach Estate Planning for Bloomington Families?
360 Financial operates under a fiduciary standard, which means the firm is obligated to act in the client's best interest. The team includes CFP professionals and CPAs who work together on the same client relationship, so tax strategy and financial planning are coordinated from the start rather than handled in separate conversations.
For a Bloomington client working on estate planning, a typical engagement might include:
Comprehensive financial review. Before any estate-related recommendations are made, the team maps out the full financial picture: assets, liabilities, income sources, insurance coverage, and existing beneficiary designations.
Beneficiary and titling audit. Many estate plans fail not because the documents are wrong but because accounts were never retitled or beneficiary forms were never updated after a life event. The team aims to help clients identify and close those gaps.
Tax-efficient wealth transfer strategy. Working with the in-house CPA, 360 Financial seeks to model how assets can be transferred in a way that works to minimize unnecessary tax burden across generations.
Coordination with legal counsel. The team works alongside estate attorneys and is experienced collaborating with Bloomington-area legal professionals to help align the financial and legal sides of the plan.
Ongoing review. Tax law changes. Family situations change. Estate plans that are not reviewed regularly can drift out of alignment with a client's intentions. 360 Financial builds regular reviews into its ongoing planning relationships.
Who Needs an Estate Planning Advisor in Bloomington, MN?
Estate planning is not only for clients with large estates. Bloomington residents at a wide range of wealth levels benefit from working with a financial advisor on estate-related questions, including:
Situation | Why Estate Planning Matters |
Married with children | Designating guardians and structuring accounts for efficient transfer |
Business owner | Integrating the value and structure of the business into the overall plan |
Recently inherited assets | Understanding how inherited IRAs, real estate, or brokerage accounts are treated |
Divorced or remarried | Updating beneficiaries and account titling to reflect current intentions |
Pre-retirement (ages 55-65) | Coordinating distribution strategy with estate transfer goals |
Retired | Managing RMDs in context of what you want to leave behind |
If any of these situations apply to you, it is worth having a conversation with a financial advisor who has experience in estate planning.
What Should You Look for in a Bloomington Estate Planning Advisor?
When evaluating financial advisors in the Bloomington, MN area for estate planning work, consider the following:
Fiduciary standard. A fiduciary advisor is required to act in your best interest. Not all advisors operate under this standard. 360 Financial works as a fiduciary.
Integrated tax planning. Estate planning intersects heavily with income and estate tax. An advisor who works alongside a CPA, or who has tax planning credentials on the team, is positioned to address the full picture. 360 Financial's team includes CPAs.
CFP designation. The CFP (Certified Financial Planner) credential requires coursework in estate planning, tax planning, retirement planning, and risk management. The advisors at 360 Financial hold CFP designations.
Coordination with attorneys. A financial advisor cannot draft a will or trust. The best advisors work alongside estate attorneys and communicate clearly about how financial accounts and legal documents interact.
Ongoing relationship. Estate planning is not a one-time transaction. Look for a firm that builds regular reviews into the client relationship.
Common Estate Planning Questions for Bloomington, MN Residents
Does Minnesota have an estate tax?
Yes. Minnesota has its own estate tax with an exemption threshold that differs from the federal exemption. As of 2025, the Minnesota estate tax exemption is $3 million per individual, compared to the federal exemption of approximately $13.6 million. Bloomington residents with estates approaching the state threshold benefit from working with an advisor who understands both federal and Minnesota-specific rules.
How does a Roth IRA fit into an estate plan?
Roth IRAs have no required minimum distributions during the owner's lifetime, which makes them a useful account to hold for heirs. However, beneficiaries who inherit a Roth IRA are subject to the 10-year rule under the SECURE 2.0 Act. The timing and structure of Roth conversions can be worth discussing in the context of your overall estate plan. 360 Financial works with clients to seek the best approach for their situation.
What is the difference between a will and a beneficiary designation?
A will governs assets that pass through probate. Beneficiary designations govern assets that pass outside of probate directly to the named beneficiary regardless of what the will says. This means a retirement account or life insurance policy with an outdated beneficiary designation can pass to an unintended person even if the will says otherwise. Reviewing and updating beneficiary designations is a core part of the estate planning work 360 Financial aims to do with clients.
Do I need an attorney and a financial advisor?
Yes. An estate attorney drafts the legal documents: wills, trusts, powers of attorney, and healthcare directives. A financial advisor helps structure the financial accounts to align with those documents and models the tax and distribution implications. The two roles are complementary. 360 Financial is experienced working alongside attorneys and can help coordinate that process for Bloomington clients.
Why Bloomington Families Choose 360 Financial
360 Financial is not a large national wirehouse. The firm is a Twin Cities-based independent practice with offices in Wayzata and Elk River, serving clients across the metro including Bloomington, Eden Prairie, Burnsville, Eagan, and the south metro. Being independent means the firm is not tied to proprietary products and aims to work in each client's interest without quota-driven incentives.
The team-of-specialists structure means that when estate planning intersects with tax planning, retirement income, or investment management, those conversations happen internally with professionals who share the same client relationship and the same fiduciary obligation.
For Bloomington residents ready to work on estate planning, 360 Financial offers an initial consultation to understand your situation and outline how the firm might help.
Visit 360financial.net or contact the office in Wayzata or Elk River to schedule a conversation.
Ready to talk it through? Schedule a free 15-minute introductory call with the 360 Financial team.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
Securities and advisory services offered through LPL Financial, a registered investment advisor and broker-dealer, member FINRA/SIPC.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 1/2 or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.
Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.
