How a Financial Advisor Helps With Estate Planning in Minneapolis
- Mitch Zweber
- Jun 3
- 6 min read
A financial advisor helps with estate planning by coordinating your investment accounts,
retirement plans, insurance policies, and tax strategies with your estate documents — wills, trusts, powers of attorney, and beneficiary designations. In Minneapolis and the surrounding Twin Cities area, families working with a fiduciary advisor can benefit from having someone who oversees the full financial picture and connects the components that an estate attorney alone may not address.
360 Financial, with offices in Wayzata and Elk River, Minnesota, serves families across the Twin Cities metro with a team-of-specialists approach. CFP® professionals, CPAs, and planning coordinators work together to help families pursue comprehensive estate plans integrated with their broader financial strategy.
Mitch Zweber is a financial professional focusing on portfolio management, retirement planning, estate planning, and goal funding. His approach to financial planning is holistic, addressing each client's needs, goals, and aspirations to build an individualized plan to pursue financial success. He believes in educating clients to empower them to make confident financial decisions.
What Does a Financial Advisor Do for Estate Planning?
A financial advisor's role in estate planning focuses on coordination and alignment:
ROLE | WHAT IT INVOLVES |
Beneficiary review | Making sure retirement accounts, life insurance, and TOD accounts align with the will and trust |
Account titling | Verifying that investment accounts are properly titled (individual, joint, trust-held) to match the estate plan |
Tax coordination | Evaluating strategies like Roth conversions, gifting programs, and charitable giving for their estate tax implications |
Insurance assessment | Reviewing life insurance for its role in estate liquidity, wealth transfer, or charitable planning |
Retirement distribution planning | Coordinating required minimum distributions, Social Security timing, and pension elections with estate goals |
Professional coordination | Working alongside the estate attorney and CPA to identify gaps and avoid conflicting strategies |
A financial advisor does not draft wills or trusts. That is the role of an estate attorney. However, the advisor coordinates the financial components that determine whether the estate plan works as intended.
How Is Estate Planning Different From Writing a Will?
Writing a will is one component of estate planning. A complete estate plan typically includes:
Will — Directs asset distribution and names guardians for minor children
Revocable living trust — May help avoid probate for certain assets and provides privacy
Healthcare directive — Documents medical care preferences under Minnesota law
Financial power of attorney — Designates a decision-maker for financial matters during incapacity
Beneficiary designations — Governs retirement accounts and insurance, which pass outside the will
Digital asset plan — Addresses online accounts, cryptocurrency, and cloud-based business tools
When these documents are not coordinated with the underlying financial accounts, conflicts can emerge. For example, a will may direct assets to a trust, but if the investment accounts are not retitled into the trust, those assets bypass the trust entirely.
What Should You Look for in an Estate Planning Advisor in Minneapolis?
When evaluating financial advisors in the Minneapolis-St. Paul area for estate planning support, consider:
Fiduciary status — A fiduciary advisor is legally required to act in your interest, not their own. 360 Financial operates as a fiduciary firm.
Team structure — Estate planning touches investments, taxes, insurance, and legal documents. A team-of-specialists model (CFP®, CPA, planning coordinators) provides broader coverage than a single advisor.
Coordination capability — Ask how the advisor works with your estate attorney and CPA. If they operate independently of those professionals, critical gaps can go unnoticed.
Experience with Minnesota-specific rules — Minnesota has its own estate tax ($3 million exemption as of 2026), does not allow portability between spouses, and has specific healthcare directive requirements. Your advisor should understand these nuances.
Ongoing review process — Estate plans require updates after major life events. Look for an advisor who incorporates estate plan reviews into their regular planning process, not just at initial setup.
How Much Does Estate Planning Cost With a Financial Advisor?
The cost of working with a financial advisor on estate planning varies based on the complexity of your situation and the advisory firm's fee structure. At 360 Financial, estate planning coordination is integrated into the wealth management relationship — it is not a separate fee for estate planning work.
Legal fees for drafting wills and trusts through an estate attorney are separate and vary by attorney and complexity. Most Minnesota estate attorneys can provide a fee estimate after an initial consultation.
Minnesota-Specific Estate Planning Considerations
Minnesota families face planning considerations that differ from many other states:
State estate tax: $3 million exemption (2026), with no portability between spouses
Healthcare directive: Minnesota law requires a specific form for healthcare directives. A general "living will" from another state may not meet Minnesota requirements.
Probate: Minnesota's probate process, while structured, involves court oversight and public records. A revocable living trust may help avoid probate for certain asset types.
Homestead protection: Minnesota provides homestead protection for surviving spouses, which can affect estate planning strategies.
Frequently Asked Questions
Do I need both a financial advisor and an estate attorney?
Yes. An estate attorney drafts the legal documents (will, trust, powers of attorney). A financial advisor coordinates the financial accounts — investments, retirement plans, insurance — so they align with those documents. Without both, gaps are common.
How often should I review my estate plan with my financial advisor?
We recommend a review every 3-5 years, or after any major life event: marriage, divorce, birth of a child, significant asset change, or the death of a beneficiary or executor.
What is the difference between a fiduciary advisor and a non-fiduciary advisor?
A fiduciary advisor is legally obligated to act in your interest. A non-fiduciary advisor may
recommend products that are "suitable" but not necessarily in your direct interest. For estate planning, the distinction matters because the coordination work involves your full financial picture.
Can a financial advisor help reduce estate taxes?
A financial advisor can help identify strategies — such as gifting programs, charitable giving, Roth conversions, and trust structures — that may help reduce estate tax exposure. However, tax reduction is never certain, and results depend on your specific situation. Consult a qualified tax professional for guidance.
Does 360 Financial serve areas outside Minneapolis?
Yes. 360 Financial serves families from offices in Wayzata and Elk River, Minnesota, covering the broader Twin Cities metro including Minnetonka, Eden Prairie, Maple Grove, Rogers, Bloomington, and surrounding communities.
Start the conversation.
Schedule a 15-minute call with a 360 Financial advisor in Wayzata or Elk River to discuss your estate planning needs.
Disclosures:
Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.
360 Financial and its representatives do not provide tax or legal advice. Please consult a qualified professional for guidance specific to your situation.
Investments involve risk, including potential loss of principal. Past performance is not indicative of future results.
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About the Author
Mitch Zweber
Mitch is a financial professional focusing on portfolio management, retirement planning, estate planning, and goal funding.His approach to financial planning is holistic, addressing each client's needs, goals, and aspirations to build an individualized plan to pursue financial success.
He believes in educating clients to empower them to make confident financial decisions. What excites Mitch ost about his job is meeting new clients and contributing to their pursuit of financial success.
Schedule a Call
At 360 Financial, our clients come first. You deserve personalized attention. You’ll be happier and more confident in your financial future when you have an advisor who always puts your needs and best interest first. Schedule a 15-minute introductory call with a 360 financial advisor to see how we can help with your retirement, succession, tax, and estate planning.
About 360 Financial
360 Financial is an independent wealth management firm with a team of specialized financial advisors and financial planners. As fiduciaries, 360 Financial’s advisors provide services to business owners, entrepreneurs, and professionals. We help investors with sudden wealth, retirement planning, tax planning, estate planning, and business financial planning.
Headquartered in Minnesota, we serve investors across the US with online and in-person wealth management and financial planning services.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Investing involves risk including loss of principal. No strategy assures success or protects against loss.
This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your specific tax situation with a qualified tax advisor.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
A Roth IRA conversion—sometimes called a backdoor Roth strategy—is a way to contribute to a Roth IRA when income exceeds standard limits. The converted amount is treated as taxable income and may affect your tax bracket. Federal, state, and local taxes may apply. If you’re required to take a minimum distribution in the year of conversion, it must be completed before converting.
To qualify for tax-free withdrawals, you must generally be age 59½ and hold the converted funds in the Roth IRA for at least five years. Each conversion has its own five-year period, and early withdrawals may be subject to a 10% penalty unless an exception applies. Income limits still apply for future direct Roth IRA contributions
