While an inheritance is often considered a gift by the recipient, from a tax perspective, there optimal ways to inherit a retirement account. From the language used to designate the beneficiaries to important IRS-imposed deadlines, the manner in which a retirement account is inherited can significantly affect its value. If you are the beneficiary of […]
Excluded Assets for Medical Assistance: Burial Space and Burial Space Items
December 10, 2015
This article focuses on burial spaces, burial space items, and irrevocable insurance-funded burial agreements. There are various types of burial agreements, but only one type of burial agreement is discussed below because of the potential to exclude the entire amount for MA purposes if it is properly written. Medical Assistance (MA) is a means-tested program […]
What You Need To Know About The MN Trust Code For Drafters Part III: Limitation on Action Contesting Validity of Revocable Trust
December 8, 2015
Often when people set up their estate plan they will ask the attorney “Can someone challenge this?” Truthfully, anyone can try to challenge a person’s estate plan – the bigger question is whether that person would be successful in his or her challenge. Even if the testator attempts to prohibit someone from challenging his or […]
Year-End Estate Planning To-Do List
December 5, 2015
The end of the year is an ideal time to review your current estate plan and confirm that you are taking advantage of all planning opportunities available to you. This includes not only tax planning, but also asset protection, probate avoidance, beneficiary designations and changes in your family and financial situations. On the other hand, […]
Excluded Assets for Medical Assistance: Homestead
December 3, 2015
In Minnesota, it is important to know which assets are excluded for Medicaid/Medical Assistance (MA) eligibility purposes when contemplating MA Long-Term Care benefits for individuals who are 65 years of age or older, blind, or disabled. This article focuses on excluded assets for MA eligibility purposes, and will not detail income requirements, asset allowances for […]
What You Need To Know About The MN Trust Code For Drafters Part II: Default & Mandatory Rules
December 1, 2015
A trust instrument, under the new Minnesota Trust Code (“MN Trust Code”) in Minn. Chapter 501C, can be drafted* in a multitude of manners to convey the settlor’s intentions. The terms of the trust instrument can be drafted contrary to certain provisions in the MN Trust Code. Such terms of the trust instrument will govern […]