The Achieving a Better Life Experience Act (ABLE Act) was enacted on December 19, 2014. Minnesota enacted ABLE accounts into law in 2015. An ABLE account is established through a savings plan known as the Minnesota ABLE Plan in compliance with Minn. Stat. § 256Q.01. ABLE accounts are tax-exempt accounts (treated like 529 Plans) that […]
Overcome Obstacles to Effective Healthcare Directives
July 21, 2015
Are improvements to healthcare directives necessary and possible? The answer is an emphatic YES! As a trusted advisor, you can blaze the trail for your clients. In the past three decades, a relatively low percent of adults have completed a healthcare directive. So what shortcomings are impeding the national acceptance of advance care planning? 10 […]
Organizing Your Accounts and Passwords
March 5, 2014
I emphasize to all of my estate planning clients the importance of keeping track of your assets, what they are, where they are located, etc. The reason: a Will or Trust instructs your Personal Representative or Trustee on how you want your assets to be distributed after your death, but not always what those assets […]
Avoiding Power of Attorney Abuse
July 26, 2013
In a previous post I spelled out the basics of the changes made to Minnesota’s Statutory Short Form Power of Attorney that will take effect January 1, 2014. As I mentioned, many of these changes were made to address the potential for abuse. Indeed, a Power of Attorney document gives broad and sweeping powers to […]
Uncomfortable Conversations
July 23, 2013
When speaking with my elderly clients I encourage them to have conversations with their children about their wishes. Upon the mention of this suggestion, I have witnessed the change in demeanor of many. I go on to explain what their children will need and how the administration of their estate will proceed. We discuss how […]
TED Talks: Prepare For A Good End Of Life
June 17, 2013
I recently came across this TED Talk by Judy MacDonald Johnston and thought she did such a great job starting the discussion on end-of-life planning that I had to share it with our readers. The video is worth watching (it is a short 6 minutes) and should be shared with any loved ones who are unwilling […]
The Tolls of Caregiving
February 12, 2013
Given the prevalent role families play in providing long-term care, insurance may not always seem necessary. However, as briefly discussed in my last post on the basics of long-term care insurance, the true value of long-term care insurance involves protecting the wellbeing of loved ones. Even though spouses and adult children are often willing to […]
Long Term Care: Are You Prepared?
November 5, 2012
One of the main goals at Epilawg is to help you plan your own epilogue to your life. Many of the posts here discuss passing on what you’ve accumulated during your lifetime to your loved ones. However, what if everything you accumulated throughout your life is lost because of your health? Because you did not […]
End of Life Decisions with a Guardianship
October 29, 2012
Earlier this month, a Hennepin County District Court Judge addressed the questions, “Who has the power to decide if a person under guardianship should be allowed to die? Should it be the guardian …? Should it be the Court …?”
Digital assets and your fiduciaries
October 19, 2012
Here on Epilawg, we already have great articles about the estate planning for social media accounts and the importance of having an estate plan that addresses ownership of digital art. This article will address the importance of giving fiduciaries information about digital assets for a smooth management of your incapacity plan and the proper administration of your estate plan. It makes […]
Guardianship Basics
October 17, 2012
What is a Guardianship? A guardianship is a determination by the Court that a person (proposed ward) is incapacitated. The judge must make this decision based upon clear and convincing evidence. “Incapacitated person” means an individual who is impaired to the extent of lacking sufficient understanding or capacity to make or communicate responsible personal decisions, […]