Unfortunately, too many recent newsletters have focused on the death of musical legends. This month left us with another untimely death. Prince, whose legal name was Prince Rogers Nelson, died on April 21st at his Paisley Park recording studio and home in Chanhassen, Minnesota. As unbelievable as it may seem, according to his sister, Tyka […]
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, […]
As I wrote in my past article, Hands Off, Creditors!, when someone passes away intestate in Minnesota there are several assets that pass to a surviving spouse and/or children free from claims and creditors. As a reminder, those assets are: The homestead (under Minn. Stat. §524.2-402); Exempt property, which includes one vehicle (regardless of value) […]
I really don’t know how probate got such a bad reputation, but in my experience it isn’t that bad. As other contributors to Epilawg have noted (see for example: Estate Planning Myth #6: I Must Avoid Probate), Probate can be a pretty painless process. Closing an Informal Probate illustrates that point perfectly. In 3 easy […]
Unfortunately no matter how close a family might seem, it always has the potential to endure disputes between members either during everyone’s lifetimes or after someone has passed away. The fights can get ugly and feelings can get hurt. But often the disputes could have easily been avoided, or resolved, if individuals remembered the lessons […]
This issue varies significantly based upon where you live. In Minnesota, unlike some other jurisdictions, the probate avoidance opportunity doesn’t always rise to the level of necessity. The benefits of avoiding probate include: not incurring the time delay, avoiding the expense of court filing fees or attorney’s fees for opening the probate and administering the […]
Personal Representatives have many duties to a decedent’s estate. Previously, Jayne Sykora discussed how a Personal Representative is selected and what their duties consist of in “So You’re a Personal Representative. Now What?” and “What Happens to Debt at Death”. One such duty is determining which creditor claims to allow and disallow and this post […]
Oftentimes, some property in a decedent’s estate will be unique and difficult to value, like: a business, artwork, jewelry, collectibles, or real estate. Oftentimes the value will be needed to help complete an inventory in a probate and/or to determine any estate tax impact on the estate. Additionally, objective appraisals can also help minimize or […]
We have written at length about the various estate administration tasks that arise when an individual passes away. One major task for the estate administrator (either personal representative or trustee) or family members is cleaning out the decedent’s home. When the decedent owned his or her home, the estate administrator has time to get the […]
When probate is necessary in order to administer a decedent’s estate, a Personal Representative must be appointed by a probate court. Personal Representatives and their duties, among other related topics, have been discussed often here at Epilawg, like: handling creditors’ claims, figuring out real property, and utilizing death certificates. In Minnesota, Personal Representatives can be […]
“Neither snow nor rain nor heat nor gloom of night stays these couriers from the swift completion of their appointed rounds.” – Unofficial creed of the United States Postal Service Each and every time I’m called-upon to settle an estate, one of my first tasks is to change the decedent’s mailing address. I do this – […]