In a recent post entitled, A Case for Health Care Directives, Ms. Green introduced us to Al Barnes, an 85-year-old from Scandia, Minnesota, diagnosed with dementia, kidney failure, and mental incapacity. On Wednesday, the court battle over who has authority to make medical decisions on his behalf was back in full swing.
Naming a Guardian for your minor child(ren) is a difficult task. There is no perfect choice because there is no second you. However, it must be done. The alternate to you naming a Guardian is a judge, who does not know you, your children, or the guardian options, making the choice for you. WHO TO […]
Are you and your spouse both U.S. citizens? If not, the foreign citizenship of you and/or your spouse may have a surprising estate tax impact. THE MARITAL DEDUCTION If an individual’s estate exceeds the estate tax exemption amount ($1 million for federal and Minnesota estate taxes in 2011, if no Congressional action), he or she […]
“Man’s best friend” Ironically, the phrase “man’s best friend” was coined by an attorney. In 1869, a man’s dog was shot and killed by his neighbor; he hired three attorneys to sue the man who shot his dog. One of the three attorneys used the phrase “man’s best friend” during his closing argument to the […]
Probate is very often misunderstood. This post seeks to provide a basic overview of Probate in Minnesota. What is Probate? Probate is the legal process whereby the decedent’s Will is presented to the court for validation and the Personal Representative is appointed and granted permission to act. If decedent dies intestate, or without a Will, […]
Do not miss out on an unprecedented retirement and estate planning opportunity. During 2010, converting “traditional” IRA accounts into “Roth” IRA accounts present some unique opportunities. TRADITIONAL vs. ROTH A traditional IRA is an individually-owned retirement account in which the owner can receive a tax deduction upon the contribution of assets (maximum of $5,000 for […]
A recent article published by Forbes, entitled “How to Protect Your Spouse Financially After You Are Gone,” provides a great roadmap for organizing your affairs in order to assist grieving loved ones after your death. See also my past post, entitled “Get Organized,” which provides an outline for creating an “Emergency Binder.” Taking the time […]
July 30, 2010 – October 31, 2010 As quickly as a Brett Favre pass sails into the hands of an opposing defensive back, the season of the 2010 Minnesota Vikings ended in Foxborough, MA on October 31, 2010. Questionable coaching, erratic play from its superstars and a bizarre postgame press conference from one of the […]
The current year has been and still is a chaotic year in the area of estate planning. Currently, there is no federal estate tax. And, what will ultimately happen to the federal estate tax is still unknown. How did we get here? The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) provided […]
As you may or may not know, 2010 has been a tumultuous year in the area of estate planning. Currently, there is no federal estate tax. And, worse yet, no one knows exactly what the future holds for the federal estate tax. How do you plan when there is so much uncertainty? Marital Deduction Given […]
ALERT: Life insurance proceeds may be included in a decedent’s gross estate for estate tax purposes. The Impact of Life Insurance Many people underestimate the total value of their estate. People assume that they do not have enough assets to worry about estate tax planning. However, most do not realize how their life insurance factors […]