As discussed in a previous post, preparing for a death of a spouse can be extremely difficult and nearly unbearable to even think about. However, it is important to understand the financial impacts so that, if and when the time comes, the surviving spouse is equipped with the right information and is organized. This preparation […]
We have written here at Epilawg about a handful of tax topics, mostly related to estate or gift taxes. What has not been discussed is cancellation of debt (C.O.D.) taxation, which could have quite an impact on a person’s estate. What is C.O.D.? Depending on the circumstances, cancellation of debt taxation may arise if you […]
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 […]
Oftentimes testators will choose to leave a specific piece of property, known as a specific gift, to a devisee in a Will. Or, in other instances, testators will choose to leave a specific dollar amount to a devisee in their Will, a pecuniary gift. Both of these gifts are considered special gifts. Property Gifts In […]
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 […]
When you die, there are a lot of possibilities as to how your estate might be administered: Will you have a Will? A trust? Will there be a probate? Or will all your assets pass by beneficiary designation? Regardless all of these options, one thing is for certain: a death certificate will be issued and […]
In a previous post, I have detailed what it means to own real estate as joint tenants. The lengthier terminology for this type of titling is joint tenants with rights of survivorship. This means that when two people, usually a married couple, own real estate as joint tenants, when one of the joint tenants passes […]
All of us attorneys here at Epilawg regularly talk with prospective clients in person, on the phone, and by email to educate and answer questions about estate planning. Regardless of the person, their family, the size of their estate or a variety of other unique characteristics, nearly all prospective clients have the same initial question: […]
Often, clients ask if there is way to shelter their assets from creditors. In Minnesota, the short answer is: no. However, in a handful of states, there is a trust that could allow for someone to shelter their assets from potential creditors – or at least, minimize what the creditors could obtain. While we have […]
One goal of estate planning is to plan for the unforeseen. To do this, in most estate planning documents, a successor is typically named for each primary role. That way, if the primary person(s) that have been nominated in a given role become unavailable or unwilling to act in the role assigned, the successor can […]
In previous posts, the importance of having a Power of Attorney has been discussed (see Maggie Green‘s “The Power of Attorney In Real Life” and my post “Powers of Attorney: The Basics”). In general, the document is a good one to have while you are alive to ensure that important documents and other financial matters […]