Escheat is the forfeit of all property to the state when a person dies without heirs, descendants, or named beneficiaries. Escheat of property occurs when it appears from a petition or application for probate, or otherwise in a proceeding in a court, that a decedent left surviving no spouse or kindred. A court then will […]
Earlier this month, Supplemental Needs Trusts were discussed. Today, we’ll focus on Special Needs Trusts. A Special Needs Trust is a tool in which a person with a disability is able to retain their assets by placing them into a trust to use the assets to supplement the government benefits the disabled person will receive […]
• Name: Janelle A. Schrupp • Employer: Schrupp Law, PLLC • Position: Attorney • Location: 7760 France Ave S., Suite 215, Edina, Minnesota • Education: St. Olaf College, William Mitchell College of Law How long have you been practicing? Since October, 2008 What led you to practice in the area of estate planning? I went […]
Later this month, Special Needs Trusts will be discussed in some detail. Today we’ll discuss Supplemental Needs Trusts. Oftentimes, these two types of trusts are confused because their purposes are somewhat similar, but how each is funded and created and what will happen upon each trusts’ termination are quite different. Beneficiary Like a Special Needs […]
Losing a spouse is a heart-wrenching event that can be difficult, if not unbearable, to even plan for. Therefore, many surviving spouses are not prepared for the death of their spouse and subsequently have to deal with financial and legal questions at a time when they are most likely not thinking clearly. This post discusses […]
We write a lot about trusts here at Epilawg: selecting the right trustees, how trusts can be useful during periods of incapacity, and utilizing trusts for blended families, just to name a few recent posts. What we have not discussed is the situation that can arise when the need to amend a trust is necessary […]
When working with clients on their estate plans, one of the most important items to consider and understand is how real estate is titled. First, let’s discuss what “title” means. Title is a legal term that describes a bundle of rights in a piece of property. The rights in the bundle may be separated and […]
Name: Mary A. Szondy Employer: Self Position: Attorney Practice Area: Guardianships, Conservatorships, Estate Planning Location: Grand Avenue, Saint Paul Education: Undergrad at Hamline (’90) JD University of St. Thomas (’04) How long have you been practicing? I was admitted to the bar in 2004. I began my solo practice June 1, 2005. I was […]
We’ve written on Epilawg before about the importance of choosing the right individuals for the various roles that need to be filled in your estate plan. In this post, I will focus specifically on choosing a trustee.
Personally, I have never been one to purchase U.S. Savings Bonds. Nor have I received any as gifts. However, I have worked with many clients that one way or the other, have many Savings Bonds. When helping these clients with their estate plan, I have learned more than I ever imagined I would about Savings […]
529 plans are tax-advantaged programs that help families save for qualified higher education expenses associated with college. How are 529 Plans helpful for estate planning? Well, contributions to a 529 Plan can help you reduce the taxable value of your estate, if that is a concern.