Some estates do not require probate either because of proper planning, the amount of the assets in the estate or how the assets are titled in the estate. There are times when an estate should be probated but it is not for various reasons, one of which is simply because the heirs are unaware that […]
February 6, 1945 – May 11, 1981 Not only a famed musician but also a political and social activist, it was at the height of Bob Marley’s career that he lost his fight with cancer at the age of 36. Bob Marley was awarded the United Nations’ Medal of Peace and a month before his […]
A limited liability company can be used as an effective wealth management tool for certain estates. A limited liability company (“LLC”) is a corporate entity and under Minnesota law, it can be formed for “any lawful purpose or purposes…”[1] An LLC can be useful to reduce an estate’s exposure to taxes at death, help ensure […]
November 30, 1835 – April 21, 1910 Born Samuel Langhorne Clemens, Mark Twain still receives a lot of attention even though over 100 years have passed since his death. Recently one of Twain’s most notable works, The Adventures of Huckleberry Finn, made headlines for the debate over the literary integrity of the work when certain […]
June 8, 1867 – April 9, 1959 Frank Lloyd Wright is one of the most renowned architects of all time. He passed away after a long life at the age of 91 years old, 52 years ago today. Mr. Wright was married three times and had a love affair with a woman named Mamah Cheney. […]
September 12, 1913 – March 31, 1980 This summer it will be 75 years since Jesse Owens captured four gold medals in track and field at the 1936 Olympic Games in Berlin, Germany. At a time when Hitler was touting the “Aryan race” as superior, Mr. Owens, born James Cleveland Owens, dispelled that myth by […]
Life insurance proceeds are paid out to beneficiaries tax free upon an insured’s death. However, the proceeds are included in calculating the value of the decedent’s estate. While many clients believe their estates are not significant enough to worry about tax planning, one large life insurance policy can cause his or her estate to become […]
January 20, 1896 – March 9, 1996 Today is the 15th anniversary of George Burns’ death, who died at age 100 on March 9, 1996. Mr. Burns spent his lifetime in show business and created millions of laughs. The love of his life, his wife Gracie Allen, predeceased him by nearly thirty-two years. However, they […]
In a recent post What Happens to Debt at Death?, Jayne Sykora explained that it is typically the decedent’s estate that is responsible for paying the decedent’s debt. Most of us are conditioned to pay a bill immediately upon receipt but when a decedent passes away, bills often go unpaid for a bit of time. […]
You have traveled the country and world over and have racked up thousands of airline miles – now what do you do with them? Hopefully you take advantage of the free flights and continue to travel and experience new places. However, if you truly have so many miles and can not use them all, there are […]
The picture of the American family has evolved greatly over the last few decades, creating more considerations when it comes to estate planning. Blended families can be characterized in a wide variety of ways including, but not limited to, families with divorced parents, remarried parents, deceased parents, half-siblings and step-siblings. With the prominence of blended […]