Divorce is a time of massive change. Change in schedule, change in routine, change in living situation, change in dynamic, change in budget – you name it, it changes after a divorce. Many divorcing couples do not understand, however, that divorce should also be accompanied by a change in estate plans. (An estate plan […]
Top 5 tips for helping our aging parents (and clients) declutter A House Full of “Stuff” If you’re an adult with aging parents, chances are you’re probably going to be dealing with a house full of “stuff” in the near future. My dad still lives in the same house that he and my mom bought […]
Until recently, vehicles in Minnesota were always considered potential probate assets if titled in the decedent’s name alone. This could cause unnecessary and prolonged hassle to surviving family members who either inherited a vehicle or were looking to sell the vehicle. Now, according to new Minnesota Statute 168A.125, vehicles may now allow a transfer-on-death (TOD) […]
Divorcing couples likely feel relief once they learn that the court has signed an order legally ending the marriage. However, just because the order is signed does not mean the divorce process is done – new deeds need to be recorded, mortgages assumed by one party or the other, credit cards paid off and closed, […]
“Close” counts with horseshoes and hand grenades. Unfortunately, it doesn’t count for entitlement to deduct a charitable contribution, once the amount claimed exceeds a trigger point. When that happens, the taxpayer’s own records – no matter how convincing – won’t suffice. There has to be an acknowledgement from the charity itself that follows the law […]
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 phrase “control from the grave” is often used to describe withdrawal limitations on an individual’s inheritance. These provisions direct or require a beneficiary to reach certain benchmarks before a trustee can permit a withdrawal. While some grantors (the creator of the trust) may be motivated by control, simpler withdrawal limitations can provide significant asset […]
Your estate plan likely includes formal documents (a will, perhaps one or more trusts) that direct transfers of your property when you die. But those documents won’t identify each and every item to be transferred. Eventually, whoever settles your affairs will find a sentence in one of your documents such as “I leave the rest […]
The Missing Will Do you know where your original Will is located? You should, and so should your executor. The dilemma of a missing original Will has come up in the death of Melissa Mathison, screenwriter of E.T. the Extra-Terrestrial (1982) and ex-wife of Harrison Ford. Mathison died on November 4th as a resident of […]