As reported on Forbes.com, September was World Alzheimer’s Month. It hasn’t been officially extended to October but the topic is so relevant that we should continue to consider the impact of the disease on our society. In particular, the impact of the disease on individual sufferers and their families. Here are a few relevant points […]
With the recent deaths of Steve Jobs, Apple co-founder, and Al Davis, owner of the Oakland Raiders, we are reminded how important it is to properly plan for the transfer of assets upon death. While the average American does not have the wealth that Mr. Jobs had (estimated at $7 billion1) or Mr. Davis (estimated […]
Regardless of the size or complexity of your estate, there are no guarantees that your beneficiaries will agree with the terms of your estate planning documents. For that reason, I suggest that everyone read this article by Ashlea Ebeling on reducing the likelihood of estate litigation. I particularly like #4 “Transfer a Business with a Contract”. If […]
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.
When clients execute their Wills, attorneys typically ask the following questions, in some manner, to determine the client’s mental capacity to execute the Will and whether or not they are doing so freely: Does this Will accurately reflect your wishes for the distribution of your property? Did you have the opportunity to review and discuss […]
Anyone who attended a Twin Cities Pride event this summer can attest to the vitality of Minnesota’s gay, lesbian, bisexual, and transgender (GLBT) community. The turnout and support for the GLBT community proved Minneapolis deserving of the honor, “Gayest City in America,” bestowed on the city earlier this year by The Advocate. As an estate […]
Cost and convenience are often deterrents to completing an estate plan. Consequently, many individuals and couples turn to “Do-It-Yourself” (DIY) options. Plenty of DIY options exist: websites, other online applications, books with CDs, etc. These options are admittedly less expensive; however, you get what you pay for … and that is not much. These options […]
List of Assets and Information with their Estate Planning documents. The list should include the following items: The institutions that hold your bank accounts and life insurance policies, The contact information for tax and financial advisors, The location of important documents (deeds, contracts, business or entity formation documents), List of debts and/or receivables, Any information […]
Oftentimes, potential clients tell us they have a Will (excellent!), but that they would like to make a couple small changes to it. So, they ask, can they simply amend the Will, instead of having a whole new Will drafted? Whether these people know it or not, they are requesting a codicil to their Will. […]
When grief and emotions run high after the loss of a loved one, the sentimental significance of personal property can increase tremendously. No one really cared about the casserole dish grandma used every Thanksgiving, but once grandma passes everyone stakes claim to that dish. A tangible personal property list can help alleviate potential disputes between […]
Similar to transferring a home, cabin, or other piece of real property into a revocable trust, individuals who have inherited or purchased farmland in Minnesota may want to transfer their farmland into a revocable trust. The reasons vary depending upon the situation, however, the major reason for transferring farmland into a trust is for estate […]