No, this is not about purchasing life insurance or finding the best policy. We leave that to the insurance experts. This article is a simple reminder to keep your policy information with the rest of your estate planning documents. The reason: You want your personal representative or your trustee to know about your policies after […]
We discuss often here at Epilawg about the importance of having an estate plan in place prior to your death. However, we all know that many die without a will, or intestate, thereby causing state statutes to decide who will receive property and assets of the intestate estate. In other words, the state will decide which family […]
We often talk about new parents needing an estate plan to ensure they have guardians appointed for their minor children (see the recent article Appointing a Guardian for Minor Children). However, older parents with adult children should also be encouraged to have an estate plan in place. We find that most individuals truly understand the […]
Having a baby or adopting a child is a major life event that should cause people to start thinking about estate planning. Most specifically, creating a will to nominate a guardian if something were to happen to both parents. For many, choosing a guardian for minor children is a very difficult decision; so difficult that it prevents many […]
Epilawg first brought you the story of Wellington R. Burt on May 24, 2011, in Unusual Will Provisions in a Multimillion Dollar Estate. The saga appears to have finally been laid to rest, 92 years following Burt’s death. Burt’s $100 million to $110 million estate was distributed to 12 heirs who did not even know the man […]
A Dynasty Trust is one that may continue in existence indefinitely. In most states, a Trust can only exist for a certain period of time. Many times this restriction is called the “Rule Against Perpetuities” which requires that a trust must terminate no later than 21 years after the death of the last life in […]
Wellington R. Burt made millions off Michigan’s lumber industry and Minnesota’s iron mines. At one point, Burt ranked among the eight wealthiest men in America. He died on March 2, 1919, leaving an estate estimated, at the time, at $40 million to $90 million. For some his death marked the beginning of a long wait. […]
SEVEN PRACTICAL LESSONS REGARDING ESTATE SETTLEMENT & TRUST ADMINISTRATION Lesson #1: Someday…you will die. It seems harsh, but it’s a reality we all face. If you don’t agree, then estate planning may seem unnecessary. However, if you accept the fact that you won’t be alive forever, you should keep reading. When we die, someone will […]
A Family Partnership is an entity designed to hold family assets such as marketable securities, real estate, and operating businesses. The Partnership Agreement can be drafted to allow for lifetime transfers of Partnership interests as well as transfers upon an individual’s death to his or her descendants Using a Family Partnership may
A majority of states statutorily provide a surviving spouse with the right to inherit a percentage of the decedent spouse’s estate, even where the decedent spouse’s will evidences an intent to disinherit the surviving spouse. This statutory provision is often referred to as the surviving spouse’s “elective share” of the decedent’s augmented estate. The share […]
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 […]