Probate is very often misunderstood. This post seeks to provide a basic overview of Probate in Minnesota. What is Probate? Probate is the legal process whereby the decedent’s Will is presented to the court for validation and the Personal Representative is appointed and granted permission to act. If decedent dies intestate, or without a Will, […]
Generation-skipping transfer (“GST”) tax is the tax imposed on bequests that are made to an individual who is at least two generations younger than the donor (for example, a gift from a grandparent to a grandchild). The purpose of the GST tax is to ensure that certain gifts, which could avoid either the estate and/or […]
Powers of Attorney are quickly becoming a very useful estate planning tool. People are living longer, so there is greater likelihood that persons will need assistance managing their affairs due to some sort of disability or incapacity. A Power of Attorney is useful because it allows a person (the principal) to select an agent (their attorney-in-fact) to […]
Assisting an elderly parent with the Medicaid application process can be quite complicated. The New Old Age blog recently published an article by an experienced Elder Law attorney. In the article, Craig Reaves provides basic information on how Medicaid benefits may affect an applicant’s ownership of his or her primary residence. Mr. Reaves notes that […]
Everyone should have an estate plan to ensure his or her final wishes are expressed and followed. However it is even more important for the following individuals to have an estate plan to protect and provide for their loved ones:
Almost all of my non-lawyer friends give me a funny look when I talk about probate. Yes, it is an odd word, but with a short explanation, it makes sense. I find that the basics can be easily explained in one sentence – Probate occurs when someone dies and a court gives someone else (the […]
People join the military for a variety of reasons. For some, enlisting is a family tradition. Others join out of a strong sense of patriotism. And some folks have just watched too many war movies as a kid. Personally, the benefits were one of the many reasons I joined the military. I knew I wanted […]
A recent article published by Forbes, entitled “How to Protect Your Spouse Financially After You Are Gone,” provides a great roadmap for organizing your affairs in order to assist grieving loved ones after your death. See also my past post, entitled “Get Organized,” which provides an outline for creating an “Emergency Binder.” Taking the time […]
It is a fact of life that not every marriage will last until the death of either spouse. Thus, it is important to understand the effects of divorce on inheritance. Commencement of Divorce Proceedings In Minnesota, many believe that simply the commencement of a divorce will revoke any disposition to a soon-to-be-ex-spouse. This is not […]
When I flip through Entertainment Weekly, I don’t typically see any topics related to estate planning. However, in this past week’s edition, a very short write-up on a new television series caught my eye: The Will: Family Secrets Revealed?! The cable channel, Investigation Discovery, is premiering this eight-week series beginning today, Wednesday, November 3rd at 8pm (CST). […]
Prenuptial agreements, also referred to as antenuptial agreements or prenups for short, are agreements entered into before marriage that most often outline the ownership and division of property should a marriage end either by divorce or death of one of the spouses. Prenups have commonly been associated with the ultra wealthy but that is no […]