An individual retirement account (IRA) is typically established in one of two ways. As a custodial account, where the bank or financial institution is simply acting as a fiduciary and must follow the directions of the account owner (including the instruction to cash out the entire balance). An IRA can also be held in trust (the […]
The Uniform Law Commission drafted an act to provide fiduciaries with the same access to digital assets as they have had to tangible assets. The Uniform Fiduciary Access to Digital Assets Act (the “Act”) has been introduced in over twenty states, including Minnesota. The Act was introduced and enacted in the Minnesota House of Representatives. […]
POLST stands for “Provider Orders for Life Sustaining Treatment.” It is a doctor-signed medical order form that communicates a patient’s end-of-life health care wishes to other health care providers during an emergency. Patients with serious health conditions who need to make decisions about life sustaining treatment in advance of medical emergencies should have a POLST […]
As tax season is wrapping up I’ve found myself busy with a few estate tax returns, and wanted to share 7 Tips to keep in mind when completing a United States Estate (and Generation-Skipping Transfer) Tax Return – aka the 706. The federal form (coming in at 31 pages before any schedules and supporting documentation […]
Designation of Standby or Temporary Custodian for your Child So, you and your spouse are finally ready to take that vacation to Mexico – without the kids. The flights are booked, your bags are nearly packed and thoughts of warm weather and a beach are in the forefront of your mind . . . as […]
We’ve written before about prenuptial agreements (“prenups”), which are agreements entered into by a couple 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. In previous posts, Jen Santini provided a general overview of prenups and Erika Rosenhagen […]
One thing I learned quickly after becoming an estate planning attorney is that there are often times when my clients’ wishes are not the same as what I would do in their particular situation. For example, the first few times I encountered clients who wished to disinherit their children for reasons more emotionally driven than […]
The 2015 Minnesota Legislature may adopt the Uniform Trust Code. The proposed legislation would provide new rules regarding the administration of trusts, codify some common laws and clarify procedures available to those involved with the administration of trusts. Take a look at this review on JD Supra that outlines the changes and impact that the proposed legislation will have […]
Last week, Facebook announced that users of the social media website could designate a “legacy contact,” who would be able to control and manage the user’s Facebook page once the user passed away. The legacy contact would have some limitations to what they can do with the user’s account but they would be able to […]
If you have a current estate plan, as you know, we recommend that you review it on a regular basis. If there are changes that need to be made, it can be done through an amendment or codicil or through drafting the plan from scratch. Clients often think it is easier (and cheaper) to do […]
The British government announced recently that 4 million historical wills have been digitized and are now available for download by the public. As in the United States, these documents were previously available by traveling to the probate court and searching the available public records. Now anyone with an internet connection and a credit card can […]