Recently, Joe Larson wrote about what to do when you’ve been terminated by your employer and what your rights are with respect to your personnel file. It raises a reminder that whether you have been laid off, terminated or voluntarily opted to leave your job you shouldn’t forget about your 401(k) when you move on. […]
Organizing Your Accounts and Passwords
March 5, 2014
I emphasize to all of my estate planning clients the importance of keeping track of your assets, what they are, where they are located, etc. The reason: a Will or Trust instructs your Personal Representative or Trustee on how you want your assets to be distributed after your death, but not always what those assets […]
Gift Splitting
February 25, 2014
We talk often about the use of gifting as an estate planning tool but always caution that individuals should consult with an attorney and/or an accountant before doing so to ensure it is done properly. It is particularly important to consult with an attorney or an accountant when a married couple wishes to make a […]
Division of Assets in Divorce
February 17, 2014
When a couple determines that it is time to end their marriage, what should be the easiest part of the divorce process can, and often does, turn into one of the most contentious: the division of marital assets and property. Parties will often spend thousands of dollars on attorney fees arguing over personal property ranging […]
Trust Mills and Bad Estate Planning
February 13, 2014
I recently read this article about a so-called “living-trust mill” that is being sued by the Minnesota Attorney General. According to the article, the Minnesota Attorney General is alleging that clients of Heritage Partners were sold “boilerplate documents” assembled by a gentleman in Arizona who is not licensed to practice law in Minnesota and paid a […]
Make Sure Your Buy-Sell Agreement Is Not Disregarded
February 5, 2014
We try to encourage people to not only plan for the transfer of their personal assets but also to plan for the transfer of their businesses – either in life or at death. Buy-Sell Agreements are beneficial documents when drafting a succession plan for a business. It is however important to ensure that the buy-sell […]
Gift of Real Estate to Religious Corporations
February 3, 2014
Gifts of real estate to religious bodies are rare, but frequently the donee is mis-identified. Many churches are known by abbreviated versions of their full name, e.g., “St. Jude’s Catholic Church” is actually “The Church of Saint Jude of the Lake, Mahtomedi, Minnesota.” Many times the beneficiary is unaware of an intended gift, and has […]
Forced Heirship
January 29, 2014
Not surprisingly, since most of us here at Epilawg are licensed to practice law only in Minnesota, we generally write about most topics from a Minnesota law point of view. Oftentimes, though, many laws having to do with estate planning tend to be similar among the states, with deviations here and there, which is why […]
Minnesota Gift Tax Exclusions
January 16, 2014
I recently mentioned some issues to consider before transferring certain assets, primarily with regards to the MN estate and gift taxes. While we want you to be cautious before making any transfers, we do want to ensure individuals are aware that there are certain transfers that are excluded from being taxable gifts under Minnesota law. […]
Another Estate Planning Lesson from Downton Abbey
January 8, 2014
We’re big fans of Downton Abbey (as is the rest of the world). Previously, we have covered the inheritance lessons learned during the first season of Downtown Abbey. This past Sunday evening, Season 4 premiered on PBS. The framework of the episode centered around an estate planning issue: what makes for a valid Will? I […]
How should my Estate Planning Attorney & Financial Planner work together?
January 6, 2014
There are many parts to your financial life which may require you work with multiple professionals from different disciplines. Two of the most important professionals you should have on your team are a Financial Planner and an Estate Planning Attorney. Each of these professionals should have an understanding of what the other is doing. Some […]