I love this article by Deborah Jacobs because it brings to the forefront some important reasons to talk about estate planning. Plus, with all of the family gatherings this holiday season, the article is timely written. Everyone (well, almost everyone) has heard a horror story about an estate administration gone wrong. The once cohesive and happy family […]
Individuals that own property in multiple states often consider placing the property into a revocable trust for planning purposes. While this can be an effective planning technique, there are some important points to consider. For purposes of the new Minnesota estate tax [2], a Minnesota resident’s gross estate includes any property that is physically located […]
Clients often talk about transferring property either to other individuals, into a trust, or into a pass-through entity for a wide array of reasons. One of the top reasons is typically to avoid probate. Another reason can be for tax purposes. However, with the change in Minnesota law, there may now be adverse consequences to […]
A while back I introduced the topic of Revocable Trust versus a Will. This post explores the first consideration in making this decision … what type of assets do you own, how are they owned and how do you feel about probate.
Oftentimes, some property in a decedent’s estate will be unique and difficult to value, like: a business, artwork, jewelry, collectibles, or real estate. Oftentimes the value will be needed to help complete an inventory in a probate and/or to determine any estate tax impact on the estate. Additionally, objective appraisals can also help minimize or […]
We have written at length about the various estate administration tasks that arise when an individual passes away. One major task for the estate administrator (either personal representative or trustee) or family members is cleaning out the decedent’s home. When the decedent owned his or her home, the estate administrator has time to get the […]
When probate is necessary in order to administer a decedent’s estate, a Personal Representative must be appointed by a probate court. Personal Representatives and their duties, among other related topics, have been discussed often here at Epilawg, like: handling creditors’ claims, figuring out real property, and utilizing death certificates. In Minnesota, Personal Representatives can be […]
In a previous post I spelled out the basics of the changes made to Minnesota’s Statutory Short Form Power of Attorney that will take effect January 1, 2014. As I mentioned, many of these changes were made to address the potential for abuse. Indeed, a Power of Attorney document gives broad and sweeping powers to […]
When you die, there are a lot of possibilities as to how your estate might be administered: Will you have a Will? A trust? Will there be a probate? Or will all your assets pass by beneficiary designation? Regardless all of these options, one thing is for certain: a death certificate will be issued and […]
According to a New York Times article, Michael Jackson did have a Revocable Living Trust in place at the time of his death. A Revocable Trust makes good sense for a public figure because it is privately administered and not subject to the lengthy, costly, and public Probate process. There are quite a few good articles […]
Every now and again clients ask what happens when someone murders someone for an inheritance. Can the murderer inherit from the victim’s estate? The simple answer is: No. If the potential beneficiary of certain assets murders the decedent, he or she is denied inheriting from the decedent’s estate – including both probate and non-probate assets. […]