Don’t be an ostrich


December 2, 2013
avatar

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 […]

Property and Revocable Trusts – MN Estate Tax Update


October 23, 2013
avatar

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 […]

Think Before You Transfer


October 17, 2013
avatar

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 […]

Your Assets Matter


October 15, 2013
avatar

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.

Appraisals


September 16, 2013
avatar

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 […]

Renter’s Rights At Death


September 12, 2013
avatar

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 […]

Special Administrators


August 1, 2013
avatar

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 […]

Avoiding Power of Attorney Abuse


July 26, 2013
avatar

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 […]

Death Certificates


July 15, 2013
avatar

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 […]

Trust Funding, Trust Funding, Trust Funding!


July 10, 2013
avatar

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 […]

Effect of Homicide on an Estate Plan


July 3, 2013
avatar

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. […]