The Importance of Properly Establishing Tenancies to Carry Out Your Intended Desires

Deb Newel / September 13, 2017
avatar

Whether you own a property as joint tenants or tenants in common can make a big difference as to what you own and how that plays out for estate planning.  Joint tenants own an undivided interest in the real property whereas tenants in common own a specific percentage of the property.  With joint tenancy, title […]

Minnesota Changes Agricultural Statute

Rhett Dial / August 9, 2017
avatar

As of August 1st of this year, agriculturalists will now be benefited by a change in Minnesota Statutes Section 500.24. The statute has been amended in order to eliminate the need for Revocable Trusts to file with the Minnesota Department of Agriculture. Previously, Certificate Holders, including Revocable Trusts, were required to be certified and submit […]

 Whose House Is It?  Surviving-Spouse Property Right

Kassandra Heinrich / July 27, 2017
avatar

Despite the piles of paperwork many find the process of purchasing a house to be exciting. Watching the realtor slap a “SOLD” sticker across the sign, and having a set of keys slid across the closing table are moments many people remember fondly. Over time that house becomes a home. Memories are made as kids’ […]

Millennials vs. Baby-Boomers: Selling an Outdated House in Today’s Real Estate Market

Eric Hopf / August 4, 2016
avatar

The Problem There is a great divide in the current real estate market caused by the large percentage of homes being sold by baby-boomers and older generations or their heirs. Many of these homes are outdated and unappealing to Millennials and Gen Xers, who comprise 61% of all buyers and more than 80% of first-time […]

Prince Leaves a Complex, Unplanned Estate

Manish Bhatia / May 4, 2016
avatar

Unfortunately, too many recent newsletters have focused on the death of musical legends. This month left us with another untimely death. Prince, whose legal name was Prince Rogers Nelson, died on April 21st at his Paisley Park recording studio and home in Chanhassen, Minnesota. As unbelievable as it may seem, according to his sister, Tyka […]

Purchased on iStock

Using a Testamentary Letter to Explain Your Estate Plan

Robert Lynn / January 20, 2016
avatar

Your estate plan likely includes formal documents (a will, perhaps one or more trusts) that direct transfers of your property when you die. But those documents won’t identify each and every item to be transferred. Eventually, whoever settles your affairs will find a sentence in one of your documents such as “I leave the rest […]

Excluded Assets for Medical Assistance: Homestead

Jill Sauber / December 3, 2015
avatar

In Minnesota, it is important to know which assets are excluded for Medicaid/Medical Assistance (MA) eligibility purposes when contemplating MA Long-Term Care benefits for individuals who are 65 years of age or older, blind, or disabled. This article focuses on excluded assets for MA eligibility purposes, and will not detail income requirements, asset allowances for […]

Nuts and Bolts of Real Estate Filings in Minnesota for Estates and Trusts Professionals

Jeff Miller / October 14, 2015
avatar

As a freelance probate and estate planning legal assistant/paralegal (call me what you like) I work with a lot of real estate documents.  Most commonly I’m involved in preparing and recording… Quit Claim Deeds transferring property into a trust; Deeds of Distribution distributing property out of an estate; Trustee’s Deeds (along with an accompanying Certificate […]

Pros & Cons of Joint Tenancy

Emma Maddy / August 11, 2015
avatar

A comprehensive estate plan deals with multiple types of property; from probate assets that pass through your will, to non-probate assets that pass outside a will via a trust or beneficiary designation, to jointly held assets, which pass automatically at the time of the first death. One of the most common joint assets people hold […]

Selling Real Estate Out of a Conservatorship

Jayne Sykora / February 23, 2015
avatar

Last fall, I covered the basics on conservatorships (see: Conservatorship Basics Part 1 and Part 2). As a review, a conservatorship is needed when an adult individual is impaired to the extent of lacking sufficient understanding or capacity to make or communicate responsible personal decisions, and who has demonstrated deficits with managing property and business […]

Timeshare Exit Strategies

Jayne Sykora / February 5, 2015
avatar

Over the last few years, I have had a few clients who own timeshares. A timeshare is typically a resort of units in which multiple parties hold rights to use the property and each owner is given a specific period of time (i.e., one week per year) in which the owner may use the property. […]