Statutory Presumptions Minnesota statutes provide a set of default interpretations for some of the language used in Minnesota wills.1 Unless a will includes language to the contrary, these statutes provide interpretations for things such as what property can be passed via will, what happens when a beneficiary dies before the testator, how and when gifts might […]
I field this question every day. My response is always the same, it depends. So, when should someone consider a Trust-based estate plan*? Well, here are a few things to consider: Do you own property in another state? If so, a trust may be a good way to prevent the need for multiple probate proceedings. […]
If Congress ultimately expands gun legislation, then it could have a profound impact on an individual’s ability to transfer guns to their beneficiaries. Bequeathing a gun in an estate is very different from passing on other personal property. Because a gun is a regulated piece of personal property at both the federal and state levels, […]
Trustee A trustee is a fiduciary with a high degree of responsibility. As a fiduciary, a trustee has legal duties that he or she must perform. As discussed in Maggie Green’s series of posts, those duties include loyalty, impartiality, and recordkeeping. A trustee must act out of loyalty to the beneficiaries and not to further […]
A rabbi trust is a type of non-qualified deferred compensation plan set up by an employer for the benefit of an employee. Rabbi trusts get their name from a 1980 IRS private letter ruling that approved the use of these trusts. In that case, a congregation wanted to set up a trust for the benefit […]
Last week, I was lucky enough to see the cliff up close. Not the fiscal cliff that kept us all riveted (or not) for the month of December, but a beautiful snow covered cliff. And it got me thinking: was the fiscal cliff all much ado about nothing?
We have written about the benefits of utilizing revocable trusts for incapacity planning, probate avoidance and out-of-state real estate. However, we often get the question from couples, “Why do we need two trusts? Why can’t we just have one joint trust?” To be honest, in some instances, a joint revocable trust might be the appropriate option […]
When a trust is created, it is always important to choose the right trustee. Generally, a trustee should be an individual(s) or company that is detail-oriented and will follow all required fiduciary duties. In previous posts, a trustee’s fiduciary duties and responsibilities have been outlined and discussed. Normally, a trustee is all that is needed […]
What is a Spendthrift Trust? A spendthrift trust is one in which the right of a beneficiary to future payments from the trust cannot be voluntarily or involuntarily transferred by the beneficiary or reached by the beneficiary’s creditors. While in trust, assets are unattainable until they are distributed. The beneficiary of a spendthrift trust does […]
I noted in my post, Second Marriages and Blend Families, individuals who are remarried and have children from a previous relationship may want to establish a plan to ensure the children from the prior relationship still inherit from his or her estate. Typically when a spouse passes away everything is left to the surviving spouse. But […]
I often get the question, “should our guardians and trustees be the same people?” I always give the same answer, “I cannot answer that for you because I do not know the people in your lives, but I can give you some things to consider.”