PROBATE CODE UPDATES

Emma Maddy / June 20, 2016
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Starting August 1, 2016, the amounts available under the Minnesota Probate Code (Minn. Stat. Ch. 524) for a number of issues will be adjusted for the first time in more than 25 years. These issues include the family allowance, collection of personal property by affidavit, and spousal intestate share with children from a previous relationship. […]

MN Animal Lovers – Rejoice!

Jennifer Santini / June 3, 2016
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Until recently, Minnesota was one of the few remaining states that did not allow for a trust to be created for the benefit of animal. However, this past legislative session H.F. No. 1372 was signed into law by Governor Dayton, which includes the statute to allow for the creation of a “pet trust.” Under Minn. […]

Prince Leaves a Complex, Unplanned Estate

Manish Bhatia / May 4, 2016
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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 […]

Life Insurance for Family Business Owners

Bob Cohen / April 5, 2016
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Owners of family businesses often find themselves in a dilemma over how to treat their adult children fairly when one or more is interested and capable of taking over the business and the other adult children are not.  Certainly, the owners are not about to turn over their life’s work to anyone (their closest kin […]

Vanishing Premiums Explained

Bob Cohen / March 23, 2016
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Many insured’s are confused and angered when the premiums of their “vanishing premium” life insurance policy, either don’t vanish or reappear at a later date.  If the policy was promoted and sold on a “vanishing premium” basis they ask, then “why am I still writing checks?”  The answer is very simple though not always properly […]

The Power to Revoke at Any Moment

Sarah Sicheneder / March 17, 2016
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A popular saying goes “bad planning on your part does not constitute an emergency on my part.”  Estate planners cannot rely on such platitudes.  It is our job to fix bad planning especially in emergency situations which often involve quickly revoking one or all prior estate planning documents.  This article provides guidance on revoking the […]

Spectrum of Withdrawal Limitations

Manish Bhatia / February 26, 2016
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The phrase “control from the grave” is often used to describe withdrawal limitations on an individual’s inheritance.  These provisions direct or require a beneficiary to reach certain benchmarks before a trustee can permit a withdrawal.  While some grantors (the creator of the trust) may be motivated by control, simpler withdrawal limitations can provide significant asset […]

David Bowie’s Estate Plan

Jamie Held / February 19, 2016
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It has been reported that David Bowie’s estate plan consists of a 20 page Will that was originally filed in 2004.  It splits the majority of his estate, estimated at $100 million, between his wife, daughter and son. And includes smaller, yet substantial gifts for his personal assistant ($2 million) and one-time nanny ($1 million). […]

What’s in a Name

Bob Cohen / February 5, 2016
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The life insurance industry has become increasingly complex. New and multiple policy types deliver both choice (a good thing) and complexity (not such a good thing) to your client’s decision-making. Policy names (Adjustable, Flexible and in my opinion, sometimes Combustible) are not helpful either. If I have a difficult time keeping up, I can’t imagine […]

Powers of Attorney: Underrated Estate Planning Documents

Manish Bhatia / January 25, 2016
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Powers of attorney are very flexible documents used to reflect your wishes for decisions regarding your health care and control of your assets if you are ever unable to make those decisions yourself.  If you (the principal) are ever incapacitated, your powers of attorney dictate the individuals you have appointed to serve as your agent […]

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