Safe deposit boxes are a great resource to store and protect valuable assets. However, they can cause problems during an estate administration. The first issue that arises is the lack of knowledge that the decedent had a safe deposit box. Often the individual administering the estate is neither aware of the existence nor the location […]
Name: Gretchen Baker Employer: Baker Law Firm Position: Attorney Location: 5200 Willson Road, Suite 150, Edina, MN 55424 Education: Boston College ‘97, William Mitchell College of Law ‘07 How long have you been practicing? I have been practicing since October, 2007. What led you to practice in the area of estate planning? I have observed […]
While speaking to clients regarding their estate plan, the topic of conversation often shifts to … “I wonder if my parents have done any planning?” As we get further into the discussion of expenses – the cost of funerals, burials, cremation, estate administration, etc., I regularly hear … “I am concerned about my parents’ financial […]
Every now and again a client will ask for a life estate to be created; however, most often the client does not understand what exactly it is, how it is created or the potential benefits and pitfalls of creating such an estate. In this post, I will attempt to give a basic overview of a […]
August 30, 1918 – July 5, 2002 While I pride myself on my sports knowledge, my husband often reminds me of all the information I apparently do not know. Yesterday’s example revolves around Ted Williams as I began to write this post. Now, I know who Ted Williams was and do know of his baseball […]
Minnesota has a professional firms act that requires licensed professionals (as defined in MN Statute 319B.02 subd.19) to, among other things, register their business as a professional firm. One particular requirement of the statute, that all owners of the business be licensed professionals, often makes succession planning a challenge. Under most circumstances, an LLC member […]
PART V: WHAT? RECOGNIZING THE ASSETS. “An artist is someone who produces things that people don’t need to have but that he for some reason thinks it would be a good idea to give them.” ~Andy Warhol, Pop Art Pioneer So far, this series has revealed why estate planning for artists is so essential, who […]
Historically, determining a decedent’s heirs was easy – determine all of the decedent’s living family members on the date of decedent’s death and if decedent’s wife was pregnant on the date of his death, wait to see if the child is born alive. Now, however, science has provided us with the ability to freeze genetic […]
As the gay marriage debate rages on across the country, another related issue is gaining traction as well—gay divorce. Gay marriage is currently legal in six states and the District of Columbia. There is no marriage residency requirement in these states either. That means couples can get married in these states without living there. And […]
November 18, 1963 – June 19, 1986 Leonard Kevin Bias, known as Len, was arguably one of the most promising NBA athletes ever drafted. However, Bias was never able to reach his full potential on a professional sports team. Len Bias was drafted by the Boston Celtics as the second overall draft pick in 1986 […]
Recently, at a Wills For Heroes clinic, a first responder asked what the requirements were for a Will to be valid in Minnesota and wondered if a Will could be handwritten. I thought these were interesting questions and wanted to share my answers with all of you dedicated Epilawg readers. Will Requirements First, Minnesota, like […]