What You Need To Know About The MN Trust Code For Drafters Part III: Limitation on Action Contesting Validity of Revocable Trust

Jennifer Santini / December 8, 2015
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Often when people set up their estate plan they will ask the attorney “Can someone challenge this?” Truthfully, anyone can try to challenge a person’s estate plan – the bigger question is whether that person would be successful in his or her challenge. Even if the testator attempts to prohibit someone from challenging his or […]

Year-End Estate Planning To-Do List

Manish Bhatia / December 5, 2015
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The end of the year is an ideal time to review your current estate plan and confirm that you are taking advantage of all planning opportunities available to you. This includes not only tax planning, but also asset protection, probate avoidance, beneficiary designations and changes in your family and financial situations. On the other hand, […]

Excluded Assets for Medical Assistance: Homestead

Jill Sauber / December 3, 2015
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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 […]

What You Need To Know About The MN Trust Code For Drafters Part II: Default & Mandatory Rules

Jennifer Santini / December 1, 2015
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A trust instrument, under the new Minnesota Trust Code (“MN Trust Code”) in Minn. Chapter 501C, can be drafted* in a multitude of manners to convey the settlor’s intentions. The terms of the trust instrument can be drafted contrary to certain provisions in the MN Trust Code. Such terms of the trust instrument will govern […]

What You Need To Know About The MN Trust Code For Drafters Part I: The Basics

Jennifer Santini / November 24, 2015
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It has been mentioned here on Epilawg a few times already that Minnesota adopted a new trust statute. The specifics of the Minnesota Trust Code can be found in Minn. Ch. 501C (“MN Trust Code”) and has come to fruition by the countless hours and effort of a committee of local trusts and estates attorneys. […]

Living as if it was your last year

Jennifer Santini / November 17, 2015
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Recently I read about a course that is offered by New York’s Zen Center for Contemplative Care called “How To Live This Year As If It Were Your Last.” The course is led by two Buddhist monks, who inform the students on the first day of class that they have nine months to live. For […]

Lamar, Khloe & the Urgency of Estate Planning

Manish Bhatia / November 14, 2015
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Former NBA and reality TV star, Lamar Odom, was found unconscious on October 13, 2015, and remains hospitalized in Los Angeles. Odom and his wife, Khloe Kardashian, had been separated for years and were in the middle of a divorce that had not been finalized, allowing his estranged wife to serve as his health care […]

DWI’s – The Devastating Impact on the Defendant

James Gempeler / November 9, 2015
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DWI’s are much more common than you may think. In fact, someone within your group of friends and/or family likely has a DWI, even if you don’t know about it. And let’s be clear, getting a DWI doesn’t make someone a criminal or even a bad person. In all likelihood, it was a mistake, a […]

10 Things you must do before you die! (Not another bucket list article)

Phillip Christenson / November 4, 2015
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Bucket Lists have grown in popularity in the last few years. While it might seem important that you go skydiving, and swim with the dolphins before you die I would suggest taking a look at the below list and giving these items priority. Many of these items have been discussed in detail in other posts […]

Conversion of an Exempt Asset

Jennifer Santini / October 27, 2015
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As I wrote in my past article, Hands Off, Creditors!, when someone passes away intestate in Minnesota there are several assets that pass to a surviving spouse and/or children free from claims and creditors. As a reminder, those assets are: The homestead (under Minn. Stat. §524.2-402); Exempt property, which includes one vehicle (regardless of value) […]

Donor Advised Funds go Mainstream

Nick Scheibel / October 22, 2015
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In the four years since this site last addressed Donor Advised Funds, this tax planning tool has grown significantly in popularity. Between 2011 and 2013, total assets in Donor Advised Funds grew from $38 billion to almost $54 billion, and the trend doesn’t seem to show any signs of slowing down. While many advisors consider […]

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