Having a baby or adopting a child is a major life event that should cause people to start thinking about estate planning. Most specifically, creating a will to nominate a guardian if something were to happen to both parents. For many, choosing a guardian for minor children is a very difficult decision; so difficult that it prevents many […]
Employer: Co-Owner of The Law Firm of Roberts & Stotzheim, PLLC Position: Attorney Location: St. Paul (a proud resident for 15 years) Education: J.D. – Hamline University Questions How long have I been practicing? I have been an attorney since 2006. What led me to estate planning? When I worked for Judge Yunker, it seemed […]
June 19, 1903 – June 2, 1941 It is the 70th anniversary of the death of Lou Gehrig – one of the most beloved baseball players of all time for both his athletic talent and his genuine character. Dying just short of his 38th birthday, Gehrig succumbed to Amyotrophic Lateral Sclerosis (“ALS”). The disease that […]
Epilawg first brought you the story of Wellington R. Burt on May 24, 2011, in Unusual Will Provisions in a Multimillion Dollar Estate. The saga appears to have finally been laid to rest, 92 years following Burt’s death. Burt’s $100 million to $110 million estate was distributed to 12 heirs who did not even know the man […]
A Dynasty Trust is one that may continue in existence indefinitely. In most states, a Trust can only exist for a certain period of time. Many times this restriction is called the “Rule Against Perpetuities” which requires that a trust must terminate no later than 21 years after the death of the last life in […]
Wellington R. Burt made millions off Michigan’s lumber industry and Minnesota’s iron mines. At one point, Burt ranked among the eight wealthiest men in America. He died on March 2, 1919, leaving an estate estimated, at the time, at $40 million to $90 million. For some his death marked the beginning of a long wait. […]
Some estates do not require probate either because of proper planning, the amount of the assets in the estate or how the assets are titled in the estate. There are times when an estate should be probated but it is not for various reasons, one of which is simply because the heirs are unaware that […]
SEVEN PRACTICAL LESSONS REGARDING ESTATE SETTLEMENT & TRUST ADMINISTRATION Lesson #1: Someday…you will die. It seems harsh, but it’s a reality we all face. If you don’t agree, then estate planning may seem unnecessary. However, if you accept the fact that you won’t be alive forever, you should keep reading. When we die, someone will […]
As discussed in a previous post, being appointed a Personal Representative of an estate can take lots of time and work. Besides this time and work, in some instances described below, the probate court will require a bond on the Personal Representative. A bond is issued by one party, the surety, who guarantees that the Personal […]
February 6, 1945 – May 11, 1981 Not only a famed musician but also a political and social activist, it was at the height of Bob Marley’s career that he lost his fight with cancer at the age of 36. Bob Marley was awarded the United Nations’ Medal of Peace and a month before his […]
A Family Partnership is an entity designed to hold family assets such as marketable securities, real estate, and operating businesses. The Partnership Agreement can be drafted to allow for lifetime transfers of Partnership interests as well as transfers upon an individual’s death to his or her descendants Using a Family Partnership may