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
A majority of states statutorily provide a surviving spouse with the right to inherit a percentage of the decedent spouse’s estate, even where the decedent spouse’s will evidences an intent to disinherit the surviving spouse. This statutory provision is often referred to as the surviving spouse’s “elective share” of the decedent’s augmented estate. The share […]
A limited liability company can be used as an effective wealth management tool for certain estates. A limited liability company (“LLC”) is a corporate entity and under Minnesota law, it can be formed for “any lawful purpose or purposes…”[1] An LLC can be useful to reduce an estate’s exposure to taxes at death, help ensure […]
There are many misconceptions about who needs a Will and what happens if you die without one. If you die without a Will, the legal term is that you die “intestate,” meaning that you didn’t have a will drafted before you died or your will does not meet the requirements of your state’s laws. For example, […]
Many people are breathing a sigh of relief now that the deadline (April 18 this year) for individual income tax returns has passed. But, did you remember to file your Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return? Gift Tax Returns were due on the same day as your individual income tax return.