Take it to the bank Piggy banks are a great way to start teaching children to save money, but opening a savings account in a “real” bank introduces them to the concepts of earning interest and the power of compounding. While children might want to spend all their allowance now, encourage them (especially older children) […]
Even before your children can count, they already know something about money: it’s what you have to give the ice cream man to get a cone, or put in the slot to ride the rocket ship at the grocery store. So, as soon as your children begin to handle money, start teaching them how to […]
A large piece of estate planning involves deciding how to transfer assets to children and descendants. We ask (1) At what age will your children be responsible; (2) Do you want them to inherit large sums of money at age 21; and (3) Will they be mature enough at age 30? Often times, the answers […]
January 20, 1896 – March 9, 1996 Today is the 15th anniversary of George Burns’ death, who died at age 100 on March 9, 1996. Mr. Burns spent his lifetime in show business and created millions of laughs. The love of his life, his wife Gracie Allen, predeceased him by nearly thirty-two years. However, they […]
In a recent post What Happens to Debt at Death?, Jayne Sykora explained that it is typically the decedent’s estate that is responsible for paying the decedent’s debt. Most of us are conditioned to pay a bill immediately upon receipt but when a decedent passes away, bills often go unpaid for a bit of time. […]
Okay, I admit. I spend my free weekday evenings parsing through my Google Reader with the TV on in the background. This week, two shows that I have never seen before caught my attention; not because of the witty and meaningful dialogue, but because words like “Probate,” “Lawyer,” and “Will” came up in a prime […]
Since I am an estate planning attorney, clients, family, friends, and even strangers, often ask about what happens to any debt they may have at their deaths. Most often, people are concerned about whether loved ones will “inherit” debt. The short answer is that your estate is responsible for paying off the balance of any […]
On December 17, 2010 Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853). This legislation dramatically changed the laws that would have come into effect on January 1, 2011; however, they only extend the existing legislation for two more years. So although we have some certainty, it is […]
A Transfer on Death Deed (TODD) allows the owner of real estate to execute a deed that names the beneficiary who will succeed to ownership of the real estate at the owner’s death. A TODD can be a useful estate planning tool because it allows the transfer of real property without the need of probate […]
You have traveled the country and world over and have racked up thousands of airline miles – now what do you do with them? Hopefully you take advantage of the free flights and continue to travel and experience new places. However, if you truly have so many miles and can not use them all, there are […]
Call it coincidence or fate but Al Barnes, the 85-year-old Scandia, Minnesota man at the center of a court battle between his wife and his doctors regarding his treatment, passed away on Monday morning; the same day a ruling was expected from the Hennepin County Probate Court to allow the removal of life support.