Minnesota is a pretty amazing state. We have great parks, great educational and business opportunities, great health care, and — let’s face it, — we’re ridiculously good looking.[1] But for all its up-sides, those perks come with a cost. First, Minnesota can be an expensive place. Also, it gets cold. So it’s no surprise […]
In August 2014, I posted an article about Robin Williams’ estate plan. Now, 13 months after his death more details have been revealed regarding his estate plan and unfortunately, the court battles have begun. So the good news. Robin did have an estate plan; an updated estate plan to boot. He was married in 2011, […]
Epilawg is in the running for The Expert Institute’s Best Legal Blog Competition! The competition will run from August 27th until the close of voting at 12:00 AM on October 9th, at which point the votes will be tallied and the winners announced. We would love it if you took a moment to support Epilawg by voting for […]
As a Relationship Manager for a corporate fiduciary, I am often asked by my peers in the estate planning community about typical problem areas to keep in mind when drafting a trust document. Here are three topics to closely consider to ensure the grantor’s intentions are met: Outside Resources A standard question most planners will […]
Parents, legal custodians, or legal guardians periodically find themselves in a position that necessitates granting power to another adult regarding the care, custody, or property of a minor child or incapacitated person (ward). Examples may include a vacation out of state or country, a long term illness, or other extenuating circumstances. One way to delegate […]
A comprehensive estate plan deals with multiple types of property; from probate assets that pass through your will, to non-probate assets that pass outside a will via a trust or beneficiary designation, to jointly held assets, which pass automatically at the time of the first death. One of the most common joint assets people hold […]
You have built a successful company. Now you are starting to think about the potential for retirement. Retiring is a bit more complicated when you own the company. Your reputation, core values, personality, and relationships have been integral to growing a successful company. Here is a process to begin outlining your succession plan. Are you […]
Minnesota’s Revised Uniform Limited Liability Company Act (“new LLC Act”) act will take effect this Saturday, August 1, 2015. Any limited liability companies (LLCs) that are newly organized in Minnesota after that date will be subject to the new LLC Act under Chapter 322C of the Minnesota Statutes. Any LLCs that were formed prior to […]
We’ve all heard jokes about taking a loan from the Bank of Mom and Dad. What you might not know is that intra-family loans can be a great way to transfer significant wealth and avoid gift (or estate) tax liability. While an intra-family loan requires some upfront structuring and down-the-road diligence, the benefits are real. […]
In a previous post, I discussed the importance of having a life insurance policy analysis done on a regular basis. I was recently reminded of the importance of policy reviews when I received correspondence from a life insurance carrier whose policy expenses exceeded what was necessary to support the death benefit. Though the mistake was […]
Are improvements to healthcare directives necessary and possible? The answer is an emphatic YES! As a trusted advisor, you can blaze the trail for your clients. In the past three decades, a relatively low percent of adults have completed a healthcare directive. So what shortcomings are impeding the national acceptance of advance care planning? 10 […]