We are often approached by clients, who have aging parents, to find out the best way to raise the topic of estate planning with their parents. Typically the client is in the process of drafting his or her own estate plan and they realize quickly how messy the administration of an estate can be if […]
An individual retirement account (IRA) is typically established in one of two ways. As a custodial account, where the bank or financial institution is simply acting as a fiduciary and must follow the directions of the account owner (including the instruction to cash out the entire balance). An IRA can also be held in trust (the […]
The Uniform Law Commission drafted an act to provide fiduciaries with the same access to digital assets as they have had to tangible assets. The Uniform Fiduciary Access to Digital Assets Act (the “Act”) has been introduced in over twenty states, including Minnesota. The Act was introduced and enacted in the Minnesota House of Representatives. […]
This is the third post in a series discussing different aspects on Minnesota’s new statute, the Uniform Trust Code (UTC), which becomes effective January 1, 2016. While this series will be useful information for all Epilawg readers, it is geared towards those readers that are attorneys, fiduciaries and their clients. See Part I here and […]
POLST stands for “Provider Orders for Life Sustaining Treatment.” It is a doctor-signed medical order form that communicates a patient’s end-of-life health care wishes to other health care providers during an emergency. Patients with serious health conditions who need to make decisions about life sustaining treatment in advance of medical emergencies should have a POLST […]
Men’s college basketball coaching legend, Dean Smith, passed away on February 7, 2015. Coach Smith utilized a revocable trust in his estate plan. He included a unique bequest.
This is a second post in a series discussing different aspects on Minnesota’s new statute, the Uniform Trust Code (UTC), which becomes effective January 1, 2016. While this series will be useful information for all Epilawg readers, it is geared towards those readers that are attorneys, fiduciaries and their clients. As noted in my […]
As tax season is wrapping up I’ve found myself busy with a few estate tax returns, and wanted to share 7 Tips to keep in mind when completing a United States Estate (and Generation-Skipping Transfer) Tax Return – aka the 706. The federal form (coming in at 31 pages before any schedules and supporting documentation […]
This is a first in a series of posts discussing different aspects on the new statute, Minnesota’s Uniform Trust Code (UTC), which becomes effective January 1, 2016. While this series will be useful information for all Epilawg readers, it is geared towards those readers that are attorneys, fiduciaries and their clients. At long last, Minnesota […]
Designation of Standby or Temporary Custodian for your Child So, you and your spouse are finally ready to take that vacation to Mexico – without the kids. The flights are booked, your bags are nearly packed and thoughts of warm weather and a beach are in the forefront of your mind . . . as […]
Collecting Final Wages from Your Employer Most of us don’t work for free. If your employer hasn’t paid you all of the wages you’ve earned, then that’s exactly what you’d be doing. What follows is a quick guide on what to do if your employer owes you wages. The rules for wages due to an […]