Summary of changes to the MN Statutory Short Form Power of Attorney


June 19, 2013
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Minnesota’s legislators have been busy working up new and exciting changes to Minnesota’s estate planning landscape. Perhaps less controversial and less exciting, (and, some would argue, more concrete) than the new Minnesota Gift Tax, this article will summarize some of the changes made to the Minnesota Statutory Short Form Power of Attorney document.  With its […]

Will my heirs get everything?


June 11, 2013
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Aside from taxes, the topic that can typically cause the most confusion is the issue of which assets will pass to your loved ones tax free – and which are subject to estate taxation. Knowing your estate… There are costs associated with probate and those costs can be significant if you have not planned properly. […]

The handy dandy super easy estate planning checklist


January 17, 2013
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Make this your new year’s resolution.  Or don’t.  Either way, these six things should give you peace of mind that your family and friends will not struggle through the probate process. 1. Make a list of your stuff Create a simple list of your assets with corresponding values – use a ballpark value if you don’t […]

Unintended Consequences: Naming a Child as Beneficiary of Life Insurance


June 6, 2012
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If you are one of the millions of parents who own a life insurance policy, you may have your child named individually as a primary or contingent beneficiary if you were to pass away while the policy was still in effect.  However, naming a child individually, especially under the age of eighteen, can have unintended […]

Arresting Motion: Estate Planning for Artists


May 14, 2012
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PART IV: HOW? DETERMINING THE TOOLS. “When an artist of talent makes a painting or a sculpture, he is always aware of the potentials and limitations of his materials; the better the artist, the more likely he is to know just what he can and cannot do with them.” ~Bruce Cole, Art Scholar and Senior […]

What is probate and do you need to avoid it?


May 2, 2012
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My clients frequently claim that their number one goal in establishing an estate plan is to “avoid probate.” Upon further discussion, I discover that most have a number of misconceptions regarding what probate actually is. Probate Probate is, quite simply, the legal process by which assets owned by a decedent are transferred to the rightful […]

Inherited Retirement Accounts Part II: Non-Spouse Beneficiary


April 27, 2012
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We previously discussed the options available to a surviving spouse inheriting a qualified retirement account. This article will address the options available to a non-spouse beneficiary inheriting a qualified retirement account. Just for a brief reminder, for purposes of this article, the term “retirement account” will be used to encompass all qualified retirement accounts, meaning […]

Inherited Retirement Accounts Part I: Spouse Beneficiary


April 13, 2012
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There is often confusion about what to do when a beneficiary inherits a retirement account. The answer is… it depends. There are different factors to determine the best course of action, such as the beneficiary and the age of the decedent. For purposes of this article, the term “retirement account” will be used to encompass […]

Protecting Yourself as Co-signer on Your Child’s Loan


March 14, 2012
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A few months ago, I wrote about the importance of having life insurance to help provide for your family upon your death. Today I write about life insurance again, but from a different perspective: what if something unexpected happens to your child? I know that no one likes to think about this scenario, but just […]

3 Steps to a Thoughtful Beneficiary Review


February 18, 2012
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Make Sure Your Money Goes to the Right Person after You’re Gone There is so much information available about personal finances that you could spend your entire life reading all of it and you would never reach the end. Usually personal financial topics are geared toward what to do with your investments or how to […]

U.S. Savings Bonds


October 15, 2011
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Personally, I have never been one to purchase U.S. Savings Bonds. Nor have I received any as gifts. However, I have worked with many clients that one way or the other, have many Savings Bonds. When helping these clients with their estate plan, I have learned more than I ever imagined I would about Savings […]