Estate Planning for the Newly Divorced


September 13, 2018
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  Divorce is a time of massive change.  Change in schedule, change in routine, change in living situation, change in dynamic, change in budget – you name it, it changes after a divorce.  Many divorcing couples do not understand, however, that divorce should also be accompanied by a change in estate plans.  (An estate plan […]

Tidbit #57 on Life Insurance


July 12, 2018
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I read a lot. I much prefer non-fiction over fiction though the other day, the (very) fictitious article entitled, “Whole Life Insurance vs. 529 College Savings Plans…Who Wins?”, got my interest as no other piece of fiction that I can recall. The author’s position (which I deduced from the title alone), is that whole life […]

Cemetery Lots, Burial Plots, Mausoleums, and Niches: Investing in Your Future, Part 1


September 29, 2017
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Questions regarding final disposition of human remains and the legal right to control such disposition sometimes become litigated issues during estate planning, long-term care planning, or probate.  Estate planning and elder law attorneys should be aware of how a person purchases burial space, prepays for funeral services, or transfers/sells rights to burial space.  Whether you […]

Prince Leaves a Complex, Unplanned Estate


May 4, 2016
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Unfortunately, too many recent newsletters have focused on the death of musical legends. This month left us with another untimely death. Prince, whose legal name was Prince Rogers Nelson, died on April 21st at his Paisley Park recording studio and home in Chanhassen, Minnesota. As unbelievable as it may seem, according to his sister, Tyka […]

The Missing Will


January 11, 2016
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The Missing Will Do you know where your original Will is located? You should, and so should your executor. The dilemma of a missing original Will has come up in the death of Melissa Mathison, screenwriter of E.T. the Extra-Terrestrial (1982) and ex-wife of Harrison Ford. Mathison died on November 4th as a resident of […]

The Right Way to Inherit


December 20, 2015
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While an inheritance is often considered a gift by the recipient, from a tax perspective, there optimal ways to inherit a retirement account. From the language used to designate the beneficiaries to important IRS-imposed deadlines, the manner in which a retirement account is inherited can significantly affect its value. If you are the beneficiary of […]

Excluded Assets for Medical Assistance: Burial Space and Burial Space Items


December 10, 2015
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This article focuses on burial spaces, burial space items, and irrevocable insurance-funded burial agreements. There are various types of burial agreements, but only one type of burial agreement is discussed below because of the potential to exclude the entire amount for MA purposes if it is properly written. Medical Assistance (MA) is a means-tested program […]

Year-End Estate Planning To-Do List


December 5, 2015
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The end of the year is an ideal time to review your current estate plan and confirm that you are taking advantage of all planning opportunities available to you. This includes not only tax planning, but also asset protection, probate avoidance, beneficiary designations and changes in your family and financial situations. On the other hand, […]

An Introduction to Trusteed IRAs


June 8, 2015
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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 […]

What are a surviving spouse’s debt obligations?


September 11, 2014
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Awhile back, an article in the Star Tribune discussed the egregious practices used by some credit card companies and banks to collect debts owed by deceased persons, often targeting surviving family members who may or may not have a legal obligation to pay.