Nonjudicial Settlement Agreements, Spendthrift Trusts, and the “Material Purpose” Dilemma

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April 2, 2019
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In 2015, the Minnesota legislature significantly expanded the scope of the Minnesota Trust Code’s Nonjudicial Settlement Agreement (“NJSA”) provisions to permit a wider range of issues to be resolved by way of such agreements.  Under Minn. Stat. § 501C.0111(b)-(c), “interested persons” may enter into binding NJSAs “with respect to any matter involving a trust” so long […]

Overview of 2019 Estate Exemptions Tax


February 1, 2019
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The slogan for many with the turn of the year has been “New Year, New Me”.  In homage to this phrase, the time has come to address “New Year, New Tax Changes”.  Tax changes affect most, if not all, of financial planning and that is why it is important to be conscientious of changes, especially […]

Legacy Planning with a Pinch of Imagination


January 29, 2019
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So a funny thing happened when we introduced an amazing new idea to the funeral service industry. Using one-off manufacturing technologies, we were able to completely reinvent what was known as the common cremation urn. So a funny thing happened when we introduced an amazing new idea to the funeral service industry. Using one-off manufacturing […]

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Finding Fiduciaries: Using Trust Protectors and Directed Trustees, Part 2


December 3, 2018
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The Minnesota Trust Code introduced several new fiduciary or quasi-fiduciary positions into Minnesota trust law. Minnesota Statute section 501C.0808 creates the offices of “trust protector”, “directing party” and “directed trustee.”  The estate planning attorney should be familiar with the “directed trust” concept and understand how these new positions may be used to enhance an estate […]

Finding Fiduciaries: General Considerations, Part 1


September 21, 2018
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Fiduciary selection is often given insufficient consideration in estate planning engagements. Too often the process of choosing a fiduciary is limited to the consideration of which family members are disqualified from acting as trustee; with little or no consideration of the skills required of a trustee. An attorney must help her client understand the fiduciary’s […]

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 […]

Millenials Need an Estate Plan, Too


July 25, 2018
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I’m twenty-four.  I don’t have a home, a family I support, or any of the assets I typically see in an estate plan.  On top of that, I’m young and plan to live at least into my sixties, so what is the point in investing in an estate plan?  Over the past year learning more […]

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 […]

Are Your Affairs in Order?


May 14, 2018
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A commonly overlooked piece of a person’s financial affairs is their digital footprint. In today’s digital world, online accounts to manage investments, savings, expenses, etc. are becoming more and more conventional. If tragedy strikes and you become incapacitated or if there is a death, would your family know how to access your online accounts? Where […]

An Overview of Estate Planning Tax Changes


February 23, 2018
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As most know, on December 22, 2017, President Trump signed significant tax changes into law. Known as the “Tax Cuts and Jobs Act”, these changes have a significant reach in virtually every facet of the financial world. Here are a few things to keep a watch on with respect to estate planning. Tax Exemptions: A […]