Why on earth is she talking about prenups in an estate planning blog?! Well, estate planning and ante-nuptial agreements go hand in hand, especially in second marriages and legacy planning. The prenup sets the minimum expectations and ground rules upon which the newlyweds can do more for each other and each other’s families. Existing prenuptial […]
Estate Planning Myth #8: Prenuptial Agreements aren’t estate planning
May 6, 2014
Estate Planning Myth #7: Gift Taxes?! I don’t make taxable gifts.
April 30, 2014
Many clients are familiar with the gift tax exclusion and understand that their small gifts (even to organizations that are not tax-exempt) will not be subject to gift tax. Where there tends to be confusion is around the concepts of what is a taxable gift and what is not, and valuation of the gift. These […]
Estate Planning Myth #5: Equal is Fair
April 22, 2014
I have noticed that many clients use the words “equal” and “fair” interchangeably in the discussion around leaving assets (especially to children and grandchildren). Unfortunately, when thinking through the ramifications of equal treatment, it often starts to not look as fair to all takers. One example involves the family business where one of the client’s […]
Estate Planning Myth #4: Anyone can write a simple will
April 16, 2014
This is somewhat correct: I clearly remember reading anomalous cases in law school about concepts like Holographic Wills and whether something as simple as “I leave everything to my wife” is a Will. A gentle reminder: I was reading these stories in a case book, which means these were matters that wound up being litigated. […]
Estate Planning Myth #3: All I need I can find on legal zoom
April 11, 2014
Yes, there are forms out there, and yes, many documents that attorneys draft begin from a template or form. However, consider these two major points for discussion with this myth: first, the law is full of variation from state to state and forms may or may not be drafted with your state’s peculiarities in mind, […]
Estate Planning Myth #1: I don’t need a Will – I don’t have kids
April 2, 2014
Even if you don’t have a Will, you still do have an estate plan. Without a Will, it’s the state’s version of estate planning that prevails through your state’s intestacy statute. The state’s plan will vary based on the state in which you live and where you own property, but there will be a distribution […]
Don’t Leave Your Money Behind
March 13, 2014
Recently, Joe Larson wrote about what to do when you’ve been terminated by your employer and what your rights are with respect to your personnel file. It raises a reminder that whether you have been laid off, terminated or voluntarily opted to leave your job you shouldn’t forget about your 401(k) when you move on. […]
Governor Dayton’s Estate & Gift Tax Simplification Proposal
March 11, 2014
Last week, Governor Dayton issued proposed tax cuts of $616 Million. The tax cuts are aimed at middle class Minnesotans and businesses. The proposed tax cuts include simplifying the state estate tax and eliminating the state gift tax. The estate and gift tax proposals would yield $43 Million in tax relief for Minnesotans.
Organizing Your Accounts and Passwords
March 5, 2014
I emphasize to all of my estate planning clients the importance of keeping track of your assets, what they are, where they are located, etc. The reason: a Will or Trust instructs your Personal Representative or Trustee on how you want your assets to be distributed after your death, but not always what those assets […]
Gift of Real Estate to Religious Corporations
February 3, 2014
Gifts of real estate to religious bodies are rare, but frequently the donee is mis-identified. Many churches are known by abbreviated versions of their full name, e.g., “St. Jude’s Catholic Church” is actually “The Church of Saint Jude of the Lake, Mahtomedi, Minnesota.” Many times the beneficiary is unaware of an intended gift, and has […]
How should my Estate Planning Attorney & Financial Planner work together?
January 6, 2014
There are many parts to your financial life which may require you work with multiple professionals from different disciplines. Two of the most important professionals you should have on your team are a Financial Planner and an Estate Planning Attorney. Each of these professionals should have an understanding of what the other is doing. Some […]