It is a common misconception that estate planning is only necessary for the wealthy or those with a spouse and children. However, all individuals, no matter what their financial situation may be, can benefit from preparing for the future with estate planning tools, too. An estate plan includes more than creating a Will or trust […]
Revocable trusts have many benefits. They typically allow for a smooth transition of assets when an individual dies, they can avoid the probate process, and they may incorporate transfer tax planning techniques such as disclaimers, QTIP trusts, and GST provisions (to name a few). While these benefits are great, the unsung heroes of the revocable […]
Often, many of our clients ask how a Will or a gift might be contested by others. One of the main ways is by contesting the testator’s or donor’s mental capacity when the Will was signed or the gift made. The type of capacity needed for each is slightly different.
In my practice, I am regularly asked many questions about completing a Health Care Directive: Who should I name as my health care agent? Can I name all __ (pick a number) of my kids? What if my agent lives out of state? What if my wishes change regarding the instructions listed? What if technological […]
Clients can become confused and overwhelmed by the various roles and individuals named in their estate plan. In a previous post, I outlined the traditional key players in a typical estate plan. However, guardians, conservators and custodians are three roles that can come into play when an individual has not properly planned and therefore, clients […]
SEVEN PRACTICAL LESSONS REGARDING ESTATE SETTLEMENT & TRUST ADMINISTRATION Lesson #1: Someday…you will die. It seems harsh, but it’s a reality we all face. If you don’t agree, then estate planning may seem unnecessary. However, if you accept the fact that you won’t be alive forever, you should keep reading. When we die, someone will […]
Call it coincidence or fate but Al Barnes, the 85-year-old Scandia, Minnesota man at the center of a court battle between his wife and his doctors regarding his treatment, passed away on Monday morning; the same day a ruling was expected from the Hennepin County Probate Court to allow the removal of life support.
In a recent post entitled, A Case for Health Care Directives, Ms. Green introduced us to Al Barnes, an 85-year-old from Scandia, Minnesota, diagnosed with dementia, kidney failure, and mental incapacity. On Wednesday, the court battle over who has authority to make medical decisions on his behalf was back in full swing.
In the Minneapolis-St.Paul Star Tribune today, Jeremy Olson reports on a woman’s battle to maintain control over her husband’s medical decisions. With diagnoses of dementia, kidney failure, and mental incapacity, Al Barnes needs someone to make his health care decisions for him. Up until recently, Al’s wife Lana was that person. Lana Barnes was designated […]
“Man’s best friend” Ironically, the phrase “man’s best friend” was coined by an attorney. In 1869, a man’s dog was shot and killed by his neighbor; he hired three attorneys to sue the man who shot his dog. One of the three attorneys used the phrase “man’s best friend” during his closing argument to the […]
Business succession planning is an important issue that should be addressed not only as part of an individual business owner’s estate planning process, but also by all of the owners of family-owned and closely-held businesses. Whether a business is owned by a single individual or a large group of investors or family members, everyone with […]