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, […]
Questions To Ask Aging Parents
June 22, 2015
We are often approached by clients, who have aging parents, to find out the best way to raise the topic of estate planning with their parents. Typically the client is in the process of drafting his or her own estate plan and they realize quickly how messy the administration of an estate can be if […]
Privacy and your estate plan
January 19, 2015
The British government announced recently that 4 million historical wills have been digitized and are now available for download by the public. As in the United States, these documents were previously available by traveling to the probate court and searching the available public records. Now anyone with an internet connection and a credit card can […]
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 […]
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.
The Debt Left Behind by a Spouse
November 4, 2013
As discussed in a previous post, preparing for a death of a spouse can be extremely difficult and nearly unbearable to even think about. However, it is important to understand the financial impacts so that, if and when the time comes, the surviving spouse is equipped with the right information and is organized. This preparation […]
Property and Revocable Trusts – MN Estate Tax Update
October 23, 2013
Individuals that own property in multiple states often consider placing the property into a revocable trust for planning purposes. While this can be an effective planning technique, there are some important points to consider. For purposes of the new Minnesota estate tax [2], a Minnesota resident’s gross estate includes any property that is physically located […]
Beneficiary Designations and Estate Planning for Retirement Accounts
October 7, 2013
One of the most commonly overlooked items I see in client’s estate plans and during probate administrations is retirement accounts and their beneficiary designations. I think this has to do with the cumbersome nature of updating beneficiary designations. You call the plan administrator or custodian who sends you paperwork with tiny print and all sorts […]
I Need a Revocable Trust … Right?
August 5, 2013
This statement (turned inquiry) may or may not be true. It depends on a variety of factors and client goals. Deciding whether to use a will or a revocable trust (a.k.a. living trust or revocable living trust) as one’s primary estate planning document is a question to be discussed with an estate planning attorney. The […]
Avoiding Power of Attorney Abuse
July 26, 2013
In a previous post I spelled out the basics of the changes made to Minnesota’s Statutory Short Form Power of Attorney that will take effect January 1, 2014. As I mentioned, many of these changes were made to address the potential for abuse. Indeed, a Power of Attorney document gives broad and sweeping powers to […]
Summary of changes to the MN Statutory Short Form Power of Attorney
June 19, 2013
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 […]