Unfortunately no matter how close a family might seem, it always has the potential to endure disputes between members either during everyone’s lifetimes or after someone has passed away. The fights can get ugly and feelings can get hurt. But often the disputes could have easily been avoided, or resolved, if individuals remembered the lessons […]
This issue varies significantly based upon where you live. In Minnesota, unlike some other jurisdictions, the probate avoidance opportunity doesn’t always rise to the level of necessity. The benefits of avoiding probate include: not incurring the time delay, avoiding the expense of court filing fees or attorney’s fees for opening the probate and administering the […]
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 […]
In May 2013, the Texas Supreme Court enforced a mandatory arbitration provision within a trust instrument in Rachal v. Reitz. Since then, a number of legal commentators have suggested that there is a growing trend towards the recognition of such provisions in the probate context. The issue is far from settled, however, and the underlying […]
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 […]
Oftentimes, some property in a decedent’s estate will be unique and difficult to value, like: a business, artwork, jewelry, collectibles, or real estate. Oftentimes the value will be needed to help complete an inventory in a probate and/or to determine any estate tax impact on the estate. Additionally, objective appraisals can also help minimize or […]
We have written at length about the various estate administration tasks that arise when an individual passes away. One major task for the estate administrator (either personal representative or trustee) or family members is cleaning out the decedent’s home. When the decedent owned his or her home, the estate administrator has time to get the […]
According to a New York Times article, Michael Jackson did have a Revocable Living Trust in place at the time of his death. A Revocable Trust makes good sense for a public figure because it is privately administered and not subject to the lengthy, costly, and public Probate process. There are quite a few good articles […]
Nowhere are you more generous than with your family. Whether you are saving for your children’s education, helping with the purchase of a first car, or helping to plan a wedding, your family is first in your mind and in your heart. This generosity often plays out in perhaps the most tangible way when planning […]
Often, clients ask if there is way to shelter their assets from creditors. In Minnesota, the short answer is: no. However, in a handful of states, there is a trust that could allow for someone to shelter their assets from potential creditors – or at least, minimize what the creditors could obtain. While we have […]
Serving as a trustee is not to be taken lightly. This is because in the context of trusts and estates, a fiduciary relationship exists between the trustee (a/k/a fiduciary) who holds and keeps a property interest for the benefit of one or more other people (a/k/a the beneficiaries). A fiduciary relationship has both legal and […]