As the temperatures begin to drop and the leaves start to change, the following question starts to come up more and more during my estate planning meetings: What legal documents should I take with me when I am traveling? Not only do our snowbirds need to think about taking legal documents with them to the warmer climates where they spend…
It probably goes without saying, but the terms and language used in your estate planning documents are so important. Whether you realize it or not, when you meet with your attorney, they are not only working to understand your wishes and your family dynamics, but at the same time running through various questions that help them determine the key terms…
As we look at the ever changing family paradigm, we see a trend over the years of increasing divorce rates with the various generations. The so called “gray divorce” is on the rise. Statistics show the divorce rate for adults age 50 and older (Baby Boomers 1946-1964) has roughly doubled since the 1990s. The Gen – Xers (1965-1981) have a…
“Disability” by general definition, means a physical or mental condition that limits a person’s movements, senses, or activities. As you know, there is a sliding scale that represents the level of someone’s “disability.” I’d like to focus today on families that have a minor child or child nearing the age of 18 that are disabled. To most parents it can…
As my daughter prepares to graduate from high school this month and start the next phase of her life, I started to think about what it means to turn 18 and become a ‘legal adult’. In a few short months, she will be moving away from home and attending a university out of state. She’s ready, but we as her…
A question I am often asked by clients is whether or not they should purchase a prepaid burial plan. I encourage clients to think about how their surviving loved ones will be able to pay for the cost of a parent’s funeral. The cost of a prepaid burial plan is actually one of the approved spenddown items when someone is…
It is that dreaded time of year again when you drop off that pile of paperwork with your accountant and anxiously await the outcome of your tax return. Our accountant friends have been busy doing double duty working hard to digest and understand the new tax legislation that President Trump signed into law effective January 1, 2018. Regardless of your…
This is a question we often hear after a title company or realtor warns a client that they can’t close until they go through probate. The basic answer is that a dead person can’t sign a deed. That’s pretty obvious but I will give you several examples where people often think they will not need probate. The scenario that angers…
Past articles have discussed the advantages of having your cabin in trust so that you avoid probate. Other articles have talked about why you should hold title in a cabin trust if the cabin is shared by multiple families. A more recent issue, however, is that many people now rent out the cabin on a weekly basis or just the…
In previous articles, we have explained why it is important to have an estate plan and have in place documents such as a will, power of attorney, and health care directive. This article explains what happens when you don’t have a plan in place when you pass away. So, what happens if you die without a will in Minnesota? About…