Do you have a “non-traditional family”? You may think of that one crazy uncle or that cousin who often has a few too many at the family get together. A variety of things probably come to mind when you hear this term and it will be very different for all of us. For our purposes, we are going to define…
As an estate planner I often work with the entire family. My initial discussion is usually with mom and dad as we work together to put their estate plan documents in place. Many times, mom and dad want to bring the child that is appointed to act on their behalf to a meeting to give the child the opportunity to…
Have you reviewed your beneficiary designations? Beneficiary designations are a way in which we identify who we want to give an asset to after we pass away. A common beneficiary designation for most people is the form you completed when you became eligible to participate in your employer’s 401(k) retirement plan, set up an individual retirement account (“IRA”) with your…
When is your estate subject to estate tax? Minnesota is one of a handful of states that assess a tax on your estate when you pass away if certain limits are met. This type of tax is often referred to as a death tax and is assessed against the entire value of your estate. In contrast other states assess an…
You may like to read Will Based vs. Trust Based Estate Plan (Part 1). In this article we will dig into some of the reasons you may want to consider a trust based estate plan. Minnesota adopted a modified version of the Uniform Trust Code the “Minnesota Trust Code” that became effective January 1, 2016. It is spelled out in…
We are a generous group of people. In so many conversations with friends and family, I hear examples of the giving of our time and money to various charitable organizations. My brother oversaw a bike ride with hundreds of participants benefiting a cancer organization; my mom volunteers at her local library; a friend leads a campaign to bring drinking water…
Have you found yourself walking away from a conversation with a friend or family member and you were convinced you needed a Will? Or you attended one of those “free meal” seminars where you were sold on the idea that you had to have a Trust? Navigating the options in estate planning can be frustrating and confusing for most. Unfortunately,…
The old statute governing the formation, operation, and management of limited liability companies (LLCs) in Minnesota will be repealed and replaced by the new statute on January 1, 2018. The transition from 322B to 322C began on August 1, 2015 when the new LLC statute went into effect. Since then, LLCs have had the opportunity to ‘opt in’ to the…
A health care directive (“HCD”) is another integral document you should have as part of an estate plan. This document is a tool that gives you the ability to name a trusted individual(s) to make health care decisions on your behalf when you are unable. If you are ever incapacitated, this document can be used and should avoid the need…
A power of attorney (POA) is an integral document you should have as part of an estate plan. This document is a tool that gives you the ability to name a trusted individual(s) to access your financial accounts and step into your shoes to manage your assets when you are unable or unavailable. If you are ever incapacitated, this document…