Archive for June 11, 2012

Who Gets Aunt Lilly’s Handmade Kitchen Cupboard?

Certain household goods and personal items can be emotionally priceless to your descendants even when the financial value of such personal property is next to nothing. One way to avoid conflict over those items after your death is to establish a distribution plan.

Do you remember those countless fishing trips with Grandpa fishing for bullheads? Who gets his fishing poles when Grandpa’s gone? Or who gets the hand-made quilt that graced Mom’s living room sofa all the years the grandchildren were growing up? Who gets Great Aunt Lilly’s handmade kitchen cupboard? Who gets the ancestral photo albums dating back to the early 1800s? » Read more..

Estate Tax: When Life Insurance Makes You Look Rich

Don’t have $1 million? You still may need to worry about the Minnesota estate tax, which applies to persons holding more than $1 million in assets at death. Why? Life insurance. Life insurance proceeds paid out to your beneficiaries at your death get added to your assets for the estate tax tally even though you personally never benefit from the life insurance. » Read more..