In Minnesota, the mental capacity to execute a Will is presumed until and unless a court determines otherwise. Mental capacity is determined case by case. Mere old age and failing memory don’t automatically determine whether a person suffers from mental incapacity. Even if mental capacity is lacking sometimes, the court could determine that the person wrote the Will during a lucid period. » Read more..
Archive for September 30, 2012
Hiring a Minnesota estate planning lawyer to draft legal documents to provide for your heirs is only the first step to ensure that your property is distributed as you desire after your death. You still need to ensure that your property is titled in such a way as to take full advantage of your Will and/or Trust.
And, while you’re at it, review your beneficiary designations because some assets override any language in your Will or Trust documents and pass to whomever you named as the beneficiary. For example, life insurance proceeds and retirement benefits are paid to your designated beneficiary. Similarly, bank accounts designated as Payable on Death (also known as P.O.D. accounts), and securities accounts designated as Transfer on Death (also known as T.O.D. accounts) also transfer to whomever you named as beneficiaries. » Read more..
Both are federal programs for healthcare costs. However, Medicaid is for the poor regardless of age, whereas Medicare is mostly for persons 65 and older regardless of wealth. Medicare also covers persons with certain disabilities.
Medicare, which is funded and administered at the federal level, provides the same coverage regardless of the state in which one resides. However, Medicaid is run separately by each state, which means that the eligibility rules and the type of coverage vary from state to state. Medicaid eligibility involves both an asset test and an income test. Medicaid and Minnesota’s Medical Assistance rules frequently change. » Read more..
An oft-told tale describes a young man’s efforts to entice a beautiful woman to marry him because he would soon inherit $20 million from his ailing father. Impressed, the woman asks the man for his business card. At their next encounter, the beautiful woman introduces herself as the man’s stepmother – i.e. showing that women are better financial planners than men.
This imaginary woman’s expertise in financial planning is based on laws that provide for surviving spouses before providing for a dead person’s children. The young man was now going to have to wait for his new stepmother to pass on, which – if this was a May-December romance – could be some years from now. » Read more..