For various reasons, you may not want your kids to know your financial affairs and other business while you’re still in control, but the day will come when they’ll need to know.
Archive for May 30, 2013
When you cannot find the original copy of the Will of a recently deceased friend or relative, Minnesota’s Probate Court may accept a copy of the Will instead.
However, Minnesota law requires that the estate then be probated formally, which is a more expensive process than informal probate. For this reason alone, it is a good idea to place the original Will in a safety deposit box or in a secure place in one’s home. It is also important that relatives or friends know where to find it. » Read more..
The exemption from federal estate taxes – currently $5.25 million in assets per person – is so large that most of us won’t need to worry about it. However, Minnesota also has an estate tax, and the exemption from Minnesota estate taxes is $1 million in assets.
Minnesota’s estate tax differs from the federal exemption in ways beyond the exemption size. Consequently, the only way that spouses can each claim a $1 million Minnesota exemption is by setting up a special type of trust, which is often called a Family Trust or Credit-Shelter Trust. » Read more..