Thoughtful estate planning may help you build the size of your estate, rather than just focusing on what happens to your money and other possessions after you die.
Archive for Family Business
A dilemma for “asset rich, cash poor” closely held businesses in Minnesota is finding the cash to pay estate taxes and other expenses when a business owner dies without jeopardizing the ability to pass an intact business to the owner’s children.
One potential solution to this liquidity problem is to set up an irrevocable life insurance trust (“ILIT”) to own a life insurance policy on the business owner’s life. » Read more..
There are at least 12 reasons why Minnesotans need a Will.
Reason #1: Keep control. The Minnesota Legislature has established a plan in state law for what happens to your assets if you do not have a Will. That plan may be contrary to your wishes, and may not be the best for your family. You are in control if you create a Will. » Read more..
What you need for an estate plan varies with each life stage or milestone. Here are some examples of estate plan considerations for Minnesotans at various ages and life stages/milestones:
Age 18: If you are a young adult you should have a Health Care Directive and Durable Power of Attorney because incapacity can strike at any time. The Health Care Directive will enable your hand-picked agent to make decisions regarding your body, and the Durable Power of Attorney will enable your hand-picked representative to handle your financial affairs. » Read more..
You don’t need to be a millionaire to benefit from a Revocable Living Trust. Regardless of your wealth, a Revocable Living Trust should be considered when you:
Want the opportunity to avoid probate. Probate is required in Minnesota if you own $50,000 or more in assets in your name alone at your death, or you own real estate in your name alone. Any assets held in the name of your Revocable Living Trust are not counted toward the $50,000 figure that triggers a probate action. Probate costs money and takes time. » Read more..
Finding a way to hand-off your family business to your kids without stirring up family discord isn’t easy.
There are several “pros” and some “cons” for Minnesotans to consider when deciding whether to establish a Revocable Living Trust. For many, the pros outweigh the cons. » Read more..
Thoughtful estate planning can help you build the size of your estate, rather than just focusing on what happens to your money and other possessions after you die.
A good estate plan is more than just the estate planning documents that you receive from your estate planning attorney. And, it is more than avoiding probate and minimizing estate taxes. » Read more..
Whether you are the only owner of your small business, or have a partner, a pre-nuptial or post-nuptial agreement may help protect your business in the event of your divorce or death. Read how.
Odds are that you have assets that are not covered by your Will, and that’s not necessarily a bad thing.
Your Will covers your “probate” assets only. Your other assets are called “non-probate assets”. » Read more..