Archive for Guardians/Conservators
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..
Consider these consequences if you die in Minnesota without an estate plan: » 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..
Minors can’t directly receive gifts or inheritance in Minnesota. Instead, the gift or inheritance must be held in custody or in trust for the benefit of the minor.
Typical ways to manage the inherited asset or gift for the minor are as follows: » Read more..
When adults fail to plan for how they or their property should be managed in the event that they lose their mental capacity, they may find themselves under the care of a guardian and/or conservator appointed by a Minnesota court. Guardians and conservators cost money, and they are under court supervision. » Read more..