Chances are that you no longer remember whom you’ve named as the beneficiary of your life insurance policy. You should find out. Why? The beneficiaries that you listed with your life insurance company trump any beneficiary designations that you may have made via your Minnesota Will.
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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..
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..
Sometimes it’s hard for family members to get the conversation started regarding estate planning, so try these questions as an aid to this important discussion:
- Do you have a Will?
- Do you have a Health Care Directive? » Read more..
If the proceeds from life insurance policies that you own, when combined with the value of your other assets, exceed the $1.4 million exemption from Minnesota’s estate tax for persons dying in 2015, then you may want to consider an Irrevocable Life Insurance Trust (ILIT). » Read more..
Suppose that your Will states that all of your three children are to inherit your assets equally. Suppose also that the beneficiary designation on your life insurance policy only lists two of your children as beneficiaries because your third one had not been born at the time that you filled out the form years ago.
What happens? » Read more..
The fact that, as a woman, you are likely to live longer and have lower lifetime earnings than men makes you especially vulnerable in retirement. Consequently, it is especially important that you understand and undertake estate planning to secure a comfortable standard of living.
So, what should women know? » Read more..
Long-term care insurance policies have changed considerably in the past few years, which makes it all the more important that you know what coverage you have. You should request a complete copy of your policy from your insurance carrier to make certain that changes from your original policy were not unintentionally approved by you.
With your policy in hand, check for the following: » Read more..