Tag Archive for children

Keeping the Family Peace with Your Estate Plan

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How can you increase the odds that your children won’t fight over the family assets after your death?

Children don’t always fight after their parents’ deaths. However, family fights happen more often than you might think.

Below are some steps that you can take to help reduce the odds of a fight breaking out. » Read more..

Should You Have a Will or a Trust?

Wooden dice with question marks on it over white background

Whether a Will or a Revocable Living Trust is best for you depends on your goals and situation.

An estate planning lawyer can help you review the pros and cons of each based on your needs and desires.

A Revocable Living Trust is more flexible than a Will, and may help married persons avoid Minnesota’s estate tax. However, a Revocable Living Trust is more expensive to set up, and requires you to proactively assign various assets to your Trust for your Trust to work properly. » Read more..

Must I Give My Kids an Inheritance?

Will your kids think less of you if they don’t inherit anything from you at your death? Will you feel guilty if you don’t – or can’t — provide them with an inheritance?

Inheritance of any size is a windfall for the children who receive it given that they most likely didn’t do anything to earn it.

Some wealthy parents don’t want their children to inherit more than a fraction of their estate out of concern that their children may not use it wisely or may develop bad habits.

Other parents may be concerned that health care costs, and the living expenses associated with living longer than past generations, may make it unlikely that the parents will have any money left to give to their children. » Read more..

Trusts Aren’t Just for Millionaires

Trust Doc 2You don’t need to be a millionaire or billionaire to benefit from a Revocable Living Trust.

A key benefit of a Revocable Living Trust is to control the ages at which your children receive their inheritance. Without a trust, sons and daughters as young as 18 years of age receive full distribution of their inheritance in Minnesota once your estate is settled. » Read more..

Pros & Cons to Probate in Minnesota

Probate Court

Although most Minnesotans seek to avoid probate, there are pros to probate as well as cons.

Because probate involves the court — an open and public process — probate provides a level of transparency to all potential heirs and beneficiaries that may not exist otherwise. » Read more..

When Should You Consider a Revocable Living Trust?

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..

7 Steps to Help Prevent Arguments After You Die

How can you increase the odds that your children won’t fight over the family assets?

Children don’t always fight after their parents’ deaths. However, lawyers handling probate (estate administration) matters see fights more often than you might think.

Here are 7 steps that you can take to help prevent arguments after you die. » Read more..

Pros and Cons of Revocable Living Trusts in Minnesota

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..

Should You Discuss Your Estate Plan With Your Children?

There are pros and cons to whether you do or don’t discuss your estate plan with your children, but in many situations it is better that you do so.

It can be a hard conversation to start.  If you, as parents, initiate the discussion, your children may resist because they don’t want to think about your eventual death. If your children initiate the conversation, you may believe that their primary interest in you is how much they might inherit.

In reality, however, you have a lot more to talk about.  » Read more..