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..
You 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..
You can disinherit your children in Minnesota via your Will or Trust, but disinheriting your spouse can’t occur without your spouse’s consent.
Even if you specifically state in your Will or Trust that your spouse is disinherited, your spouse may claim as much as half of your estate if the two of you were married at least 15 years. The spouse is entitled to lesser percentages if the spouses were married to each other for fewer years. » Read more..
augmented estate, children, disclaim, disinherit, inherit, inheritance, Minnesota, post-nuptial agreement, pre-nuptial agreement, spousal share, spouse, Will
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..
advantages, beneficiaries, children, cons, creidtor claims, disadvantages, heirs, issues, Minnesota, minors, missing heirs, personal representative, probate, Probate Court, pros, public document, real estate, transparency, Will, Will validity
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..
ancillary probate, beneficiary, business, children, creditors, divorcing spouses, incapacity, Minnesota, minors, multiple probate administrations, privacy, probate, protection of assets, real estate, revocable living trust, revocable trust, spendthrift, successor trustee
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..
arguments, business, children, control, equal v. fair, family assets, family keepsakes, fights, gift, gifts, last letter, loan, Minnesota, personal possessions, personal representative, real estate, sentimental value, separate writing, Will
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..
assets, beneficiaries, children, estate planning, estate planning lawyer, estate tax, estate tax exemption, inheritance, Minnesota, Minnesota estate tax, privacy, private, probate, real estate, revocable living trust, revocable trust, surviving spouse, Will
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..
beneficiary designations, burden, burial, children, cremation, estate plan, funeral, health care directive, inherit, list of assets, long-term care, Minnesota, organ donation, titling
Over on our Business Law blog, Wittenburg Law posted “When Children Inherit: Equal vs. Fair“. Visit our business blog to learn more.
Bonnie Wittenburg, Wittenburg Law Office, PLLC, Minnetonka, MN 952-649-9771 firstname.lastname@example.org www.bwittenburglaw.com