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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..
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Keeping the beloved Minnesota cabin in the family is an oft-heard goal that is frequently addressed by placing the cabin in a revocable living trust or by setting up a limited liability company (LLC) to own the cabin.
Another common goal is to avoid potential future ownership of the revered family cabin by outsiders — i.e., the creditors or divorcing spouses of the next generation of family members. Blocking disputes among next-generation owners from forcing a sale of the cabin, through a court “partition” action, may also be a priority. » Read more..
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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..
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