Tag Archive for estate
You may think that you have the best-crafted estate plan that you can have. However, if your children don’t learn about it until your death, and are surprised by it, you may unintentionally trigger resentment and fighting that my last throughout their lifetimes. » Read more..
Thoughtful estate planning may help you build the size of your estate, rather than just focusing on what happens to your money and other possessions after you die.
Nasty family fights may erupt after your death if it’s not clear whether the money that you transferred to one of your children during your lifetime was a gift or a loan.
If it was a loan, the child borrower must repay the money to your estate. If it was a gift, no money is owed to your estate. » Read more..
When the Personal Representative of an Estate (also known as the Executor) is a family member, he or she often agrees to work for free before fully understanding the amount of work involved.
And, because other family members likely don’t understand the responsibilities of the Personal Representative, and the time that it takes to carry out those responsibilities, the Personal Representative may not even get a “thank you” for his or her work. » Read more..
Whether Mom intended the cash that she gave to your brother to be a loan or a gift can be a contentious issue when it’s time to divvy up Mom’s estate after Mom’s death.
Mom may have wanted everything she owns divided equally among her three children. But what about that money that Mom gave to your brother before her death? Was it an outright gift? Was it a loan which was to be repaid? Was it an advance against brother’s share of Mom’s estate? Will brother end up with more than his one-third share in the end? » Read more..
Consider these consequences if you die in Minnesota without an estate plan: » 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..
The hand-off of the family cabin or vacation home to the next generation is fraught with emotional, legal and financial considerations at any time, but particularly when the goal is to keep the cabin or vacation home in the family.
There are several options in Minnesota for executing the hand-off – each with its own pros and cons. » Read more..