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..
Perhaps no estate plan is truly complete without a Legacy Letter.
A Legacy Letter may pass along family stories and life lessons, and teach something about the meaning of your life that can be helpful to, and appreciated by, future generations. A Legacy Letter may also be used to share your values, traditions, beliefs, faith, wisdom, love and forgiveness. » Read more..
ancestors, estate plan, estate plans, future generations, genealogical research, generations, gift, inheritance, legacy letter, Minnesota, traditions, Trust, Will, worldly good, worldly goods, writing
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
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..
brother, death, estate, gift, gift exclusion, gift tax, gift tax return, heir, IRS, loan, Minnesota, Mom, note, Trust, Will
Loans to children can be tricky when it comes to keeping the family peace. » Read more..
Over on our Business Law Blog, Wittenburg Law posted about transferring your family business to your children or other heirs. Visit our blog to learn more!
Bonnie Wittenburg, Wittenburg Law Office, PLLC, 601 Carlson Parkway, Suite 1050, Minnetonka, MN 55305 952-649-9771 www.bwittenburglaw.com firstname.lastname@example.org
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..
carryover, estate, estate tax, family cabin, gift, liability, LLC, Medical Assistance, Minnesota, QPRT, sale, step-up basis, Trust