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..
Let’s admit it: We care about how we are remembered after death, and also about what happens to our lifetime accumulation of financial and other assets.
Thus, it’s foolhardy to think that we can keep putting off estate planning on the premise that death is still a long ways away, or that everything will somehow work out (miraculously) according to our wishes if we do nothing. » 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..
The checks for your inheritance may come in partial payments over many months, be tied up for years in a trust, or come within weeks. Or, there may be nothing left for you to inherit.
Much of the timing of the disbursement of your inheritance depends on the type and value of the deceased’s assets, the creditor claims against those assets, whether probate is required, and whether the deceased wanted your inheritance to be distributed outright to you or tied up in a trust for some period of time. » Read more..
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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..
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Pre-nuptial agreements are most commonly used, and probably make the most sense, when the persons contemplating marriage have children from a previous marriage and desire to protect the children’s inheritance. Pre-nups may also have merit when the net worth of the two parties are vastly different, or when one party has business interests that need protecting so that a later divorce doesn’t create havoc for the party’s business partners.
However, for most first marriages, a pre-nup may cause more harm than good. » Read more..
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There are at least 12 reasons why Minnesotans need a Will.
Reason #1: Keep control. The Minnesota Legislature has established a plan in state law for what happens to your assets if you do not have a Will. That plan may be contrary to your wishes, and may not be the best for your family. You are in control if you create a Will. » Read more..
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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..
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Assets inherited by a surviving spouse are not taxed, but the inheritance of others may be.
Some states – such as Iowa — impose an inheritance tax. Other states – such as Minnesota – have an estate tax but not an inheritance tax. Still other states have neither an inheritance nor estate tax. The tax laws of the state where the deceased lived determines which state law applies. » Read more..
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..
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