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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..
children, creditors, death, divorcing spouses, estate plan, estate tax, incapacity, Minnesota, minors, privacy, probate, real estate, revocable living trust, second marriage, solely owned business, Will
Minnesotans in a 2nd marriage that fail to sign a Will before death may fall victim to unintended consequences.
Minnesota law applies when there is no Will, and those laws may not be what the parties to the 2nd marriage expected.
For example, spouses often expect to inherit all of their deceased spouse’s assets even when spouses are in a 2nd marriage. That expectation is wrong if the deceased has children from a 1st marriage and the deceased did not create a Will giving everything to the surviving spouse. When there is no Will, but there are children from the deceased’s 1st marriage, Minnesota law states that the surviving spouse is to receive “the first $225,000” plus ½ of the rest. The other assets go to the deceased’s descendants. » Read more..
Skipping the writing of a Will may harmfully disrupt family dynamics, may result in distributions that you didn’t want or intend, and may increase the costs of settling your estate.
A Will, properly executed under Minnesota law, is your legal instruction to your survivors as to how you want your estate divvied up after you die.
If you don’t have a Will, Minnesota law has a plan for you, which you may not like. » Read more..
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..
Minnesota’s Transfer-on-Death Deed (TODD) has been a popular estate planning tool since 2008, when a law enabling the technique became effective.
The homeowner uses a TODD to designate who should inherit a specific parcel of real estate after the homeowner’s death. The TODD must be recorded with the county recorder (or registrar of titles, as the case may be) in the Minnesota county where the property is located prior to the death of the homeowner. » Read more..
Second marriages – particularly when each spouse has kids from a prior marriage – are fraught with complications that heighten the need for careful estate planning.
When there’s been only one marriage, and when all of the children are the children of both parents, a typical scenario in Minnesota is as follows: The parent who dies first transfers all of his or her assets to the surviving parent. When the surviving parent also dies, their children share any assets that remain.
However, parents in 2nd marriages have worries regarding the transfer of their wealth that differ from 1st marriage situations. » 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..
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.
A proper estate plan typically includes typical documents such as a Will and possibly a Trust, but there’s more. » Read more..
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..
By writing your own obituary, you spare your grieving family the burden of trying to write one within the few days between your death and your funeral or memorial service. You also influence what you want people to remember about you.
The obituary of Bill Maurer of Des Moines, Iowa captures the reader right from the beginning with this introduction: “Bill Maurer’s goal was to live to be 113. He didn’t make it.” » Read more..