Your estate plan — like your car — needs a tune-up occasionally.
If you don’t get that tune-up, either your estate planning goals may not be met, and/or you may be paying hundreds — if not thousands — more for legal services and/or other costs than would have been the case if you had timely asked a lawyer to review your estate plan and suggest necessary adjustments based on current laws and your current goals. » Read more..
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At death, your assets are figuratively divided into two piles – probate assets and non-probate assets – but why should you care?
The division has nothing to do with whether or not you owe federal or Minnesota estate taxes. For that purpose, all of your assets are counted, including the value of any life insurance benefits that are paid out to your beneficiaries upon your death.
However, the categorization into probate and non-probate assets matters when it comes to determining whether or not the aid of the probate court is needed to transfer title to the new owners or whether the transfer can occur without the court’s involvement. » Read more..
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