Archive for October 30, 2012

Does Your Long-Term Care Insurance Policy Say What You Think It Says?

Long-term care insurance policies have changed considerably in the past few years, which makes it all the more important that you know what coverage you have. You should request a complete copy of your policy from your insurance carrier to make certain that changes from your original policy were not unintentionally approved by you.

With your policy in hand, check for the following: » Read more..

What Level of Mental Capacity Do You Need to Draft a Will?

Even if you are showing signs of dementia, you may still have the necessary capacity to sign various estate planning documents. In Minnesota, there is a presumption of mental competence unless a court determines otherwise. Consequently, if you are lucid at the time you sign your Will, you are considered mentally competent even if you are not lucid at some point before or after signing the document.

Wills, Health Care Directives and Power of Attorney documents each have their own legal standard in Minnesota for determining whether you have a disabling condition that prevents you from creating a valid document. » Read more..

Who Decides if You are Buried or Cremated?

In Minnesota, state law sets out a priority for who has the right to control what happens to your body after you die. » Read more..

Keeping Creditors at Bay with a Spendthrift Trust

One of the many advantages of establishing a revocable trust is the so-called “spendthrift provision” that operates to keep creditors at bay from the trust’s beneficiaries. It doesn’t matter if the beneficiary is a “spendthrift” or is the model of good financial management – all beneficiaries are protected. The only exception is that the trust creator can’t escape creditors by putting property into a trust for his or her own benefit. » Read more..