Archive for May 30, 2013

Do Your Kids Know Where Your Assets Are?

For various reasons, you may not want your kids to know your financial affairs and other business while you’re still in control, but the day will come when they’ll need to know.

That day may come because you start showing signs of dementia and need their help, or it may be at your death. » Read more..

What if the Original Copy of a Minnesota Will is Missing?

When you cannot find the original copy of the Will of a recently deceased friend or relative, Minnesota’s Probate Court may accept a copy of the Will instead.

However, Minnesota law requires that the estate then be probated formally, which is a more expensive process than informal probate. For this reason alone, it is a good idea to place the original Will in a safety deposit box or in a secure place in one’s home. It is also important that relatives or friends know where to find it. » Read more..

Don’t Forget Minnesota’s Estate Tax

The exemption from federal estate taxes – currently $5.25 million in assets per person – is so large that most of us won’t need to worry about it. However, Minnesota also has an estate tax, and the exemption from Minnesota estate taxes is $1 million in assets.

Minnesota’s estate tax differs from the federal exemption in ways beyond the exemption size. Consequently, the only way that spouses can each claim a $1 million Minnesota exemption is by setting up a special type of trust, which is often called a Family Trust or Credit-Shelter Trust. » Read more..

Not Married, But Want Your Partner to Inherit?

Not married, but want your partner to inherit?  Then you must have an estate plan or your blood relatives will get everything. » Read more..