Tag Archive for gifts

Keeping the Family Peace with Your Estate Plan

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How can you increase the odds that your children won’t fight over the family assets after your death?

Children don’t always fight after their parents’ deaths. However, family fights happen more often than you might think.

Below are some steps that you can take to help reduce the odds of a fight breaking out. » Read more..

Estate Planning: Gifts & Gift Taxes

Cash pileJust as gifts come in all shapes and sizes, so do the tax rules and regulations regarding the gifts of your assets that you make during your lifetime or at death. Generally speaking, the donor of the gift is responsible for paying any gift taxes owed.

The Internal Revenue Service (IRS) first states that any gift is a taxable gift, but then applies exceptions to that general rule. » Read more..

12 Reasons Why You Need a Will

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..

7 Steps to Help Prevent Arguments After You Die

How can you increase the odds that your children won’t fight over the family assets?

Children don’t always fight after their parents’ deaths. However, lawyers handling probate (estate administration) matters see fights more often than you might think.

Here are 7 steps that you can take to help prevent arguments after you die. » Read more..

Ways for Minors to Receive Gifts or Inherit Assets in Minnesota

Minors can’t directly receive gifts or inheritance in Minnesota. Instead, the gift or inheritance must be held in custody or in trust for the benefit of the minor.

Typical ways to manage the inherited asset or gift for the minor are as follows: » Read more..