Pre-nuptial agreements are most commonly used, and probably make the most sense, when the persons contemplating marriage have children from a previous marriage and desire to protect the children’s inheritance. Pre-nups may also have merit when the net worth of the two parties are vastly different, or when one party has business interests that need protecting so that a later divorce doesn’t create havoc for the party’s business partners.
However, for most first marriages, a pre-nup may cause more harm than good. » Read more..
1st marriage, 2nd marriage, assets, business, death, divorce, divorce lawyer, estate planning lawyer, first marriage, inheritance, joint property, marital property, Minnesota, pre-nup, property, retirement assets, rights, second marriage, spouse, waive rights, Will
Consider these consequences if you die in Minnesota without an estate plan: » Read more..
estate, estate plan, estate tax, estate taxes, family keepsakes, guardian, heirs, inherit, Minnesota, money, property, second marriage, Trust, Will
It’s often a good idea to keep any cash or other assets inherited from your parents or other relatives separate from assets that you share with your spouse. » Read more..
When adults fail to plan for how they or their property should be managed in the event that they lose their mental capacity, they may find themselves under the care of a guardian and/or conservator appointed by a Minnesota court. Guardians and conservators cost money, and they are under court supervision. » Read more..
adult, conservator, conservatorship, court, Durable Power of Attorney, guardian, guardianship, incapacity, Minnesota, property, revocable living trust, Trust
Consider these consequences if you die in Minnesota without an estate plan:
- If you and your spouse die while your children are under age 18, the State of Minnesota will select a guardian for them, and you may not like the state’s choice. Solution: A Will enables you to nominate a guardian for your minor children.
- As soon as they turn age 18, your kids will get access to all of the money and property that they inherit from you, and they’ll be able to spend the money however they wish. Solution: A Trust can be written to control the ages at which your children gain access to the money and property that they inherit from you. » Read more..
conservator, court, estate planning, estate tax, estte plan, family keepsakes, guardian, intestate, Minnesota, minor, money, partner, property, remarries, spouse, Trust, Will
Minnesota’s relatively new Transfer on Death Deed (TODD) — a so-called “Will substitute for real estate” — works best when the property owner has a simple distribution plan in mind for the owner’s real property at death.
Historically in Minnesota, when one person owned a piece of real estate and then died, a probate action was automatically required. By authorizing TODDs effective August 1, 2008, the Minnesota Legislature created the opportunity to avoid probate. In other words, if the TODD is executed correctly, no probate action is triggered simply by the ownership of real estate. » Read more..