Capital Gains and Home Sales

By |2021-09-30T16:13:16+00:00September 30th, 2021|Real Estate|

Given the dramatic rise in property values over the last several years in Southeastern Minnesota, your home has probably appreciated in value.   However, there's a good chance that the profit from your home sale will not be taxable. Unmarried individuals can exclude up to $250,000 in profits from capital gains tax when they sell their [...]

Living Trusts: What Are They?

By |2021-09-30T16:17:38+00:00September 15th, 2021|Estate Planning|

A living trust, set up during your lifetime, is designed to allow for easy transfer of your assets. A trustee holds legal possession of the assets and property in your trust and has fiduciary duty to manage the trust prudently for the trust's beneficiaries. Most significantly, it lets you skip probate. Unlike a will, a [...]

Estate Planning With Big Age Gaps

By |2021-08-04T16:30:23+00:00August 4th, 2021|Uncategorized|

Are you in an age-gap relationship? Five percent of first marriages and 20% of second marriages need a special focus on making both of your needs work. Financial matters for large age-gap retirement planning include retirement funding, Social Security planning and health care costs. Retirement planning. Imagine a scenario in which the older spouse is ready [...]

What You Don’t Know About Estate Planning

By |2021-06-21T18:23:44+00:00June 21st, 2021|Estate Planning|

Estate planning is about defining and living out your legacy both during your lifetime and after you are gone. A well-drafted estate plan can give you peace of mind that the people and organizations you support are well cared for. Yet there are a lot of myths that still need debunking: Myth #1: Estate planning [...]

Special Needs Trusts Created By the Individual with Disabilities

By |2021-06-07T18:22:53+00:00June 7th, 2021|Estate Planning|

Special Needs Trusts can hold assets for the benefit of an individual with disabilities while still allowing her to maintain eligibility for governmental assistance programs like Supplemental Security Income and Medicaid. This is because the assets in a Special Needs Trust do not count toward the asset limit for such programs. The Special Needs Trust [...]

How Divorce Affects Your Estate Plan

By |2021-05-14T14:43:22+00:00May 14th, 2021|Uncategorized|

While your divorce is ongoing, make sure to meet your legal obligations to your spouse while exercising as much control over your assets as possible. Financial law is full of provisions designed to protect your property if anything happens to you, which is just as important during a divorce as it is at any other [...]

Settling a Deceased Person’s Debts

By |2021-04-27T14:46:04+00:00April 27th, 2021|Estate Administration|

An Estate is everything someone owns at the time of death. The process of paying bills and distributing what's left is called Probate. The executor (or personal representative) of an Estate uses the deceased person's assets to pay off the Estate's debts. Debts Paid During the Probate Process The executor might write checks from the deceased [...]

Trusts and More: How To Avoid Probate

By |2021-02-01T22:56:12+00:00February 1st, 2021|Estate Planning|

Probate refers to the general administering of a deceased person's will or the estate of a deceased person without a will. The general rule of thumb in Minnesota is that your estate goes through probate if (1) you die with more than $75,000.00 in your name alone; or (2) you die owning any real estate in [...]

How to Leave Your Home to Your Children

By |2021-02-01T22:56:33+00:00January 7th, 2021|Estate Planning|

Homes are one of the greatest and most expensive assets many people have. As a parent, you want your children to have your home after you die, but to ensure that your children are left with your home, there are some important steps that you must take. Your children will only be left with your [...]

Should You Establish Payable-on-Death Accounts?

By |2020-12-23T18:21:56+00:00December 23rd, 2020|Estate Planning|

Introduction to Pay-on-Death Accounts Payable-on-death accounts are a type of bank account that, at the owner's death, passes the money remaining in the account directly to the beneficiaries named by the account owner. They offer an easy way to keep money out of probate. Notify your bank that you would like to add a pay-on-death [...]

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