You don't necessarily create a trust and just forget about it. You may revise a revocable trust whenever your circumstances change. Perhaps you want to add a beneficiary. A trust can be revoked or amended at any time as long as you, its creator, are mentally competent. Having an updated trust will reduce the chances [...]
As a trust beneficiary, you have certain rights. However, trusts can take many forms and may be governed by unique provisions established by the creator ("grantor") of the trust, so details will vary. First, if you are a beneficiary, it's important to know what kind of trust you're named in. If it's a revocable trust, [...]
No-contest clauses are designed to discourage disgruntled relatives from contesting your will or trust by establishing that no one who mounts a legal challenge and loses can inherit a penny from you. Half of all states--including Minnesota--enforce no-contest clauses unless the person suing had probable cause — a good reason — to sue. The courts [...]
There's some old conventional wisdom that says you'll need from $1 million to $1.5 million in retirement. Others say that you will need 10 to 12 times your current income. In fact, a true retirement number is different for everyone, and is dependent on such factors as: - Where you'll live. - How healthy you'll [...]
A typical trust is designed to distribute its income to one person or a group of people — called the income beneficiaries — and its principal at a later date to another person or group, called the remainder beneficiaries. But there is another approach known as a "unitrust." A unitrust pays out a fixed portion [...]
Dear Friends, Family, Colleagues, and Clients, We are proud to announce the merger of our two law firms, Rochford & Langins, LLC and Schreiber and Jarstad. Under the new firm name of Rochford Langins Jarstad LLC, our lawyers and staff will be combining their knowledge and talents into one powerful team of advocates. Our offices [...]
How do you ensure that both your new spouse and your children from your first marriage receive an inheritance if you die before your newly married spouse does? Who gets the house — your new spouse or your children? How will your new spouse get by financially if you choose to provide an immediate inheritance [...]
As you toss that Frisbee outside your beach house, are you struck with hope that your grandkids will have similar good times there? It's time to start planning. If you fail to take the right steps to ensure your vacation home's future ownership — through your estate plan — you may be opening up a [...]
If you are enrolled in a high-deductible insurance plan, you might have a Health Savings Account (HSA) or a Medical Savings Account (MSA). These accounts permit the owner to make tax-deductible contributions to pay for qualifying medical expenses. Any unused funds and interest are carried over year to year, so your HSA or MSA has [...]
Perhaps you have recently purchased some investment property. Or maybe you have been running a side business for years. If you have ever wondered whether it would be worth it to incorporate your business by creating a LLC, limited partnership, or S-corporation, read on! Asset protection. LLCs, Limited Partnerships and S-Corporations offer liability protection. This [...]