When and How Often to Review Trusts

By |2019-04-16T17:03:45+00:00April 16th, 2019|Estate Planning|

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 [...]

You’re a Trust Beneficiary: What’s Next?

By |2019-04-09T18:53:21+00:00April 9th, 2019|Estate Planning|

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: How Do They Work?

By |2019-03-20T14:31:30+00:00March 20th, 2019|Uncategorized|

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 [...]

How Much Money Will You Need in Retirement?

By |2019-03-05T16:28:06+00:00March 5th, 2019|Estate Planning|

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 [...]

Keep Heirs Happy with Unitrusts

By |2019-02-19T16:28:07+00:00February 19th, 2019|Estate Planning|

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 [...]

Merger Announcement!

By |2019-02-05T19:02:50+00:00February 5th, 2019|Business Law, Estate Administration, Estate Planning, Probate and Trust Administration, Real Estate|

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 [...]

Second Spouse Planning

By |2019-01-23T19:18:16+00:00January 23rd, 2019|Estate Planning|

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 [...]

Why Should I Create a LLC, Limited Partnership, or S-Corporation?

By |2018-01-26T02:52:33+00:00January 26th, 2018|Business Law|

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 [...]