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 [...]
Below you will find a flow chart on how the Probate Process works in Minnesota. You can also download the pdf here.
Funerals can be expensive! The average cost of a funeral in 2015 was $6,500.00, according to the National Funeral Directors Association. The ever-increasing cost leaves many families wondering: Who is responsible for paying funeral expenses? The answer can vary. For example, the decedent may have already paid for her own funeral by funding a prepaid [...]
A Personal Representative, also known as an Executor, is the person you name in your will that carries out your wishes after you pass away. Your Personal Representative is not required to perform these duties just because you have named him, he must accept the appointment as part of the estate administration process. Discuss the [...]
I Just Discovered an Inheritance from a Relative that Died a Long Time Ago. What happens when someone passes away but her property was never distributed to her heirs? Minnesota Statutes section 525.31 authorizes an “interested person” to petition the court to determine the deceased person’s heirs and distribute her property accordingly. An “interested person” [...]
You’ve spent time and money putting together the perfect estate plan. Now make sure nobody can undo your hard work with a Contest Provision. A Contest Provision disinherits any individual that challenges or attempts to challenge your will or trust. You can define “challenge” to mean: 1) filing an objection to your estate’s administration; 2) [...]
Your loved one has passed away. What happens next? Many people assume that if your loved one left a will, you will not have to use the probate process. However, this is not always the case. Ultimately, there are three steps to begin the probate process: (1) filing with the court; (2) giving notice to [...]