The Top Financial Planning Mistakes

By |2020-02-04T20:14:34+00:00May 28th, 2019|Estate Planning|

Do you live paycheck to paycheck? An unforeseen problem can become a disaster if you're not prepared. The cumulative result of overspending can put you in a precarious position. If an economic recession were to hit, it would leave you with very few options. Financial planners tell you to keep three months' worth of expenses [...]

Do You Need a Spendthrift Trust?

By |2019-05-14T15:18:22+00:00May 14th, 2019|Estate Planning|

You create a trust to protect, preserve and pass on your wealth to your heirs. But how do you keep your family money safe, not only from creditors, but also from the heirs themselves? Create a spendthrift trust. A trust is used to disburse in a controlled way money and assets you've accumulated over a [...]

Avoid These Top Trust Problems

By |2019-05-01T14:48:42+00:00May 1st, 2019|Estate Administration, Estate Planning|

Trusts can be used as an asset protection tool and to help your beneficiaries avoid the cost and expense of probate. Trusts transfer legal ownership of assets to a trustee, or manager of your trust assets. You deed your property into the name of your trust and your trustee is tasked with administering it as [...]

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 |2020-02-04T20:15:15+00:00March 20th, 2019|Estate Planning, Probate and Trust Administration|

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 [...]