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 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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
RSVP HERE Do you need an estate plan if you're younger than 50? Absolutely! Get your questions answered during our complimentary virtual seminar What is an estate plan and who needs one? Hint: you do! What is probate? What happens to your children if something happened to you? PLUS get your specific questions answered during [...]
No one can predict the future with 100% certainty. And that's why now is a great time to get a jump on estate planning. Do your family and loved ones know what accounts you have, where your financial information is and what your wishes are? Now is the time to tell them. If you start [...]
In Minnesota, Sellers of residential homes have to disclose known material facts that could “adversely and significantly” affect the Buyer’s use and enjoyment of the property. This usually means things like hail damage or flooding and can be disclosed via a third-party inspection. But what if you think Casper the not-so-friendly ghost might affect Buyer’s [...]
