Living Trusts: What Are They?

By |2021-09-30T16:17:38+00:00September 15th, 2021|Estate Planning|

A living trust, set up during your lifetime, is designed to allow for easy transfer of your assets. A trustee holds legal possession of the assets and property in your trust and has fiduciary duty to manage the trust prudently for the trust's beneficiaries. Most significantly, it lets you skip probate. Unlike a will, a [...]

What You Don’t Know About Estate Planning

By |2021-06-21T18:23:44+00:00June 21st, 2021|Estate Planning|

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 Created By the Individual with Disabilities

By |2021-06-07T18:22:53+00:00June 7th, 2021|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 [...]

Trusts and More: How To Avoid Probate

By |2021-02-01T22:56:12+00:00February 1st, 2021|Estate Planning|

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 [...]

How to Leave Your Home to Your Children

By |2021-02-01T22:56:33+00:00January 7th, 2021|Estate Planning|

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 [...]

Should You Establish Payable-on-Death Accounts?

By |2020-12-23T18:21:56+00:00December 23rd, 2020|Estate Planning|

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 [...]

Don’t Make These Trust Errors

By |2020-08-14T17:25:15+00:00August 14th, 2020|Estate Planning|

Our clients use trusts as an asset protection tool and to help their beneficiaries avoid the cost and expense of probate. Trusts transfer legal ownership of assets to a trustee. The trustee is tasked with administering assets in the trust as the trust maker (or grantor) specifies. There may be more strings attached to an [...]

Now Is the Time To Revisit Your Estate Plan

By |2020-08-10T20:08:50+00:00August 10th, 2020|Business Law, Estate Planning|

The challenges caused by the COVID-19 pandemic gave us time to rethink our priorities and expectations. Estate planning is one area that has received a lot of attention, and for good reason. Everyone should consider the following: Document review: Are the papers in place? The COVID-19 crisis has caused many people to recognize that things [...]

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