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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Those of us who live in Rochester, Minnesota are lucky to have the world class health care provided by Mayo Clinic and Olmsted Medical Center at our doorstep. If you are a physician or administrator at Mayo Clinic or Olmsted Medical Center, you spend your days helping the people in our community. Even though you [...]
We’ve all been there. Each and every one of us has sat down to complete paperwork and had absolutely no idea how to answer the questions we were asked. No one told us that we should prepare ahead of time. Well, I’m here to tell you that you should prepare ahead of time…for your estate [...]
The probate and trust administration attorneys at Rochford & Langins, LLC will help give you peace of mind when you have lost a loved one. Probate and trust administration can be time consuming, complex and emImage result for probateotionally draining. If you are the personal representative for a probate estate, or named as the trustee [...]
Is a revocable living trust or a will more appropriate for my family? This article will help you decide if a revocable living trust is right for you and your family. A revocable living trust is commonly used in place of a will. There are many reasons families in Rochester, Minnesota come to the estate [...]
Many young families know they should have an estate plan in place, but put it off because they think it will be too expensive or, like most people, they just don’t want to think about becoming sick or dying. However, having a young family means your kids and spouse rely on you, so you owe [...]
