This is not the first or last time you will hear this: COVID-19 changed everything. But it has had a specific impact on business owners who are trying to figure out how their businesses will survive the disruptions of the past few years. There was so much uncertainty that it was difficult to see past [...]
The highest ethical standards are required for all types of trustees, whether they are dealing with personal assets or business interests. In all cases, the golden rule is that a trustee should put the beneficiary's or client's interest first. Important guiding principles The first and foremost duty is that of loyalty. A trustee must always [...]
Death is just the beginning. A host of grievances may simmer below the surface. The probate process can dredge up unresolved emotions and family conflicts, intensified by grief. As survivors find themselves rehashing the past, the settlement of probate can ignite long-buried resentments. If the parties have been looking for a fight for years, probate [...]
For some simple estates, all you may need to do is split your assets in equal proportions among heirs. In other instances, however, you have more complex issues to confront: How can you apportion a family business, or the farm, especially one to which all beneficiaries do not contribute the same sweat equity? How should [...]
When you use a trust, you bypass probate, a lengthy legal process that validates your will, and you leave precise, legally binding instructions for how to distribute and potentially maintain your assets. Have a beneficiary with special needs who's ill equipped to manage the inheritance? Bequeathing complex assets that require ongoing attention after you're gone? [...]
A blended family can be a blessing. However, it does mean you have to take special care with your estate plan. Although you want to take care of your spouse and stepchildren, you don't want to inadvertently cut out your biological children. Take the following steps: Check your beneficiaries. Who is the beneficiary of your 401(k) [...]
Can't shake the feeling that you should be contemplating estate planning, but you have too many questions, so you put it off again? Want some answers before you have to navigate complicated situations? Here are some questions and answers: What's the difference between a will and a trust? Wills become effective after death, while some [...]
Operating as a sole proprietorship or general partnership is the least complicated way to run a business, and many small businesses never move beyond that. But Minnesota businesses that go with the easy option may be missing out on some advantages: To separate the personal from the business. In the eyes of the law, a sole [...]
Did a close relative die and not leave a will? You will face some complexities, but you can get through them if you know the rules. How will the estate be distributed in the absence of a will? To start with, many assets aren't passed by will, such as: Life insurance proceeds. Real estate, bank [...]
As a trustee, you'll have to get to work within a month of when the grantor dies. There will be phone calls to make, information to gather and letters to write. Later, you'll be responsible for making good investment decisions, filing tax returns, transferring the ownership of real estate and more, requiring you to work [...]
