The Wealth & Wisdom Blog

Now that both my parents have died, what is the legal effect of that big check that my mother wrote to my brother a few years ago?  Was that big check meant as payment for my brother’s work on my mother’s house, or was it a gift to him when he was going through difficult […]

Our house is often filled with the music of our middle school flute player and high school trumpet player.  These sounds have become agreeable after a few months of continuous and concentrated practice.  Our kids are practicing for upcoming band concerts, when the sounds of their instruments will be combined with those of their classmates. […]

With increasing frequency, our clients share one or more of the following estate planning objectives: “How can we make sure that money is used for a grandchild’s education?” “I am concerned about the health of my child’s marriage.  How can we protect a child’s inheritance in case the child gets divorced?” “My children are better […]

A trust agreement can direct the purposes for which distributions can be made.   A trustee can be provided discretion to make distributions for the benefit of a child for specific purposes.  These might include: Support Distributions: You could direct the Trustee named by you to make distributions to support the child with living expenses associated […]

As in many other areas of life, a minimalist approach to estate planning is generally a good idea.  All of us wish to take the most cost-efficient strategy to achieve a certain outcome.  However, some planning strategies present the appearance of efficiency now but create more legal, tax or relational complexities later.  In this month’s […]

At age 94, and with a net worth of approximately $147 billion, it is appropriate that Warren Buffett has given considerable thought to his personal estate plan. Just a few months ago, Buffett provided estate planning advice to fellow Berkshire Hathaway shareholders.  In this month’s update, I comment on Buffett’s views on communicating an estate […]

SUE AND BOB CLIENT ESTATE PLAN BENEFICIARIES Following First Death: The deceased spouse’s assets managed in a trust for surviving spouse’s needs.  Surviving spouse owns and controls surviving spouse’s assets. Following Second Death: Gifts of $100,000 made to each of 5 grandchildren, a gift of $100,000 made to First Lutheran Church, with all remaining assets […]

Broaching political topics at Thanksgiving with your family may not lead to great holiday cheer. In comparison, a discussion centered around your own death—that is, your estate plan—may be far more palatable.  In this month’s advisory update, I provide a few general recommendations about what information that you and your clients could share with your […]

Minnesota Vikings fans know that no lead against the Green Bay Packers is safe. The Vikings nearly blew their 28-0 lead this past weekend, prevailing by a score of 31-29.  Bragging rights over the rival Packers will certainly be short-lived, as the Vikings and Packers will play again on December 29th.  As the holder of […]

My family recently purchased a new vehicle.  To organize all the variables factoring into our decision, my wife Heather created a spreadsheet.  The variables included fuel efficiency, trunk size, headroom, and cost.  While my two sons lobbied extensively for a larger, sportier vehicle, Heather and I were not quite ready to “Die With Zero,” and […]