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 […]
On January 15, 2024, Iowa Republicans kick off the 2024 political season by voting for a Republican candidate for President. In honor of the Iowa Caucus, in this month’s update I offer my thoughts on how to choose a candidate. But rather than offering any opinions or endorsements for any political candidates, in this month’s […]
Do I need a revocable trust? While a revocable trust has become a common estate planning strategy, it is also the subject of much confusion. The late Harvard Business School professor Clayton Christiansen taught that businesses must precisely distill the objective that customers are hiring the service or product to accomplish; that is, what Christiansen […]