Arizona Estate Planning Our family enjoyed another spring break trip to Tucson, Arizona. As in each of the past six years, we broke the monotony of Minnesota winter through golf, hiking, and pickleball in the warm sun. 1 While I was not paid for this tourism advertisement, I pay annual dues to maintain my Arizona […]
Large language models (“LLMs”) have become increasing useful. But there is still hope for humans. According to MIT Finance Professor Andrew Lo, LLMs are not suitable for providing financial advice because “they are the digital equivalent of sociopaths—smooth, persuasive, and devoid of empathy.”1 Clients appointing key legal decision-makers as part of their estate plan (“fiduciaries”) […]
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 […]