The Wealth & Wisdom Blog

Information on Estate Planning, Estate and Trust Administration and Unique Asset Planning

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Buy One, Get One Free: Using Separate Revocable Trusts for Married Clients

Buy One, Get One Free.  Who doesn’t like a good deal?  Whether two-for-one amusement park tickets, sports tickets or my favorite, BOGO children’s meals, we appreciate “two for the price of one” deals. In this month’s update, I share why we recommend that married residents of the State of Minnesota create two trusts—in some respects, […]

Prime Numbers and the Division of Unique Assets

While recently helping my third-grade daughter with her math assignments, I had to “google” the exact definition of a “prime number.”  If your memory is better than mine, you will recall that a prime number is any number that cannot be made by multiplying two other whole numbers.  Just as prime numbers cannot be divided […]

Information Disclosure Following Death

“This coordinated lying between us is exhausting, how do criminals manage?”   With careful coordination, my wife and I were able to keep the truth about Santa Claus from our children for several years. During that time, neither of us wanted to be the bearer of bad news about Santa to the kids.  When they were […]

Legal Designations for Young Adults

Once a young adult child graduates high school and leaves home, many of our clients express frustration over the inability of the parents to obtain information and make important decisions that are critical to the well-being of the young adult child.  To the frustration of many of our clients, the child’s university seems to know […]

What Job Are You Being Hired For?

In his best-selling book, “How Will You Measure Your Life,” Clay Christensen writes, “Companies focus too much on what they want to sell their customers, rather than what those customers really need.” According to Christiansen, successful companies are able to first determine what problems their customers are trying to solve, and then provide a product […]

Margin for Error in Estate Planning Decisions

“Spread the News, Cory,” my friend told me after arriving home from a weekend skiing with his wife and friends in Colorado a few weeks ago, “the pandemic is over.”  While my friend’s exuberance may be a bit premature, I think all of us can relate to a desire to be done with the pandemic.  […]

Distributing Tangible Property

Grandpa, who is going to get your fishing boat when you die? Apparently my estate planning mind started early—at around age 6 or 7.  After a beautiful afternoon of fishing with my grandfather on a rural Minnesota lake, I broke the silence of the car ride home with the most indelicate of questions.  My grandfather […]

Legacy Letters

A family legacy letter, also known as an “Ethical Will,” is a non-legal document that provides surviving family members with one’s wishes and directions for leaving behind a relational, spiritual, and family legacy.  While it is critically important to have one’s legal and financial affairs in order, creating a legal estate plan is only one […]

Signing Legal Documents Under Self-Quarantine

Over the past few weeks, our firm has continued to operate as normal.  We have hosted face-to-face meetings in our office, as well as video calls, telephone calls and emails.  We have, however, observed an increase in the number of new or existing clients who are addressing while in a “self-quarantine” or “shelter in place” […]

Three Lessons on Appointing Fiduciaries from Ancient Israel

Who should I appoint as my backup trustee and executor?  This is perhaps the most common question posed by my estate planning clients.  I recently studied the kings of ancient Israel.  I thought that those of us who counsel clients on making appropriate key individual or “fiduciary” appointments could apply a few lessons learned from […]