The Wealth & Wisdom Blog

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

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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” […]

Key Individuals (“Fiduciaries”) In Your Estate Plan

Everyone completing an estate plan must give consideration to the individuals (or entities) making decisions on your behalf in the event of your incapacity or death.  If you are married, you would likely name your spouse as the first “agent.”  However, you would still name someone to serve if you (or, if married, both you […]

The Death of the Stretch IRA and 2020 Transfer Tax Exemption Amounts

Congress and President Trump recently enacted legislation that, while providing some candy in the average taxpayer’s Christmas stocking, also includes a small lump of coal.  This post (i) makes you aware of the recent legislation that marks the official death of the so-called “stretch IRA,” and (ii) provides the relevant federal and Minnesota state transfer […]

Use it or Lose It: The Use of Spousal Lifetime Access Trusts

“I am suddenly feeling ill.”  I overhear a friend feign a cough as he calls his boss, reporting his absence from work by reason of sickness. As we tee off together from the first hole at our favorite golf course, my friend reports to us, his golfing buddies, that while he has no vacation days […]

Planning for Grandchildren

I am not here to see you, son, I’m here to see your kids!  Anyone in my family knows my mother does not play “Minnesota nice;” she says it how it is.  Over Thanksgiving, and really during any family gathering, my mother makes it a point to prioritize time with her beautiful, athletic, and well-adjusted […]

Vestigial Estate Planning

Have you listened to any good books on tape recently? Neither have I, and yet I have not stopped using the term “books on tape” when referencing the audiobooks on my Audible subscription.  My use of the term “books on tape” has caused no shortage of confusion with my children, who have never used a […]

Types of Trust Distributions

“It turns out your friend is only mostly dead.” In the 1987 fairly tale adventure movie, Princess Bride, Billy Crystal plays Miracle Max, an unemployed magician who is able to concoct a magic potion in order to return Wesley, the movie’s protagonist, to life again.  Wesley’s friends had brought Wesley’s body to Miracle Max after […]

Top 10 Excuses for Not Completing Your Estate Plan

During his heyday, I tuned in nightly to watch David Letterman’s “Top 10 List.”  I was recently reminded of Letterman’s Top 10 lists as I patiently listened to a client of mine provide yet another excuse for why “now was not a good time” to address certain estate planning decisions. In his defense, this 80-year […]

Pay Now or Pay Later: The Impact of Proposed Tax Legislation on Retirement Account Planning

Will that be cash or credit?  For many years now, I have paid even my most minimal purchases on credit, not cash. While placing $2.95 on my credit card for a doughnut and coffee still seems a bit odd, at last I avoid taking the extra time to run to the cash machine.  Of course, […]

Too Many Cooks in the Kitchen

When my wife and I were first dating, I had the opportunity to enjoy family dinners with her family.  Each of my wife, sister-in-law, brother-in-law, and their parents are very good cooks, and each of them have particular views on how a meal should be properly prepared.  Anlauf family dinners are characterized by great food […]