Most individuals need to establish an estate plan that names at least three separate legal “fiduciary” positions. In some cases, it may be necessary to name as many as five (5) separate legal positions. In some cases, one person may fill more than one fiduciary position, although it is important to carefully consider the roles […]
If the person (or entity) named by you as Trustee agrees to serve, that person (or entity) has certain legal duties. In brief, these duties are as follows: Good Faith. The Trustee must abide by the terms of your trust agreement. Loyalty. The Trustee must make decisions for the benefit of the beneficiary or beneficiaries, […]
For many Minnesota families, this is the time of year in which the family cabin is the physical epicenter of family life and the source of many great family memories. In order to allow these memories to continue after death, many of our clients wish to create a plan for the ongoing ownership of the […]
In order to reduce the likelihood that a child or grandchild would make an unwise decision with regard to his or her “share” of remaining retirement account assets, many of our clients implement a plan in which they do not directly name a child or a grandchild as a beneficiary of the retirement account assets. […]
Tax-deferred retirement accounts are accounts that allow for investment appreciation and earnings free of any income or capital gains tax until the assets in the account are withdrawn. Taxes are imposed not when the investment inside such account is sold, or interest or dividends paid, but when the account owner decides to withdraw the assets […]
According to the Pew Research Center, more than 40% of American adults have at least one “step-relative”— that is, either a step-child, a step-sibling, or a step-parent. I estimate a similar percentage of my own clients belong to this demographic. Each of these blended families has a unique plan for how assets are to pass […]
By Ryan Damhof, Attorney at Veritage Law Group. For a variety of reasons, clients may desire to leave their belongings directly to their children, bypassing a surviving spouse. This is most common when a spouse has children from a previous relationship and wants to ensure certain assets (family property or inheritances, for example) reach their […]
We are often asked for a “checklist” of tasks to complete following the death of a loved one. For “Do It Yourself” people, such a list will invariably be too broad, and potentially cause confusion as to what tasks need to be completed. We therefore recommend that every family grieving the death of a loved […]
By Minnesota law, a Minnesota resident can direct by a written list how remaining items of tangible personal property should be distributed to and among friends and family following death. Unlike a Will or a Revocable Trust (also called a Living Trust), such a written list does not need to be notarized or witnessed, but […]
Qualified Tuition Programs (so-called “529 Plans”) and increasingly part of my estate planning conversations with clients. The key income tax benefit of a 529 Plan is that assets contributed to plan grow income tax free. So long as the assets are distributed for “qualified educational expenses,” distributions are tax free. Previously, advisors rightfully cautioned against […]