Fans of Young Frankenstein, Blazing Saddles, The Producers, and Willy Wonka were saddened by the death of Gene Wilder. Unlike others who die from Alzheimer’s disease, the comedian’s death was attributable entirely to this deadly disease. The fact is that Alzheimer’s disease is the real cause of death of millions of people, causing a slow
Minnesota Wills, Estates & Probate Attorneys
A Minnesota estate planning attorney, sometimes called a Minnesota trust attorney or Minnesota will attorney, can help you establish a will, trust, and other legal documents to accomplish your objectives and minimize taxes through thoughtful estate planning. We help clients plan to distribute and dispose of their property according to well-prepared plans.
Minnesota Estate Planning
Unfortunately, a lifetime of earnings can be wasted on unnecessary taxes and fees through poor estate planning (or no estate planning). By meeting with a Minnesota estate planning attorney, your attorney an analyze your situation, identify your goals, and prepare a customized estate plan for you and your heirs.
Only through careful planning can you ensure that your assets are distributed according to your wishes. For most people, this means preparing a plan to transfer personal property to family members or charitable causes without delay or unnecessary expense for the recipients of assets after death.
Minnesota Estate Planning Attorney Services
Our experienced estate planning attorneys provide the following professional services
- Assessment consultation
- Health Care Directive (living will, advance directive, instruction directive)
- Power of attorney
Contact us to schedule an appointment with a Minnesota estate planning attorney.
Is Probate Necessary?
If someone dies leaving a will, it does not automatically mean that there is no need for probate. The determining factor is how the assets were held as of the date of death. There is generally no need for probate if a person dies and: the person owns no real property in his/her name alone.
What is Probate? Key Definitions
Probate is the legal process of settling an estate after a person has died. A petition must be filed with the court and a personal representative must be appointed to administer the deceased estate. Often, the term probate is used to refer to the entire process of “probating” an estate. In this context, it denotes the
Your Dogs are Listening and They Want a Trust
Good news, dog owners. Science has confirmed what we have known all along. Dogs are able to understand individual words and intonations much like us. Until this ground-breaking study, scientists thought that humans were the only species capable of separating what was said from how it was said. But after sticking six border collies, five golden
Guardianship & Conservatorship FAQs
A guardian is appointed by the court to make personal decisions for a ward. The guardian has authority to make decisions on behalf of the person about such things as where to live, medical decisions, training, and education. Wards are minors or incapacitated adults who have a court appointed guardian, lack sufficient understanding or capacity
How Is Incapacity Determined?
This is an important question in estate planning because many instruments become active when the person who executed it becomes incapacitated. The reverse is also true. There are many instruments that cannot be created if the person trying to execute the instrument is incapacitated. Determining an individual’s capacity or incapacity can be a very difficult
When Does a Power of Attorney in Minnesota End?
The answer depends on the type of power of attorney you have. A power of attorney in Minnesota is a legal document that authorizes someone (the agent) to act on your behalf. You can authorize your agent to do many things such as sign checks and tax returns, enter into contracts, buy or sell real
Minnesota Estate Planning: What is the Marital Deduction?
Minnesota estate planning attorneys often advise clients who are in possession of a great deal of wealth. It is very important to understand the lay of the land thoroughly if you are engaged in the process of estate planning as a high net worth individual. With this in mind, we would like to explain the
IRS Issues Proposed Regulations Affecting Advanced Estate Planning
Section 2704 of the Internal Revenue Code was enacted to limit the discounts available to certain transfers of limited partnership or limited liability company ownership interests among family members. Section 2704(a) deals with lapsing rights. An example of a lapsing right might be an LLC in which the parents own the voting shares and the
Reminder to Executors and Trustees: Pay Estate Taxes First
Estate executors, personal representatives and trustees should pay the tax debts of an estate before they distribute assets, as illustrated by one recent U.S. District Court case. The court found that an estate's co-executors and the individuals who received distributions from the estate were personally liable — more than a decade later — for repaying
Transfer Business Ownership or Remain Boss?
For family business owners, estate planning can be a challenge. Often, most if not all of their wealth is tied up in their companies, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution is to recapitalize the business into voting
Fixing David Bowie’s Will
David Bowie died on January 10, 2016, just two days after the release of his final album, Blackstar. The last song on the album, “I Can’t Give Everything Away,” seems prophetic both in its title and its initial verse. “I know something is very wrong.” News stories estimate Bowie’s estate at $100 million. His legal
Transferred Assets Were Subject to Estate Tax
The U.S. Tax Court has held that the value of investment assets that a decedent transferred to a limited partnership had to be included in the value of her estate. Reason: She kept control of the funds after she transferred them and had no reason to create the partnership aside from the tax benefits. The court
Take Time to Plan Your Estate
If you're like most people, you've probably delegated estate planning to the realm of things to be done "someday." Most people dislike confronting their own mortality, but proper estate planning accomplishes two major objectives -- it ensures that your wealth is distributed according to your wishes and it can reduce the payment of federal and
Estate Planning: Broaching a Sensitive Topic
You may be uncomfortable at the thought of discussing your estate with your loved ones. But failing to do so could result in disagreements and conflicts when the details are revealed after your death. The distribution of your estate. Why you made certain decisions. You can also write a personal letter to some of your heirs
Four Reasons to Challenge a Will
There are instances when heirs are not happy with the terms of a person's will. When that is the case and the executor submits the will to probate, the heirs may file objections to the submission of the will. Four reasons for a challenge can be: This objection is usually rebutted more easily than others if
Uniform Fiduciaries Act
Imagine that a trust is established with insurance proceeds for the benefit of a minor child Billy after his parents are killed in an accident, with Uncle Theodore as Trustee. Theodore cannot use the insurance proceeds to buy a new boat or to pay of Theodore’s student loan debt. If Theodore violates that rule, what
Your Family Cabin: How to Avoid Conflict & Structure Ownership
Family Cabin LLCs & Trusts While a family cabin is often filled with happy memories, conflict can arise when the cabin's owner dies. Now comes the time to plan future ownership and responsibilities. If the cabin has been gifted to the former owner's children, as often is the case, it is not uncommon for disagreements to
How to Settle the Affairs of a High-Net Worth Estate
Settling the estate of a high-net worth individual may seem like a daunting task; nevertheless, it can be accomplished by taking certain steps. This process may take many years and may involve a number of legal, tax, and financial considerations that you may not feel prepared to deal with; however, there are a number of
Spousal Lifetime Access Trust (SLAT)
A spousal lifetime access trust (SLAT) is an irrevocable trust benefiting the donor’s spouse and children. Through a SLAT, a donor may reduce a spouse's exposure to estate taxes at death by taking advantage of the gift tax exemption. In 2015 the applicable federal exclusion amount for gifts is $5,530,000. (IRS, What’s New-Estate and Gift