When a marriage ends, all involved parties should revisit their financial plans. However, few exes have explicitly written plans in place for managing expenses such as college expenses for their children. Even if a divorce seems unlikely, all Minnesota couples should map out their plans in case of a separation.
Despite the small rivalry, Minnesota and Wisconsin residents are incredibly similar between spending time outdoors to brewing beer in the basement of their homes. It makes sense that residents who live on the border between the two states often cross for either work or play.
Trusts may be an excellent tool for some people in Minnesota who are creating an estate plan. They are designed to provide a number of benefits including the ability to pass assets such as IRAs on to beneficiaries in a way that will defer or avoid taxes while growing in value. They may also be used to specify how distributions will be made. For example, distributions might only happen when beneficiaries reach certain ages or other milestones. Trusts can also express a goal, such as saving for a grandchild's education.