The first thing that many people think of when they hear the term estate planning is saving money on tax payments. However, protecting the value of assets from creditors for the benefit of the asset holder as well as the beneficiaries of his or her estate is just as...
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Estate Planning And Probate
Estate planning is crucial in times of COVID-19
COVID-19 has changed the world, and some Minnesota residents may be concerned about how this pandemic could affect their current estate planning status. Financial professionals recommend a careful review of these plans every few years; however, COVID-19 may push those...
Why and how to create a special needs trust
People in Minnesota who have a disabled child might need to create a special needs trust as part of an estate plan. There is a limit on how much an individual can own in assets while still drawing government benefits, and a special needs trust can ensure that the...
The realities of selling a loved one’s property after they die
A family may be eager to sell their loved one's Minnesota home after they pass away so that the beneficiaries can receive their share of the proceeds. However, this is not something the family can do immediately. Instead, it must occur according to the timing dictated...
Creating beneficiaries with conditions
Each estate plan in the state of Minnesota is unique to the person who creates it. When a person makes an estate plan, they think about who they want to receive their assets. However, creating the right estate plan is often not as simple as choosing whom the person...
What happens if you become incapacitated?
Minnesota residents may believe that the estate planning process only includes preparations for the distribution of assets after death; however, one of the most important aspects of the process addresses what will happen to those who become incapacitated or unable to...
Be careful when giving power of attorney
A power of attorney in Minnesota gives someone nearly the ability to make decisions on behalf of another person. Of course, the bound on this power is that the person cannot commit fraud and steal. However, this is what happened to several retired athletes who trusted...
How trusts can help nontraditional families in estate planning
Fewer than half of all families follow the traditional structure of a father, and mother and their children, but estate planning documents often do not reflect this shift. Families in Minnesota may need to make changes to traditional estate planning documents to suit...
What age should I begin the estate planning process?
The estate planning process involves preparing how your assets are to be distributed or passed on after your death. It is a difficult topic to think about, but there are many important decisions to make. Estate planning can involve drafting a will, creating trust...
Acting as an executor for family
When choosing who should be the executor of one's estate, many people trust family with this task. However, handling an estate once a loved one has passed away can be more complex than grantors and executors realize. Minnesota residents might like some more...