The reality and finality of death is uncomfortable to think about. However, people need to plan for death, unless they want to leave their families a mess instead of a blessing. In a family-owned business, this is especially vital, according to a recent article, “All in the Family—Transition Strategies for Family Businesses” from Bloomberg Law. The family business […]
How to Transfer Business to the Next Generation Read More »
What can you do to help heirs have a smooth transition when settling your estate? A recent article from The Community Voice, “Managing probate when setting up your estate,” provides some recommendations. Joint accounts. Married couples can own property as joint tenancy, which includes a right of survivorship. When one of the spouses dies, the other becomes the owner and the
Can You Plan for Probate? Read More »
Guardianships and conservatorships are drastic and very invasive. They strip individuals of their legal autonomy and establish the guardian as the sole decision maker. To become a guardian requires strong evidence of legal incapacity, and approval by a judge, explains an article titled “Guardianships Should Be a Last Resort–Consider These Less Draconian Options First” from Kiplinger. They should not
What are Alternatives to Guardianship? Read More »
What is a digital asset? This is the question asked in a recent article “Estate Planning for Digital Assets” from Westchester & Fairfield County Business Journals. Any type of electronic data you have the right to access is considered a digital asset, although they come in a variety of forms. A digital asset now includes email accounts, social media, online
What Happens to Digital Assets After Death? Read More »
There’s a saying in estate planning circles that the only people who pay estate taxes are those who don’t plan not to pay estate taxes. While this doesn’t cover every situation, there is a lot of truth to it. A recent article from Financial Advisorentitled “Estate Planning In This Particular Time of Uncertainty” offers strategies and estate planning techniques to
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In Minnesota, we’re the home of Bob Dylan and high taxes. It used to be that everyone expected to pay an estate tax, often called an “inheritance tax”, when they died. But in recent years, estate tax exemptions (meaning the amount you can transfer under the threshold of getting taxed) have increased significantly. An estate
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Like Bill Murray waking up every morning to another Groundhogs Day, I hear some version of the same question almost daily. My clients want to know, “Should I give my home (or cabin or farm) to my kids now to so I don’t lose it to the nursing home?” The answer, as is the case
Gifting to Kids? You May Want to Look Upstream. Read More »
Linda Taylor purchased a two-bedroom house in Minneapolis in 2004. However, she was forced to sell it back to the previous owner after falling behind on payments. She thought she’d been scammed into purchasing the house. Atlanta Black Star’s recent article entitled “‘I’m Not Going Anywhere Now’: Minneapolis Residents Band Together to Help Elderly Woman Facing Eviction
Neighbors Help Minneapolis Woman Avoid Eviction Read More »
As an avid Twins fan, I had an eye on last weekend’s MLB draft. In baseball, like most sports, it’s better to draft the best player available instead of a player who fit’s the team’s current needs. The same is true in picking your Trustee. We may think it’s an honor to name a child
What’s Involved with Being a Trustee? Read More »
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