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 […]
Pay Attention to Income Tax when Creating Estate Plans Read More »
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 »
Family finances can be a big issue in any circumstances. It’s even more significant with blended families, where two sets of often well-established financial histories and philosophies try to merge into one. Kiplinger’s recent article entitled “Yours, Mine and Ours: A Checklist for Blended Family Finances” says that a blended family is one where people have remarried, either after
What Does a Blended Family Need to Know about Finances? Read More »
Just as your life changes, so should your will. You may need to replace a personal representative, update accounts, or adjust heirs. If you have an estate plan with greater wealth or need more complex arrangements, such as trusts or guardianship provisions, you should work with an experienced estate planning attorney, says US News’ March 2018 article entitled “4 Times
When Should I Revise My Will? Read More »
Parents with disabled children worry about how their offspring will manage when parents are no longer able to care for them. Leaving money directly to a child receiving means-tested government benefits, like Social Security Supplemental Income or Medicaid, could make them ineligible for these programs, explains an article from Kiplinger titled “Estate Planning: A Special Trust for a Special
How Do Supplemental Needs Trusts Work? Read More »
I often refer to the Transfer on Death Designation (sometimes called a Payable on Death or “POD”) as the lowest hanging fruit of an estate plan. These designations are easy to set up and can be very effective. There are certain pitfalls, however, in using these designations that may prove costly to your estate. Investopedia’s recent
What Is a TOD Beneficiary? Read More »
Paying for elder care remains one of the top concerns of an aging population. While there are now many non-traditional options for long-term care insurance, each comes with differing eligibility requirements, pros, and cons. If you have traditional long-term care insurance, you don’t receive a benefit from the coverage if you die without ever needing
What are Non-Traditional Options for Long-Term Care Insurance? Read More »
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