In 2016 Minnesota became the final state to offer estate planning for pets. Previously, there was no mechanism to set aside funds to take care of your pets after you died. But as anyone who has a pet knows, pets are part of the family. They need to be taken care of as well.
Read MoreCongratulations, your kid is college bound! Now for the scary part: They're on their own. Legally. Once a child turns 18 (the age of majority in Minnesota), you may not be able to remain involved in the medical and financial affairs of your child, even if you and your child want it so.
Read MoreSignature Law PLLC uses a virtual office, meaning that there is no brick and mortar office to close during the Covid-19 pandemic. We continue to be available by phone and email. We are prepared to conduct consultations and meetings by means on online video chat and online remote resources.
Read MoreA recent study shows that 73 percent of Americans will be dying with debt. The average debt load at death will be $61,554, including mortgage debt. So what exactly happens with this debt when you die? The answer, of course, is that it depends.
Read MoreRecent surveys by Edward Jones found that while 77 percent of Americans believe that estate planning is important, only 24 percent have taken the time to even designate beneficiaries for all of their accounts. This attitude is prevalent with everyone, from celebrities to those not touched by Hollywood's glitter.
Read MoreMuch has been said about the SECURE Act and its ten-year limitation on trust distributions. But this isn't all that was affected. There are several other provisions that are relevant to estate planning and retirement that need not be forgotten.
Read MoreIn December 2019, Congress passed the SECURE Act, which dramatically changed the world of estate planning. Plan holders should, across the board, review their estate plan with their attorney. If they are affected they will need to come up with a new strategy for their plan.
Read MoreImagine this scenario: Something tragic happens to a loved one that puts them in the hospital. They are incapacitated and unable to make decisions on their own. Thankfully, they have a health care directive (aka “living will”). The health care directive describes in detail what decisions they want made for them in times like this. Your loved one trusted you to make those decisions. You go to the hospital and ask the doctor about their condition so that you can make an informed decision. The doctor refuses to give you any information about your loved one's condition.
Read MoreCircumstances in life change over time. People get married, have or adopt children, buy houses, and sell houses. They make new friends, get new family members, and fall out of favor with people. Just as life changes, the estate plan is a lifetime endeavor that needs updating to reflect these changes.
Read MoreThe internet and cloud computing have increasingly over time added a complication to what happens after our death. Our digital assets have become some of our most valuable properties. The law has been hard pressed keep up with the changing digital landscape.
Read MoreOften, probate is something that should be avoided. First, it is an expensive endeavor, and every penny spent on probate is a penny not distributed to your heirs. Second, it can take a very long time, tying up assets for many months or even several years. During this time assets are inaccessible, a burden to upkeep, and often their future is unknown until the process is done.
Read MoreNormally, when you give someone a gift of money, they immediately get the money and the gift is concluded. At least, at law, that's how it works. And in 2020 you will be able to give a child or grandchild up to $15,000 a year without incurring gift taxes ($30,000 for married couples). But that begs the question: who wants to or would be comfortable just giving an 18 year old a lump sum of $15,000 cash? Or what about a family member with a drug problem? Perhaps you would rather they get the money in smaller amounts over time.
Read MoreConsider the following hypothetical: A husband dies, leaving his wife $4 million. Because this is greater than the $2.7 million threshold for estate taxes in Minnesota (in 2019), $1.3 million would be taxed. If the estate tax in Minnesota were 10 percent, that's $130,000 in taxes, and not an insignificant amount. So how could the estate be structured so as to allow the wife to avoid paying taxes on the $1.3 million?
Read MoreProbate is the legal process of getting a Probate Court's authority to distribute or transfer a person's property after they die. A person who dies is called a “decedent”. Also, probate court is where a personal representative of the estate is approved by the Court. In Minnesota, probate can be either informal or formal.
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