Minnesota Estate Planning Law Blog
Do you need to put your debts in your will?
You’re writing a will and adding up all your assets. While taking a look at the financial details, you realize just how much you have in debt. Do you need to put those debts into your will or any other part of your estate plan? You do not. The debt does not pass to...
Young parents must think about the future
Most new parents think about planning for the future as establishing a college fund and doing similar activities. They might not think about having to make a plan for what will happen with their children if they pass away. Unfortunately, failing to plan for you and...
Do your loved ones know what your medical wishes are?
Religion, personal beliefs, previous experiences and ethics can all play a role in how someone feels about certain kinds of medical treatments. Some people might deny blood transfusions on religious grounds, while others may decline organ transplants or heroic...
Here’s why do it yourself (DIY) estate planning is a bad idea
There are many reasons why people continually put estate planning on the backburner. Some people do so because they’re afraid it will cost too much. Others are concerned about making important decisions that could impact their loved ones. There are also people who...
What is the great wealth transfer?
Have you heard people talking about an upcoming event known as the great wealth transfer? It’s not really an event, per se, but something that is going to slowly take place over the upcoming years. It refers to the passing of wealth from baby boomers to their heirs....
Steps to take after the death of a loved one
When a loved one dies, it’s always traumatic -- even when the death could be reasonably expected. Many times, that person’s survivors are overwhelmed with both grief and confusion. What do they need to do first? What comes next? Here’s a guide that may help. When your...
How does your home factor into an estate plan?
You know that the first step in doing your estate planning is to figure out what your net worth looks like. That starts with simple things, like adding up the money in your bank accounts and investments. Then you move on to tangible assets; for instance, an art...
Why use an incentive trust?
Trusts give you a lot of estate planning options if you’re particular about how you pass your money on to the next generation. A will allows you to simply leave assets to people, but maybe you want to have a say in how you leave those assets or how your heirs use...
Nearly 50% of 55+ Americans have no estate plan
The fact that most Americans have not done their estate planning is nothing new. It’s been that way for a long time, and you can find many reports claiming that it’s true. However, the way that some people write this off as unimportant is simple: They assume that...
5 estate planning tips for singles
No matter if you’re young and single, estate planning is still a necessity. The worst can happen at any time, and suddenly you’re faced with a life-threatening injury or illness. What happens to your finances then? It’s best to be prepared no matter what age you are...
