Minnesota Estate Planning Law Blog
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...
Under Minnesota law, most estates must go through probate
For many people, estate planning has the primary goal of helping a family avoid probate court. In some states, adequate planning can be enough for even large estates to stay out of probate court, which people may view as expensive or an unnecessary delay to the...
Have an estate plan already? Here are the things you probably need to update
You’ve always been the responsible sort, so you have had your estate plans ready for a while now. In fact, you may need to update them in some critical ways. Here are five areas of your estate plans that you probably haven’t thought about lately (if at all): Your...
How to pick your health care proxy
Illness, injuries and age can make it impossible for you to direct your own health care at some point in the future -- which is why having a health care proxy in place is so important. The person who holds the power of attorney for your health care can be called on at...
Why use a special needs trust?
As you’re doing your estate planning research, you run across the idea of a special needs trust, or an SNT. Since you have an heir with special needs, this idea instantly stands out to you, but you want to make sure you understand exactly what advantages it may give...
Planning to pass your business on to the next generation: Use these tips
As a family business owner, perhaps the most important part of your estate planning is doing business succession planning. You need to know how to leave the company to your heirs. Now, perhaps you don’t want to leave the company to your children, or maybe they don’t...
Dying without a last will shows how important an estate plan is
One of the most convincing reasons to work to plan your estate and create a last will early in life is that if you die without one, you have no control over how the state allocates your assets. If you don't have direct family members or heirs, the state of Minnesota...
Should you add powers of attorney to your estate plan?
In a good case scenario, you have already been shoring up your estate planning efforts with legal documents that protect you and your heirs. Typically, those include a will and perhaps a trust or two, but that may not be all you need for maximum peace of mind. In the...
Creating a succession plan well in advance is good business
You’ve spent most of your time on the two great endeavors of your life, both raising your family and growing your business. They will each likely have some hardships when you’re no longer around to take care of them, but you can ease the transition by planning for the...
