Minnesota Estate Planning Law Blog
The sentimental value of a cabin makes estate planning complicated
From a financial perspective, estate planning with a cabin may seem no different than with your family home. You can leave it to all of your children, allowing them to take on the responsibilities and costs, or you can sell the cabin and leave the money you make in...
Don’t like your power of attorney? Assign a new one
Several years ago, you put together estate planning documents that appointed a power of attorney for your health care decisions. You were good friends at the time, and you felt that they’d be best able to represent you if you couldn’t talk to a medical team on your...
Do you need to secure guardianship for an aging parent?
It can be very difficult to watch your parents age. They may experience medical events like strokes that terrify you and leave them with diminished physical and mental abilities. They could indoor the slow loss of memory and changes in personality associated with...
Reduce the risk of a contested will via proper planning
One of the saddest things to see is when a previously close family falls out over money. If you die without making a proper estate plan, it increases the possibility that this could happen with your family. These are some steps you can take to reduce the chance of...
A lookback period is just one way Medicaid can shrink your estate
When an older adult could have medical needs that exceed the coverage they will receive through Medicare, applying for Medicaid may become necessary. Planning for the potential need to qualify for Medicaid is important for those close to retirement age. If you don't...
Who should you choose for your health care power of attorney?
As you set up your estate plan, something that you should think about is who you’d like to have as your health care power of attorney (otherwise known as your health care agent or medical power of attorney). Choosing the right person for this job is essential because...
A special needs trust could be a good fit in your estate plan
You love your child very much, but the reality of their future is that they may not be able to take care of themselves alone. For this kind of situation, a special needs trust can be invaluable. With a special needs trust, you can help protect your child’s...
Have you fallen for this estate planning myth?
The unfortunate reality is that there are a lot of estate planning myths out there, and people may accidentally fall for them without even realizing what they are. For instance, maybe you wanted to do your estate planning and you asked a friend for help getting...
Your children may think the divorce is their fault
If you’re getting divorced, you have probably heard that you need to tell your children that it is not their fault. To you, this may seem pointless. It’s clearly not their fault, and you clearly still love them. They would never think they caused it, right? The truth,...
Considerations when selling assets on behalf of an estate
As the executor handling the administration of an estate, you have a lot of responsibilities. One of the most important things you may possibly have can involve selling some of the assets from the estate. There are two circumstances where asset liquidation may be...
