Death and taxes are known to be absolute certainties, but when people hear about “death taxes,” those two words put together can make some cringe, especially here in Minnesota. The state is one of several that has a progressive estate tax, which could lead to a hefty...
Month: October 2019
Don’t neglect updating your will after getting divorced
By creating a will, you have taken an important step in creating a strong, executable estate plan. This document is usually used to determine how the testator’s (the person who created the will) assets will be divided up after their passing. These assets could...
4 Tips for starting estate planning conversations
People often put off estate planning because it can be an uncomfortable or stressful topic to talk about. But having an honest conversation with your family about your plans for the future can be beneficial in many ways. Here are just four tips to remember when...
Guidelines for choosing a guardian for your children
Parents seem invincible to their children, but, as adults, we know better. Car accidents happen. Unforeseeable tragedy strikes without warning. Parents have a responsibility to protect their children from the dangers of the world. This duty does not end with your...
What is a power of attorney?
Simply put, a power of attorney (POA) is a document that gives someone legal authority to act on your behalf. This arrangement can be beneficial for many reasons, especially later in life. You can choose a person you trust with the responsibility to make decisions for...
3 Things to consider when choosing a personal representative
The process of writing a will can be overwhelming. There are many aspects you want to include and several more that you shouldn’t forget. One important step in creating your will is naming a personal representative. Having someone to manage your estate and distribute...
10 events that could prompt you to create an estate plan
Creating an estate plan is something that people typically put off. Often, people don't think they need to do it, or they don't think they have anything worth protecting. As a result, they procrastinate and cross their fingers. However, things happen every day that...
The difference between informal and formal probate in Minnesota
When you lose someone close to you, the aftermath can be intimidating. You not only have grief to deal with but also the logistical and financial matters that require resolution after someone passes away. In Minnesota, most estates go through the probate process. The...
Make sure your family continues to benefit from your trust
You may think that drafting a will is all you need to do when planning for your family. But if you want to ensure the assets you’re handing down follow your intentions, there could be another important ingredient you need to add. Even though it could be a crucial part...