When an individual becomes incapacitated, unable to communicate or make decisions due to medical reasons, the question of who will make medical decisions on their behalf becomes a primary concern. Two critical legal tools are crucial in this scenario: advance...
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Minnesotans Plan For The Future
Minnesota Estate Planning Law Blog
Can you have more than one medical power of attorney?
Good estate plans don’t just address what happens after you die. They also try to anticipate your needs before death – including any period when you may be incapacitated and unable to speak for yourself. A durable power of attorney (POA) for health care is one such...
How to avoid becoming the victim of an abusive guardianship
If you’re one of the many seniors in this country who is getting into their senior years and has no adult children or close family, you may be concerned about what would happen if you become mentally and/or physically incapacitated and unable to care or even speak for...
4 things you should know about dynasty trusts
Dynasty trusts, also known as "generation-skipping trusts," are unique vehicles designed to preserve and protect wealth for multiple generations. These irrevocable trusts extend beyond the typical trust period, allowing assets to benefit grandchildren and even...
Why you might base trust distributions on age
If you’re thinking of setting up a trust as part of your estate plan to leave an inheritance, there are many different ways to do it. For instance, you could choose a trustee who has full discretion to decide how the money can be used. This is known as a discretionary...
Revocable vs. irrevocable trust: which one should you set up?
If you have worked hard all your life, it makes sense to want to leave as much of your assets as possible to the people you love. This is where estate planning comes in. One of the most effective estate planning tools you can use to set aside assets for your loved...
Medical care: What happens if you’re incapacitated?
An estate plan has the potential to extend far beyond detailing who will get what when you pass away. When crafting an estate plan, you’ll also want to consider what will happen if you become incapacitated. Having a plan for this unfortunate turn of events can help...
Why do people procrastinate estate planning?
It’s true that most people in the United States do not have estate plans. Roughly a third of Americans already do, but the rest either don’t plan to make one or simply haven’t done so yet. One of the top reasons for this is procrastination. Why do people put estate...
Can you use an online template to create your will?
Estate planning is a crucial process that involves preparing for the distribution of your assets and the protection of your loved ones after you're gone. While the convenience of online estate planning templates may be appealing, there are several compelling reasons...
3 estate planning myths to avoid
Estate planning can greatly help people control how their assets are dispersed after they pass away. However, many people don’t make estate plans or even consider making a will because it’s commonly believed that estate planning is only for the rich or the elderly. ...