Estate planning is important and so is talking about estate planning. Unfortunately, there are not exactly people lining up eagerly to talk about death and incapacitation. Regardless, these are topics we should all confront at some level or another. This is because our death and incapacitation effects not just us, but others that we care…
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Reasons to Put a Power of Attorney in Place
One thing is certain in life, we are all getting older. As we age, it is more likely that we are going to need an increasing amount of assistance. There are also infinite unknowns in life. We do not know when an accident will occur or when we could fall ill with a debilitating medical…
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The Guardianship Process
You worry about your parents. Lately, your dad seems more forgetful and confused. He is suddenly vulnerable and unable to care for his basic needs. Now what? Friends have told you to get a guardianship for him. What does that mean? In Minnesota, obtaining guardianship for a parent involves several steps. Please note a guardianship…
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Can a personal representative be held liable for mishandling the estate?
You have been appointed to act as the personal representative for your mom’s estate. From the prior post, you know the duties and obligations of handling the estate. But what happens if you make a mistake? Can you be held liable for that mistake? Yes, a Minnesota personal representative can be held liable for mishandling…
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What Does a Personal Representative Do?
Your Mom asks you if she can list you as the personal representative of her estate if she dies. You agree as you want to help if anything happens to her. But do you know what it means to handle the role of personal representative? In Minnesota probate, as the personal representative (also known as…
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What is Incapacity Planning?
Incapacity planning is so important, but, unfortunately, far too few people know what it is all about. The fact is that none of us are immune to debilitating health conditions, unexpected accidents, and more that can render us incapacitated and unable to manage our affairs for ourselves. As our future is uncertain in so many…
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How to Transfer Ownership of an LLC in Minnesota Upon Death of the Sole Member
Many of our clients here in Minnesota are solo business owners. Forming a limited liability company (LLC) is relatively easy—you file Articles of Organization, pay a fee, and you’re in business. But far fewer people know what happens to that business when the sole member passes away. Who takes over? Does the business keep running?…
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Revocable Living Trust for a Single Person
A revocable living trust is a legal document that can serve as an important tool for a single person seeking to protect their assets and ensure a smooth transfer of wealth upon their passing. While trusts are often associated with wealthy families and complex estates, they can be beneficial for anyone, regardless of the size…
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Part 2: Estate Planning Strategies for Unmarried Couples
As discussed in the prior post, nontraditional families must take steps to provide protection in the event of incapacity or death. The good news is that unmarried couples do have several estate planning strategies available to them to help ensure that their assets and property are protected. Here are some estate planning strategies that unmarried…
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Part 1: Understanding the Importance of Estate Planning for Unmarried Couples
I receive a lot of calls from unmarried couples seeking advice on how to protect their family if something happens to one of them. Nontraditional family structures are the fastest-growing segment of our population. So, it is important you know how to protect your partner and kids if the unexpected occurs. Unmarried couples face unique…
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