Deciding whether you need a will or a trust can be difficult. Both offer estate planning options, but which is right for you? In this post, I will discuss the benefits of each and help you decide which is best for your needs. The Case for Trusts A Trust Avoids Probate Trusts offer certain benefits…
Continue reading…Estate Planning 101: Why It Is Important For Young Families
A Trusts and Estate Lawyer Talks About the Need for an Estate Plan for Young Families Becoming a new parent is an amazing experience, but it can also be overwhelming. One of the things you need to think about as a new parent is estate planning. Estate planning may not be the most exciting thing…
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What Differentiates a Will from a Living Trust?
The wide world of estate planning is much faster than most people realize. There are so many estate planning tools of which you might not even be aware but can accomplish important goals for you and your family. Thus, it is worth your time to learn about your options. Did you know, for instance, that…
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What is an Advance Directive?
An advance directive is an important part of an estate plan although it is much less discussed than other legal tools. There tends to be a focus on wills and other instruments that are used to distribute a person’s assets and property and advance directives do not do this. Instead, advance directives are critical parts…
Continue reading…Impact of Court Challenge of Minnesota Trust Taxation
Challenges to Minnesota’s trust taxation have weaved their way through the court system. Those who incurred tax liability on trusts fought the taxation and won. After appeals affirmed lower court decisions, the issue was finally submitted to the U.S. Supreme Court. The U.S. Supreme Court declined to rule on the issue, which made the Minnesota…
Continue reading…Minnesota Trust Taxation
On June 28th, the Supreme Court denied review of a Minnesota case regarding the state’s taxation of trust income. The 2014 case was about Minnesota’s taxation of the income generated by four trusts. While the trustee, William Fielding, paid the tax bill, he filed suit after he was denied a $1 million refund, which represented…
Continue reading…Pet Trusts: Caring for Your Pet After You Pass
We love our pets as much as we love our family. Trusts can be set up to take care of our families after we die, but what about our pets? Until 2016, Minnesota had no laws allowing for this sort of posthumous care. In 2016, Minnesota became the last state to allow trusts to be…
Continue reading…Living Trusts Vs. Wills: Choosing the Right Estate Planning Tool
There many types of estate planning tools and each one offers benefits and drawbacks. Some tools work better to accomplish certain goals than others. In addition, some individuals or families may not need to utilize certain options, while others will need a variety of more complex choices. Revocable living trusts and wills are similar because…
Continue reading…7 Secrets to Drafting a Successful Will.
Writing a Will is something everybody should do. With a Will, you can name a guardian for your minor children, decide who gets your assets, and appoint someone to sort out your estate. A properly drafted Will should help maintain family harmony, negate confusion and minimize any time your family has to spend in court. …
Continue reading…Pet Trusts…Because Fido is Not a Piece of Furniture
Q: How do I provide for my pet’s future care if I die or become disabled first? Your pet trusts you with its life. She curls up at your feet in the den. He waits at the window– tail wagging– eager for your return home. Have you ever thought about what would happen to your…
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