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…
Continue reading…Prepare Your Trustee to Manage Your Trust.
Minnesota Estate Planning Attorney Advises You to Talk to Your Trustee About Your Trust. One of the jobs of a Minnesota trust lawyer is to help clients choose the person who will be responsible for a trust that has been set up. This trustee has several very important jobs, and things will go smoother if he or…
Continue reading…Holiday Talks, Part 3: Discussing Your Parents’ Estate Planning Needs
A Minneapolis Estate Planning Lawyer Helps You Talk To Your Parents About Their Estate Plan As I discussed in Part I of this series, your parents may feel reluctant to discuss details of their estate plan. For many personal matters such as finances and health care wishes are to remain private. But, it’s important to…
Continue reading…Holiday Talks, Part 2: Discussing Your Estate Plans With Your Adult Children
A Minneapolis Estate Planning Lawyer Explains How to Discuss Your Estate Plan With Adult Kids It is a common occurrence to have clients come to me after a parent died and say “I didn’t know XXX (fill in the blank) about my Mom or Dad.” Many parents feel reluctant to discuss financial and estate matters…
Continue reading…Changing Uses for Bypass Trusts
Minneapolis Estate Planning Lawyer Explains the Reasons Why You May Want a Bypass Trust Every year, each individual who dies in the U.S. can leave a certain amount of money to his or her heirs before facing any federal estate taxes. For example, in 2013, a person who died could leave $5.25 million to his…
Continue reading…A Discussion of Wills, Part 3: Beware of “Simple” Estate Plans
Minneapolis Estate Planning and Probate Lawyer Explains the Dangers of Getting a “Simple Will” “I just need a simple will.” It’s a phrase I hear practically every other day. From the client’s perspective, there’s no reason to do anything complicated, especially if it might lead to higher legal fees. Unfortunately, what may appear to be…
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