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Minneapolis Estate Planning and Probate Lawyer Blog

Thursday, September 12, 2019

Grounds for Contesting a Will


A will is a legal instrument utilized to, among other things, establish the terms of distributing the assets of a decedent’s estate to his or her heirs. In some instances, an heir or beneficiary may be upset with the terms of the will or may think the will does not accurately reflect the true wishes of the decedent.
Read more . . .


Tuesday, August 13, 2019

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 the difference between taxes owed as a resident trust and taxes owed as a non-resident trust. The creator of the trust, or “grantor,” was a Minnesota resident and so was one of the trust beneficiaries during the tax year at issue.

Additionally, the trusts were created in Minnesota and the trust held investment stock in a Minnesota corporation.


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Tuesday, July 30, 2019

Probate and the Personal Representative, A Series: Part IV, Does the Personal Representative Fee Get Taxed?


A Minnesota Probate Attorney Verifies That Payments to Compensate a Personal Representative (Executor) Are Taxable

You agree to act as the Personal Representative of your sister's Estate. After a few months you realize that serving as her personal representative takes a lot of time. You have to take time off work to clean out her home, meet with the lawyer, go to her banks and call institutions, creditors and utility companies.

As a result, you're thinking of charging the estate for the time spent on these tasks. I know it's family but you are spending a lot of your own time and there's plenty of money in the estate.
Read more . . .


Tuesday, July 23, 2019

Probate and the Personal Representative, A Series: Part III, Does the Personal Representative Get Paid?


Minnesota Probate Attorney Explains Compensation for a Personal Representative 

Your sister asks if you will act the personal representative for her estate if anything happens to her. She passes away and you are now faced with having to navigate the legal minefield of probate. Can you get paid for handling these matters? Yes you can!

Your fee is (loosely) defined by Minnesota probate law. Naturally, the law doesn’t provide much guidance on how much you can pay yourself. It simply says, “[a] personal representative is entitled to reasonable compensation for services.
Read more . . .


Tuesday, July 16, 2019

When Beneficiaries Are Not Ready for an Inheritance


Our families and loved ones come in the forms of various people with their own personal challenges and struggles. Some of these people are still learning and exploring what path their lives might take. In the meantime, you will need to consider this when establishing your estate plan. Leaving assets to loved ones can be a life-changing gift for them. It can also quickly be wasted, mismanaged, and squandered.
Read more . . .


Tuesday, July 16, 2019

Probate and the Personal Representative, A Series: Part Ii, Probate Fees and Costs


A Minneapolis Probate Attorney Explains the Fees Associated with Handling a Probate

In Part I of this series, I explained who is responsible for paying the fees to open up a probate. Now I will turn to the types of expenses involved in a probate.

• Court Fees

These fees are dictated by Minnesota  law and cover the court filing fee. Generally, this fee is in the neighborhood of $350 to open the probate. It also includes fees to order certified copies at $16 per copy.
Read more . . .


Tuesday, July 9, 2019

Probate and the Personal Representative, A Series: Part I, Paying for the Probate


Minnesota Probate Lawyer Explains Who Is Responsible for Paying Probate Fees

Recently, a client came to me to help her handle her father’s estate. Dad had been sick for many years and attempted to plan as orderly a transition as possible after his death. He had a will drafted by an attorney and discussed his wishes with his loved ones. The main asset was a money market account that would be paid out according to the will.

At our first meeting, I explained how probate works and the fees involved.
Read more . . .


Tuesday, June 25, 2019

Estate and Gift Taxes


Estate planning, when done properly, looks at many different angles above and beyond simply discussing who you wish to leave assets to. For instance, considering the tax consequences of your estate is a responsible thing to do during the estate planning process. Estate taxes can be significant and may take out a sizeable chunk from the net worth of your estate. It can be an unexpected financial hit to those who are expecting to inherit from your estate. Take a look at what estate and gift taxes apply in Minnesota before you begin theRead more . . .


Friday, May 24, 2019

Trust and Estate Mediations


A mediation is when a neutral third party, the “mediator,” aids disputing parties in reaching a resolution to the conflict through a structured, interactive process. There are many types of conflicts involving a trust or estate that benefit from being resolved through mediation. It does not matter whether or not the disagreement has risen to the level where the parties are already entrenched in litigation. Mediation may still be an option. It is a valuable option when you consider the time and money the parties will save with mediation as they avoid more time in court.
Read more . . .


Friday, April 19, 2019

Providing for a Special Needs Child in Your Estate


Every parent worries about what will happen to their children after they die. This is particularly true for parents of special needs children, for whom there is unfortunately not always assurance of financial security.

The good news is that parents of special needs children have an estate planning option at their disposal to provide some security for their child—and that parents do not have to dip into their retirement savings in order to take advantage of this option! Even better, this option allows parents to not risk alienating any other non-special needs children they have, as it avoids the thorny estate planning issue of naming a child as a preferred beneficiary. 

What is this amazing option? It’s a

Read more . . .


Monday, March 11, 2019

Make Estate Planning Your New Year’s Resolution!


Many of us made New Year’s resolutions at the start of 2019. Many times, our resolutions involve improving our financial health, taking up a new hobby, or finally doing something we’ve put off for a long time. Why not combine all three and make your 2019 New Year’s resolution planning your estate?

At Unique Estate Law, we understand that Read more . . .


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From within Hennepin County Unique Estate Law represents clients throughout Minnesota, including Minneapolis, Edina, Bloomington, St. Louis Park, Minnetonka, Plymouth, Wayzata, Maple Grove, St. Paul, and Brooklyn Park.


9.3Chris Tymchuck

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