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Minneapolis Estate Planning and Probate Lawyer Blog

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 . . .


Sunday, February 10, 2019

Common Mistakes People Make When Estate Planning


At Unique Estate Law, we know that estate planning can seem complicated. If you try to do it on your own, without the benefit of an estate planning attorney, it usually is! However, even if you consult with an experienced estate planning attorney, there are some mistakes we, unfortunately, see people make when they begin or reengage in the estate planning process.

Taxes


One of the most common issues we see with estate planning clients is that estates do not leave enough revenue to pay estate taxes after the estate holder passes. This often means that the beneficiaries of the estate plan are forced to sell property like homes, boats, cars and other items simply to pay off their estate tax debt. An experienced estate planning attorney will help you carefully plan your estate so as to ensure that you avoid entangling your beneficiaries in these kinds of issues.
Read more . . .


Friday, January 25, 2019

Selecting a Trustee: What Are a Trustee’s Duties and Responsibilities?


A trust allows you to provide for others, and all trusts are managed by an individual known as a trustee.  It is important to select an appropriate and responsible trustee to ensure your intent is carried out and that your loved ones and other beneficiaries are cared for.
Read more . . .


Friday, December 21, 2018

When Should You Start Thinking About Estate Planning?


One of the most common questions we get at Unique Estate Law is when you should start thinking about estate planning. While earlier is always better, we know that everyone’s life circumstances are a little bit different, and your estate planning needs are unique from someone else’s. Having said that, there are a few indicators which can be signs that it is time for you to start the estate planning process.
Read more . . .


Monday, November 5, 2018

What Do You Need to Know About Probate?

If you have ever considered or participated in estate planning, the term “probate” has likely come up. What is probate and why is it important? Is probate helpful or harmful to your estate planning? Read on to learn more.

Simply put, probate is the legal process by which a person’s property is transferred to recipients after they die. The court supervises this process to ensure an estate is appropriately and completely collected, managed, and distributed. Not all of a deceased person’s assets are automatically part of this process, however, as the deceased may have set up certain accounts or legal structures to prevent their property from being transferred in this way.

The probate process occurs whether or not the deceased has created a will. If a person dies and has a valid will, probate is required to ensure the provisions of that will are implemented. This is because courts want to make sure that the terms of the will are effected as the decedent intended, to the extent that is possible. If the decedent had no will, a court is needed to ensure the decedent’s assets are distribute according to the state’s intestacy laws—which is a fancy way of describing the laws which describes who has priority and how much they can inherit from a decedent. In these situations, courts will oversee the process to make sure that beneficiaries are given what the state law says they are entitled to receive.


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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| Phone: 952-358-7400

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