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Minneapolis Estate Planning and Probate Lawyer Blog

Friday, February 14, 2020

How Could the SECURE Act Impact Your Retirement?


The new year brought new laws. One major piece of legislation that went into effect on January 1st is the Setting Every Community Up for Retirement Act, also referred to as the SECURE Act. With people living longer, more and more people are found in the difficult position of outliving their retirement savings. The SECURE Act was enacted in the hopes of curbing this problem. The measures put in place by this newly effective law may have a substantial impact on how people will plan for retirement.
Read more . . .


Tuesday, February 4, 2020

What to Consider When Selecting a Guardian for Your Children?


Grappling with the thought that you might not be there to raise your children can be one of the most difficult and important things for you to process. The selection of a guardian for your children will help ensure that you trust the person who will care for your children and know that they will care for your children in the best way possible.

Without thinking about who will raise your children should you ever be unable to do so, you risk putting your children through guardianship proceedings.


Read more . . .


Tuesday, January 14, 2020

What Is the SECURE Act?


On December 20, 2019, President Trump signed a major piece of legislation called the Setting Every Community Up for Retirement Act (SECURE Act). The bipartisan bill became effective on January 1, 2020, and its goal is to help Americans with something they have long struggled with, the ability to save for retirement. The SECURE Act has some far-reaching measures aimed at things like increasing access to financial accounts that provide tax advantages and helping people save so that they do not outlive their assets.
Read more . . .


Monday, December 16, 2019

Elder Care Mediation Series, Part 2: An Example


 A Certified Elder Care Mediation Specialist Explains Why Mediation Can Help Families in Dealing with An Parent in Need of Elder Care 

Growing up siblings, Abby, Bonnie and Carolyn Olsen, were always close, but after their father died unexpectedly they found their relationship strained.

They did not know what to do for their 80-year-old mother, Lucille. When the sisters were unable to find an assisted-living home nearby, they decided that their mother would move in with Abby’s family.

  • This arrangement led to a lot of common questions, such as:

  • How much respite should my sisters offer Abby?

  • Should their Mom’s name stay on the deed of the house?

  • Where will Mom go if I can’t keep taking care of her?

  • What, if any, should Abby receive for compensation for her effort?

  • What do we all feel comfortable with?

 Such discussions inevitably lead to discord. I often hear, “every conversation we have now ends with someone crying or hanging up, or both.


Read more . . .


Monday, December 9, 2019

Elder Care Mediation Series, Part 1: What Is It?


A Guardianship and Elder Care Mediator

Contested guardianship cases, like contested divorces, are often lose-lose encounters. Though someone will eventually emerge the “winner” by judicial decree, the emotional and financial cost to both sides often renders it a Phyrric victory. The battle only deepens the wounds which kindled the contest, and there is even less chance for healing them afterward. There is no coming back from that and chances of reconciliation afterward is often nil. At best, the parties share an uneasy coexistence because of people of mutual concern, i.


Read more . . .


Monday, December 2, 2019

GUARDIANSHIP SERIES, PART I: WHAT IS A GUARDIANSHIP?


A Minnesota Guardianship Attorney Explains What It Means to be a Guardian.

It’s that time of year when family is back together, maybe for the first time in months or years. In spending time with your Dad, you make the heart-wrenching discovery that he has become incapable of caring for himself. Perhaps he has difficulty remembering to eat or is unable to property dress himself. You know he needs help and you want to assist him, but how?

If Dad is unable to dress or feed himself and you are concerned that continuing to live alone poses a risk, you may need to seek a guardianship.


Read more . . .


Tuesday, November 12, 2019

How Long Does Probate Take in Minnesota?


Probate is the process in which a deceased person’s assets are gathered, debts are paid, and assets are distributed to beneficiaries. Basically, it is the court-overseen process of wrapping up a person’s affairs. Read more . . .


Thursday, October 10, 2019

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.
Read more . . .


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.


Read more . . .


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 . . .


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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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