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Cabin Planning

Tuesday, March 1, 2016

What if You Own Real Estate in Multiple States?

This question comes up a lot in the frozen tundra of Minnesota where many of my estate planning clients own a home here and in a warm climate like Arizona or Florida. These "snowbirds" face the likelihood that they will be involved in a probate proceeding in each such state.  

Read more . . .


Sunday, January 19, 2014

Protect Your Family Cabin with a Trust


Protecting Your Vacation Home with a Cabin Trust

Many people own a family vacation home--a lakeside cabin, a beachfront condo--a place where parents, children and grandchildren can gather for vacations, holidays and a bit of relaxation. It is important that the treasured family vacation home be considered as part of a thorough estate plan. In many cases, the owner wants to ensure that the vacation home remains within the family after his or her death, and not be sold as part of an estate liquidation.

There are generally two ways to do this: Within a revocable living trust, a popular option is to create a separate sub-trust called a "Cabin Trust" that will come into existence upon the death of the original owner(s). The vacation home would then be transferred into this Trust, along with a specific amount of money that will cover the cost of upkeep for the vacation home for a certain period of time.
Read more . . .


Monday, November 5, 2012

Minnesota Transfer on Death Deed, Part 4:Can You Cancel a Transfer on Death Deed After It's Filed?

 


In this series of posts, we've been discussing transferring a home via a transfer on death deed.  You own property in your name alone and want to be sure that it goes to the beneficiary of your choice without the expense and delay of probate.  So, after reading these informative blog posts, you decide to use a Transfer on Death Deed (“TODD”) to achieve this purpose.

But what happens if you change your mind after you have executed and filed the deed with the county?  Can you cancel or change the TODD?

Yes. The Deed does not do anything to your rights over the property during your lifetime.  It only takes affect upon your death.  Therefore, nothing is set in stone until after death.  You may, at any time, change the beneficiary or cancel the deed altogether. But, you MUST file the transfer on death deed revocation prior to your death.

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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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9.3Chris Tymchuck