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Estate Planning

Thursday, April 2, 2020

COVID 19 (Coronavirus), Your Family Needs a Plan, Part 4. Get a Health Care Directive


A Minnesota Estate Planning Attorney Explains Why You Must Get a Health Care Directive NOW!

You can’t do everything to protect yourself or your family from the global pandemic created by coronavirus / COVID 19. But, there are some steps you can take to offer some guidance and assistance to others.

Get a health care directive now!

As you may know, hospitals and care facilities are being overrun and are overcrowded. They are now having to ban anyone but the patient from entering. More senior care and living facilities are locking down to ban anyone but staff from entering.


Read more . . .


Monday, March 16, 2020

COVID 19: Your Family Needs a Plan, Part 3


In the prior posts I’ve discussed steps you can take to help gain some control in this chaotic time of coronavirus / COVID 19 stress. As a brief recap, make sure you, and your loved ones, have the following:

  • A properly executed Minnesota Health Care Directive
  • A signed financial Power of Attorney
  • Talk to family members about their needs

This post is to provide information on a few free things you can do for some peace of mind.

If you already have a plan in place, review it. Do your current documents, Trust, Will, Powers of Attorney still accurately convey your wishes if something happens to you? The following is a brief list of things to consider when determining whether your current plan still serves your needs, and/or the needs of your family:

  • Will your executor or trustee be able to serve?
  • Is the named executor or successor trustee still the best person to help?
  • Check your beneficiaries named in your plans. Are they still living? Are they capable (responsible) enough to receive the asset?
  • Should they receive their bequest outright or have it held in trust for them?
  • Do you know where your signed original documents are located?

If you already have a revocable living trust, have your property transferred your asset to your trust? Most of your assets should be titled to your trust in order to avoid probate upon your death.


Read more . . .


Friday, March 13, 2020

Coronavirus / COVID 19: Your Family Needs a Plan, Part 2


As the news about coronavirus becomes increasingly scary and stressful, many of us are looking for ways to protect ourselves and our loved ones. We all need to feel we have some control as things get more chaotic and uncontrollable.

So, take control of the things you can, now. I am not a medical professional so will NOT offer advice on how to protect your physical selves. But, as a Minnesota estate planning lawyer with years of experience, I can tell you that clients feel safer, calmer and more in control when they put an estate plan in place.


Read more . . .


Wednesday, March 4, 2020

Coronavirus / COVID 19: Your Family Needs a Plan, Part 1

A Minnesota Estate Planning Attorney Explains that Estate Planning is Always Important: Not Just During Global Scares

You can’t open any news course, or social media platform, without being inundated with news, rumors, pictures or stories about coronavirus. In fact, I’ve had several clients reach out to me to discuss their estate plans given the fear of incapacity or death.

Given the relatively early stages of the coronavirus, it’s difficult to predict the long-term impacts it will have on us.  While I can’t offer much in the way of medical guidance, as an estate and trust attorney, I can discuss the ways in which you can prepare your family for any legal ramifications if someone is sick or worse.

So far, it appears that most of the deaths linked to coronavirus are for people who are over the age of 60.


Read more . . .


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, 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 . . .


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 . . .


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 . . .


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 our law firm, 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 . . .


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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