If you’ve heard of a 529 Plan, you probably think of it as a means of education funding for your children or your grandchildren. These plans are sponsored by state agencies or educational institutions, and they’re available to people of all income brackets. While a 529 Plan is a great tool for … [Read more...] about How to Use a 529 Plan to Save for Education Expenses While Benefiting Your Estate
Minnesota Estate Administration
COVID-19 Through the Lens of An Estate Planning Attorney
For more than a decade I have helped clients with their estate plans. Things are different now. Previously, a potential client reached out to me wanting to talk about wills or trusts. I would explain that an estate plan is so much more than just the will. It’s taking a big picture look to make sure … [Read more...] about COVID-19 Through the Lens of An Estate Planning Attorney
Issues to Consider with an Out-of-State Probate
It’s become more and more common now to see clients come in with estate planning or probate cases that involve multiple states. From clients with a family cabin across the border in Wisconsin or mineral rights to land in North Dakota to “snow birds” who spend the winters away from Minnesota’s … [Read more...] about Issues to Consider with an Out-of-State Probate
Estate Planning for Your Minnesota Small Business
When it’s time to start your estate planning process (that time is right now, by the way), entrepreneurs need to remember to take their small businesses into consideration. Whether you own the entire business outright and work for yourself or you simply own a portion of the entity, you will … [Read more...] about Estate Planning for Your Minnesota Small Business
The Role of the Personal Representative in Minnesota
What used to be called the “executor” of the estate is now known as the “personal representative.” The Personal Representative has a very big job of finishing up the decedent’s business, such as taking care of taxes and keeping the bills paid; not to mention the much more commonly recognized job of … [Read more...] about The Role of the Personal Representative in Minnesota
Monticello Estate Planning Attorney Asks: Do You Know How to Manage Your Inheritance?
Receiving an inheritance is both an honor and a responsibility, and estate planning attorneys constantly see individuals who are just not ready to take that on appropriately. Unlike items of sentimental value, such as jewelry or family heirlooms, a financial inheritance was likely meant to be … [Read more...] about Monticello Estate Planning Attorney Asks: Do You Know How to Manage Your Inheritance?
Five Common Reasons a Will May Be Invalid
There are several reasons that a will may prove invalid. It is important for testators to be aware of these pitfalls in order to avoid them. Improper Execution The requirements vary from state to state, but most states require a valid will to be witnessed by two people not named in the will. … [Read more...] about Five Common Reasons a Will May Be Invalid
Testamentary v. Inter Vivos Trusts
The world of estate planning can be complex. If you have just started your research or are in the process of setting up your estate plan, you’ve likely encountered discussions of wills and trusts. While most people have a very basic understanding of a last will and testament, trusts are often … [Read more...] about Testamentary v. Inter Vivos Trusts
Responsibilities and Obligations of Personal Representatives
When a person dies with a Will in place, a Personal Representative or Executor is named as the responsible individual for winding down the decedent's affairs. In situations in which a Will has not been prepared, the probate court will appoint someone to that role. Whether you have been named or … [Read more...] about Responsibilities and Obligations of Personal Representatives
