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
Minnesota Estate Administration
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?
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
What to Do after a Loved One Passes Away
The loss of a loved one is a difficult time, often made more stressful when one has to handle the affairs of the deceased. Certain tasks must be completed to administer the estate of the deceased. This may be a great undertaking or rather minimal work, depending upon the level of estate planning … [Read more...] about What to Do after a Loved One Passes Away
Problems with Joint Accounts as Vehicle for Inheritance
When deciding who will inherit your assets after you die, it is important to consider that you might outlive the beneficiary you choose. If you have added someone to your financial accounts to ensure that he or she receives this asset after you die, you might be concerned about what will happen … [Read more...] about Problems with Joint Accounts as Vehicle for Inheritance
The Difference Between Estate Tax and Inheritance Tax
While the terms "estate tax" and "inheritance tax" are often used interchangeably, they are not synonymous. Let's try to clarify the difference. Estate Tax Estate tax is based on the net value of the deceased owner's property. An estate tax is applied to these assets when they are transferred … [Read more...] about The Difference Between Estate Tax and Inheritance Tax
Role of the Successor Trustee
When creating a living trust, it is common practice that the person doing the estate planning will name themselves as trustee and will appoint a successor trustee to handle matters once they pass on or become incapacitated. If you have been named successor trustee for a person that has died, it is … [Read more...] about Role of the Successor Trustee
Planning for Your Final Sendoff
Although most people don’t like to think about it, death is inevitable. It’s imperative that you have an estate plan in place that outlines your end of life wishes and how you would like your assets distributed upon your passing. As part of your planning, it’s important that you consider and make … [Read more...] about Planning for Your Final Sendoff
