In spite of the vast amount of financial information that is currently available in the media and via the internet, many people either do not understand estate planning or underestimate its importance. Here's a look at the top five estate planning mistakes that need to be avoided. Not Having an … [Read more...] about Top Five Estate Planning Mistakes
Minnesota Estate Planning
Life insurance can be an integral part of an estate plan. Policies can be set up to be paid directly to the beneficiary, without the need to pass through the estate. Having a life insurance policy ensures that some assets will be liquid, so that debts and expenses can be paid quickly and easily … [Read more...] about How does life insurance fit into my estate plan?
For many people, retirement savings accounts are among the largest assets they have to bequeath to their children and grandchildren in their estate plans. Sadly, without professional and personally tailored advice about how best to include IRAs in one’s estate plan, there may be a failure to take … [Read more...] about Common Estate Planning Mistakes Regarding Individual Retirement Accounts (IRAs)
Like most governmental benefit programs, there are many myths surrounding Medicaid and eligibility for benefits. One of the most common myths is the belief that only 50% of the funds in a jointly-owned bank account will be considered an asset for the purposes of calculating Medicaid … [Read more...] about Joint Bank Accounts and Medicaid Eligibility
With such similar sounding names, many people mistake Medicare and Medicaid programs for one another, or presume the programs are as similar as their names. While both are government-run programs, there are many important differences. Medicare provides senior citizens, the disabled and the blind … [Read more...] about Medicare vs. Medicaid: Similarities and Differences
This question presents a fairly common issue posed to estate planning attorneys. The solution is also pretty easy to address in your will, trust and other estate planning documents, including any guardianship appointment for your minor children. First, it is important to note that you should not … [Read more...] about What would happen if another child is born after establishing your estate plan?
When it comes to estate planning, many individuals believe that dividing assets equally among adult children is the best choice. However, there are situations in which leaving each child the same amount might not be practical. For this reason, it is important to know the difference between an equal … [Read more...] about The Difference between Equal and Equitable Inheritances
Timeshares are a popular piece of property for people who enjoy vacationing. But timeshares can create complications when it comes to estate planning. If you have a timeshare you need to consider how it will be handled in the event of your death. You may have some options in how to handle the … [Read more...] about Leaving a Timeshare to a Loved One
Properly drafted estate planning documents are integral to the success of your legacy and end-of-life wishes. Iron-clad estate planning documents, written by a knowledgeable attorney can make the difference between the success and failure of having your wishes carried out. However, there’s more to … [Read more...] about People. The Essential Component of Your Estate Plan’s Success