You've carefully built your retirement savings over decades, but did you know that once inherited, these accounts could be vulnerable to creditors? As a Minnesota estate lawyer, I've seen too many families surprised when inherited retirement accounts they thought were protected ended up exposed to legal claims. The Supreme Court Changed EverythingIn 2014, the Supreme Court's Clark v. Rameker decision dramatically changed how inherited IRAs are treated. While your own retirement accounts enjoy strong protection from creditors, the Court ruled that inherited IRAs don't qualify for the same bankruptcy exemptions. This means your carefully saved retirement funds could be at risk…

As a Minnesota probate attorney, one of the most common questions I hear from families is about student loan debt after death. With student loan debt in America reaching unprecedented levels, it's a crucial topic that affects many families during probate administration. Federal vs. Private Student Loans: A Critical DistinctionThe fate of student loans after death largely depends on the type of loans involved. Here's what you need to know:Federal Student LoansGood news – federal student loans are discharged (forgiven) upon the borrower's death. The government has made this process relatively straightforward:The family needs to submit a death certificate to the…

Why a Special Needs Trust is Crucial for Your Child's Personal Injury Settlement: Insights from a Minnesota Trust LawyerWhen a child with disabilities receives a personal injury settlement, parents often face a crucial decision: how to manage these funds without jeopardizing essential government benefits. Minnesota trust lawyers have helped many families protect their children's financial future through special needs trusts, particularly after receiving personal injury settlements. The Hidden Risks of Direct Settlement PaymentsMany parents don't realize that receiving a personal injury settlement directly can actually harm their child's long-term interests. When a settlement is paid directly to a child or placed…

As a will lawyer in Minnesota, I often receive urgent calls from families with loved ones in the hospital. They're concerned about getting legal documents in place quickly, especially if their loved one's condition might deteriorate. It's a delicate situation that requires immediate attention, but many wonder how to proceed when their family member can't come to an attorney's office. Understanding the RequirementsFirst and foremost, your loved one must have legal capacity to create or modify estate planning documents. This means they must be able to:Understand what they ownKnow who their family members areComprehend what the legal documents will doMake their…

If you own commercial property, you've likely spent years building and managing your real estate investments. As a Minnesota will and trust lawyer, I've guided many property owners through the complex process of including these valuable assets in their estate plans. The truth is, passing down commercial property requires much more careful consideration than transferring a family home. Why Commercial Property Needs Special AttentionThink about it: commercial properties come with existing tenants, ongoing management responsibilities, and often significant debt obligations. Simply leaving the property to your children in a will might not be the best approach. You need a strategy that…