While the Last Will and Testament is an important estate planning tool, Minnesota trust and estates lawyers want clients to be aware that there are certain things it won’t accomplish. To start, a Last Will and Testament will only come into effect...
You can donate retirement accounts, such as an IRA, by distributing the proceeds to charity. However, the tax benefits for donating this way are minimal. A tax-efficient donation strategy is to contribute your retirement fund directly to a...
Some seniors don’t expect to remarry after a divorce or the death of a spouse. However, life is full of surprises. You could meet someone at any age, even during your retirement years. Many older adults bring various assets and debts into a new...
Service dogs are specially trained to provide assistance to children with disabilities. They can be taught to support kids in a variety of unique ways that help with daily living and even help in an emergency situation. For families with disabled...
Federal estate tax law includes a provision called portability. This provision only applies to married couples. It allows the surviving spouse to use any part of their deceased spouse’s unused estate and gift tax exemption. Including portability in...
When creating a trust with a Minnesota trust lawyer, it is important to understand the specific roles involved. The grantor is the person who establishes a trust. The designated beneficiary is the person who receives the assets held in trust when...
Your named beneficiaries will likely have to go through probate to receive your real property after your death if it is only in your name and not held in trust. Although transferring property into trust can ensure your family does not have to wait...
The Baby Boomer generation is growing older and beginning to incur the financial costs and strains of aging. Many are caring for their own elderly parents while beginning to recognize long-term care challenges of their own. Boomers are also...
One of the most frequently asked questions elder lawyers receive is, “When should westart planning for long-term care?” The short answer is, “Long before you need it!”When it comes to your home, your health, and your finances, you want to be in the...