Your general estate plan explains how your wealth and possessions should be distributed when you pass away. However, your living will can prove critical at any moment during your life when you become seriously injured in a traffic accident — or must start receiving potentially toxic or life-threatening treatments for cancer or other serious illnesses….
Tag: Minnesota
Minnesota Estate Planning | Tips To Avoid Spinning In Your Grave Like James Brown
Though James Brown is known for hits like “I Feel Good,” the mess that has enveloped his estate would likely not be described in such glowing terms. Since his death nearly eight years ago, the crooner’s estate has been embroiled in a near-constant battle with heirs over the otherwise clear wishes of Brown. The New…
Minnesota Probate Law | Watch out for burglars of your loved one’s home
I wanted to share this tidbit of information from a poster on a popular website regarding burglars, funerals, and Minnesota probate estates. This is an important lesson to keep in mind for heirs, executors, and personal representatives of probate estates: We at the Goodhue County Sheriff’s Office want to remind you to be mindful when posting information…
IRS Announces Rise In Estate Tax Exemption
Though it’s rare to hear good news out of the Internal Revenue Service, for those worried about the potential pain of estate tax, a recent announcement may just qualify. That’s because the IRS revealed earlier this month that the estate tax exemption amount would climb in 2015. To find out more about the estate tax…
Minnesota Estate Planning (Wills & Trusts): How To Handle Items Of Personal Property
Though estate planning often revolves around money, there are other items of personal property that are often just as important and sometimes even more important to people, regardless of their worth. Jewelry, photographs, antiques and other items may not have much monetary value, but can be very important for sentimental reason. When handling the disposition…
What Exactly Is A Trust And Why Do I Need One?
Most people have heard of a trust, but few likely understand what the estate-planning tool is and whether they might benefit from having one of their own. There’s a common misconception that estate planning trusts are only useful for those with gobs of money. While it’s true that barebones estates may not benefit from a…
Minnesota Estate Planning Law: How Does The Gift Tax Work?
As many people age they want to experience the happiness that comes from seeing those they love taken care of. Though passing money along through a will is one means of achieving this end, others prefer to take a more direct approach and give money to loved ones while they are still alive. It might…
What is a power of attorney and how does it work in Minnesota?
If you’re like most Minnesotans who have bills to pay and a family to look out for, chances are you may have begun thinking about the importance of creating an estate plan. Such planning is essential to safeguard the future for not only yourself, but also the family members who depend on you. One critical…