The Wall Street Journal recently published an article concerning the most important estate planning documents that everyone should have prepared. The author of the piece noted how when many people hear the phrase “estate planning” they imagine wealthy oil tycoons and contentious probate battles, wrongly believing they don’t need to concern themselves with such matters….
Author: Flanders Law Firm LLC
Advice For Minnesota Estate Planning For Those Under 40
The sad fact is that less than half of all Americans have an existing estate plan. Though there are many reasons why people put off creating an estate plan, one common refrain is that people feel they are “too young” to begin worrying about estate planning. For those under 40 years old, death may feel…
MN Probate and Estate Planning: What Lessons Can Be Learned From Philip Seymour Hoffman’s Estate Plan?
Philip Seymour Hoffman’s unexpected death at the age of 46 shocked the country and garnered headlines for weeks. Now that the dust has begun to settle, details of Hoffman’s estate plan have started to emerge. Though Hoffman thankfully had the foresight to create a basic estate plan to ensure that his loved ones were cared…
Lady Bird Deeds (Transfer on Death) And Minnesota Estate Planning Law
What in the world is a Lady Bird Deed (Transfer on Death Deed)? Lady Bird deeds are named after the one and only Lady Bird Johnson (President Lyndon Johnson’s wife). Some say that the name came from the fact that President Johnson used such an estate-planning tool to transfer property to Lady Bird after his…
Minnesota Estate Planning Law: What Happens Without A Will?
Some people may not have a will or may be reluctant to draft one because they assume that if they don’t, the state will take care of things. The state’s default inheritance scheme is known as intestate Minnesota probate law. While it’s true that your assets will be identified and distributed even if you lack…
The Impact of Divorce On Minnesota Estate Planning
Everyone knows how confusing and emotionally exhausting divorce can be. Between custody disputes, paying lawyer bills and dividing your assets, it can be a lot for anyone to handle. Though the last thing you want to hear is the need to do even more work, the reality is that it’s important to take steps quickly…
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…
Minnesota Probate: What Happens With Jointly Owned Property?
We’ve previously discussed the issue of Minnesota probate and how some assets fall outside the probate process. One example of such an asset is jointly owned property. Keep reading to find out more about how jointly owned property operates following the death of one owner. What is jointly owned property? Jointly owned property is any…
End Of Year Minnesota Estate Plan Checkup
The holiday season is well underway with Thanksgiving behind us and Christmas only a few weeks away. As the year begins to wind down, it’s a good opportunity for Minnesotans to sit back and reflect on their lives and estate plan, among other things. Before the New Year begins, take a moment to go through…
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…