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…
Tag: Estate Planning
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…
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…
Minnesota Estate Planning: What’s The Difference Between A Will And A Trust?
If you’re reading this article chances are you have heard the terms “will” and “trust.” Though the words are frequently bandied about, they are often used without much explanation. While most everyone is passingly familiar with the terms, it’s likely that few truly understand the differences between the two important Minnesota estate planning tools. The…
Minnesota Estate Planning: What A Will Won’t Do
Minnesota Wills are wonderful things. We’ve discussed before how important it is to create and update a Minnesota will and how a proper estate plan can help to ensure that your wishes are carried out after you’re gone. While the benefits of a will are undeniable, the fact is wills do not do everything. Though a…
How to Find and Select a Corporate Fiduciary in Minnesota
If you live in Minnesota and are thinking about creating a trust or drafting a will, one of the most important steps in the process is choosing a person or entity to act as your fiduciary. In the context of a trust, that means choosing a trustee. For a will, this person is known as a personal representative….
What are the roles in a Minnesota Trust?
One confusing aspect of any discussion about the creation of a Minnesota trust is terminology. Lots of people are unfamiliar with the lingo and with good reason. After all, it’s not everyday that a person establishes a trust fund to manage their estate. To help unravel some of the mystery surrounding the creation of a…
Estate Planning in Minnesota | Do you need a Will or a Trust?
Many couples have asked me to do some basic Minnesota estate planning for them. My response is usually, ok, what kind of estate planning do you think you want done? Although I get many answers to that question, there are similarities that arise time-and-again. For instance, today, a client asked me to draft a Will,…