Creditor Claims in Minnesota Probate Estates Minnesotas probate statute attempts to clearly delineate the rules for the administration estates. The underlying purposes and policies of the probate statute are to simplify and clarify the law concerning the affairs of decedents, missing persons, protected persons, minors, and incapacitated persons, and to promote a speedy and efficient…
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Taxes in Child Support & Alimony | Minnesota Divorce
During a Minnesota separation or divorce proceeding, a court must decide several issues of monetary nature. Maintenance agreements and child support are common and financially important agreements. Unbeknownst to some people, these court-ordered agreements come with tax implications. It is important for those in the midst of a divorce or separation proceeding understand baseline tax…
MN Estate Planning | Family Limited Partnerships
Family Limited Partnerships in Minnesota Family-run businesses are an excellent means for parents to leave a legacy for their children. Although simple in concept, passing a family run business down to children or grandchildren can present unexpected pitfalls. Increasingly, many small businesses are using business associations to accomplish estate-planning goals. Partnerships are a business entity…
How to Probate a Will in Minnesota
There are many important steps to probating a Will in Minnesota. Minnesota law governing the subject is codified under Minnesota Statute 524, the Minnesota Uniform Probate Code. The probate process is complicated. One of the first things that a new executor or personal representative should do is review and read the Will from beginning to…
What to Expect from a Minnesota Probate Hearing
Do you have questions about what to expect from a Minnesota probate hearing? Read on for more information. The basics of a Minnesota probate hearing After the Petition for a probate estate administration has been filed with the proper county court, an Order for hearing is issued by the court. This Order must be given…
Minnesota Probate Vocabulary
Useful Probate Vocabulary for Minnesota Personal Representatives Once someone close to you has passed away and you need to begin serving as the estates personal representative, its a good idea to brush up on some Minnesota probate vocabulary that can help you with your various duties. In fact, you may even discover a shortcut or…
How to Get Letters Testamentary in a Minnesota Probate
Perhaps the number 1 question that the law firm receives is: how to get letters testamentary? The question usually stems from a failed trip or telephone call to the bank. The bank is usually the place where the deceased person kept their money – be it a savings, money market, or checking account. The bank…
MN Special Estate Planning Needs: Older Single Adults Without Children
Now that most firms have had adequate time to start offering all of their estate planning tools to same-sex married couples after the passage of new laws, its time to revisit the special needs of older single adults many of whom are without children. Recent statistics indicate that 53% of all women and 26% of…
Minnesota Wills and Trusts: Remarriage: How It Often Poses Unique Estate Planning Challenges
While it can be wonderful to be a part of a large loving family, that goal is often frustrated when two previously married individuals choose to get married again. Far too often, one or both will have older children who resent the presence of the new spouse in their lives. They may also be upset…
MN Estate Planning – Should You Create a Perpetual Trust in Minnesota?
Many wealthy people like the idea of creating trusts so that their money and investments can keep benefitting their heirs for an almost endless number of years. However, perpetual trusts may not be advisable, even in states like Minnesota that still allow them. In fact, according to an interesting New York Times article, nine states…