Being an executor of somebody’s estate is a big job, and there are a lot of different things that have to be handled. Far too often, however, people pick their executors based on who is their closest relative – whether that’s a spouse or an adult child – instead of...
I wrote the book on Minnesota probate.
Estate Planning
3 reasons to add powers of attorney to your estate plan
Powers of attorney are legal documents that give one adult the right to act on the behalf of another legal adult. Some people draft powers of attorney to transfer Financial authority to a person they trust in the event of an emergency. Other people create powers of...
Dividing up family heirlooms (without dividing the family)
You’ve spent a lifetime building up your assets and your home is filled with curiosities, collections and family treasures. When you’re making your estate plans, dividing up the bank accounts, insurance policies and investment accounts is usually pretty easy. Dividing...
How strategic gifts can impact your estate tax risks
The federal government and the state of Minnesota assess estate taxes in some situations. When people die with millions of dollars in personal property, their estate will likely have to pay taxes based on the overall value of the estate. Exactly how much someone owes...
Preparing for Medicaid or medical assistance with estate planning
Now that you’re getting older, it might start making sense to update your estate plan more regularly and to make sure it is designed in a way that makes sure you have what you need in the case that you have to qualify for Medicaid or other medical services. Your...
4 times you need to update your existing estate plan
Your estate plan helps protect your family and lets you sleep peacefully at night knowing you will leave no unresolved issues if you die. You may have invested many hours of careful consideration into the estate plan you created. It is normal to expect those documents...
Protect your furry friends with the right estate plan
No one wants to think about leaving behind their pets when they die. They also don’t want to imagine a time when they can’t be there to take care of them because they’re too ill or injured to do so. Unfortunately, those things do happen, and pets can end up being...
3 solutions for your home in your estate plan
The equity you have built up in your home over the years is potentially your biggest source of personal wealth. It may be the most valuable thing you have to pass on to your loved ones when you die. Especially if you are now the sole owner of the home where you live,...
How a personal representative handles an estate’s debts
There are many responsibilities that fall to the personal representative of someone's estate. Their job includes securing property, presenting financial and estate documents to the probate courts and even paying off debts on behalf of the estate. Debts owed by the...
3 estate planning tips to protect your children
As a parent who is working on your estate plan, there is one thing that you need to consider above all else: how to protect your children. There are estate planning tools that will help you protect your kids if you are suddenly incapacitated or pass away, and those...