Posts Tagged ‘Attorney’

Most people use either a Last Will and Testament or a Revocable Living Trust as their primary Estate Planning instrument.  So what’s the difference?  Both instruments control the distribution of assets to loved ones upon death but the manner in which this happens is one of the main differences between these two documents. A Last […]

One of the biggest misconceptions that people have about estate planning is that trusts are only for the super-wealthy. That’s simply not the case. A trust, in its simplest form, is a probate avoidance mechanism.   It’s not the only one, but it is a particularly good one.   If you do not have a […]

ANSWER:  One simple action that EVERYONE should take regarding Estate Planning is to Check Their Beneficiary Designations. Many people fail to change the beneficiaries named in their IRA or retirement plans. If you have been divorced and especially if you’ve remarried, don’t give your ex your hard-earned retirement savings. Make sure the beneficiaries on your […]

Long-term care is not cheap. The cost of employing a home care attendant in Minnesota ranges from $15 to $25 an hour and a nursing home bed runs from approximately $5,500 to $8,000 per month. Finding the right solution to help pay for long-term care is critical. While Medicare gets most of the news coverage, […]

Naming who should get the life insurance money after you die sounds simple, but designating beneficiaries can get tricky. Mistakes are common, financial advisers say — and they can be heartbreaking and expensive. When mistakes are made “you’re not creating problems for you.”  “You’re creating problems for the people you leave behind.” Here are 7 […]

ANSWER: The mere passage of time has no effect on the validity of the will. Individuals and families experience life changes every 2 to 5 years. So even though a will remains valid, the individual and family’s needs change. Tax laws and statutes controlling wills and trusts change as well. – Your estate plan – […]

What If You Become Incompetent? Without a plan the courts pick the successor manager of your affairs With a plan you pick the successor manager of your affairs Who Raises Your Children? Without a plan a judge decides without the benefit of your insight With a plan you nominate the guardian of your choice How […]

ANSWER: No! There are times when titling a particular item of property in joint tenancy makes sense.  However, putting all your assets in joint tenancy, especially without proper planning, can be disastrous. Your joint tenant isn’t just a signer, he or she owns an undivided one-half (½) of your assets. Nothing prevents a joint tenant […]

ANSWER:  In and of themselves, trusts do not avoid taxes, but they help to carry out good tax planning. As far as income taxes go, revocable living trusts are “tax neutral.” During your lifetime, your trust will not need to file its own income tax returns. The taxpayer identification number for your trust is your […]

Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out? Here are nine do’s and one don’t to get you started: Do read the trust document. It sets out the rules under which you […]