Beneficiary Designation

Who May Change a Beneficiary Designation?

In Minnesota, an owner of a bank account, retirement account, or other investment account can designate payable on death (POD) or transfer on death (TOD) beneficiaries, directing the relevant financial institutions to transfer the fund assets to the listed beneficiaries upon the owner’s death. Making such beneficiary designations can and should be part of an effective estate plan.

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Do I Need a Revocable Trust?

One of the most common and important estate planning tools is a revocable trust, sometimes called a living trust. Revocable trusts offer several benefits and can reduce costs and headaches for your loved ones. Nevertheless, there is no one-size-fits-all approach to estate planning, so whether a revocable trust is the right tool for you will depend on your individual circumstances.

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Charitable Trusts

Whether your goals are to reduce tax exposure, to contribute to a charity, or both, a charitable trust may be a great option.  A charitable trust is a form of a “split interest” trust, because the benefits of the trust are split between a charity and one or more person.  There are generally two types of charitable trusts: (1) a Charitable Remainder Trust and (2) a Charitable Lead Trust.

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Passing down the family cabin

Passing Down the Family Cabin (or other recreational property): Cabin Trusts and Cabin LLCs

There are an estimated 124,000 recreational or seasonal homes in Minnesota.  Add to that other private land used for recreation, such as hunting land, and that number is even higher.  If you own a family cabin or other recreational property, it is probably important to you that the property stay in the family for future generations to enjoy.

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Supplemental Needs Trust

Supplemental Needs Trusts (and Special Needs Trusts) in Minnesota: The Basics

If you have a loved one who is living with a disability, maintaining their eligibility for Supplemental Security Income (SSI), Medicaid, or other government benefits is immensely important.  To be eligible for SSI in 2019, for example, the applicant must have less than $2,000 ($3,000 for a married couple) in countable resources.  Therefore, if you are not careful, any gift you make to your loved one could negatively affect their benefits eligibility.

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