Up until recently in Minnesota, unlike most states, when an injured person died, most of their personal injury claim for damages died with them. If the injured person’s death was not caused by the injury, the surviving spouse and other family members could only make a claim for medical bills and lost wages caused by the injury.
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Passing down the family cabin
There are an estimated 24,000 recreational homes in Minnesota. Property is often handed down to the children, which works fine until the children pass away.
When should you review your estate plan?
When circumstances in your life changes, your estate plan should be reviewed. Tax law changes, moving to a new state, births, marriage, divorce or a death in the family are all occurrences that should prompt you to review your estate plan.
Estate Planning for Parents of Young Children
It’s important for parents of young children to think about estate planning. No one can predict the future, therefore it’s helpful to plan for someone to look after your children in the event anything should happen that would render you unable to care for them. Designating a guardian in the event of your death or incapacity is an important part of estate planning.
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.