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.
estate plan
Minnesota Medical Assistance Eligibility and Asset Protection in Minnesota
Nursing home care can be incredibly expensive. As of 2019, average nursing home costs in Minnesota rose to roughly $7,800 per month. Because of the high costs associated with nursing home care, approximately two-thirds of all Minnesotan nursing home residents pay for their care using Medical Assistance.
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.
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.
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.
Reviewing and Updating Your Estate Plan
If you have created an estate plan, you are ahead of the curve. However, regular review of your plan is necessary. Most professionals recommend that you have your estate plan reviewed at least once every 3 to 5 years, or immediately after a change in circumstances or major life event.