Estate Planning Terminology
A common misconception about trusts is the belief that you can create and put your assets into a trust to protect those funds should you have to apply for medical assistance in the future.
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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.
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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.
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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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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.
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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.
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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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Misconceptions About Trusts
A common misconception about trusts is the belief that you can create and put your assets into a trust to protect those funds should you have to apply for medical assistance in the future.
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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.
Read MoreNot in Your Will
Assets such as life insurance, pensions, IRA’s, and 401k plans generally do not pass under your Will. Therefore, it’s important to know what your beneficiary designations are for these assets.
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