estate planning

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?

November 13, 2019

estate plan, estate planning, estate planning attorneys, living trust, revocable trust, trust administration, will planning

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?

November 2, 2019

attorneys, estate plan, estate planning, estate planning attorneys, will execution, will planning

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

October 28, 2019

estate plan, estate planning, estate planning attorneys, trust administration, will planning

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.

Charitable Trusts

October 10, 2019

charitable lead trust, charitable remainder trust, charitable trusts, estate planning, estate planning attorneys, trust administration, will planning

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.

Misconceptions About Trusts

October 5, 2019

Lisa Hill

attorneys, estate planning, estate planning attorneys, will execution, will planning, wills

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.

Estate Planning for Parents of Young Children

September 7, 2019

attorneys, estate planning, estate planning attorneys, will execution, will planning

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.

Not in Your Will

August 10, 2019

Lisa Hill

attorneys, estate planning, estate planning attorneys, will execution, will planning, wills

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.

attorneys, estate planning, estate planning attorneys

Data Collection and Privacy

July 27, 2019

Lisa Hill

Connected home devices collect a vast array of personal data while they are in use and are continually collecting and learning more and more of your personal information.

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

July 15, 2019

attorneys, cabin LLCs, cabin trusts, estate planning, estate planning attorneys, recreational property