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.
revocable trust
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.
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.