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Life insurance plays a vital role in comprehensive estate planning. By carefully selecting the right type of policy, designating appropriate beneficiaries and considering the use of trusts, you can ensure that your estate plan effectively addresses your financial goals and provides for your loved ones after your passing. The key is not procrastinating on setting an end goal for your family on which to base your decisions related to life insurance and your Minnesota estate plan.
Trust administration refers to the process of a trustee or administrator managing and executing a trust's terms after the trust maker's death to protect your loved ones and assets.
Establishing an incapacity plan is crucial in estate planning. Learn how to protect your finances and make your wishes known in our comprehensive guide.
Your required minimum distributions, or RMDs, can impact other aspects of your financial life, like taxes or Medicare costs, as well as your overall estate plan.
Non-traditional, or blended families, are becoming more common in Minnesota and nationwide. Uniting two separate families into one and possibly introducing new children makes comprehensive planning with a professional estate attorney essential.
If you have a blended family, own property in multiple states, or want to avoid probate, these are 3 signs you definitely need a Revocable Living Trust rather than just a will.
Once you have a child, you’ve got a bundle of joy—and a lifelong commitment to caring for the child, sometimes even after they reach adulthood. What would happen if something happened to you and your partner? To be sure your child or children are taken care of, it's essential to create a comprehensive plan that ensures your children will be cared for according to your wishes.
Minnesota imposes a tax on the estates of individuals who are residents of the state when they die or who own tangible property in Minnesota. The tax filing threshold is $3,000,000, which is much lower than the federal estate tax. Using strategies like revocable living trusts and lifetime gifts helps to strategically reduce estate size to limit or avoid estate taxes.
Familiarize yourself with various wills - simple, testamentary trust, holographic, joint, living, pour-over, nuncupative and deathbed wills in this comprehensive overview. Our team will help you to choose a will type that aligns with your estate size, family dynamics and specific wishes.
Learn when it's wise to leave your kids equal shares when drawing up a will, and what risks can come with an unequal distribution. This Investopedia article provides guidance.
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