Traditionally when we think of estate planning, we think of transferring assets upon death pursuant to wishes conveyed as part of a Last Will and Testament or a Revocable Trust. Assets held in a revocable trust will pass directly to beneficiaries named in the trust...
It seems to be a common theme. Adult child lives with parent. Maybe this is for financial reasons, or perhaps the child is acting as caretaker. Parent wants child to have the home at the time of the parent’s death. If the proper planning isn’t done, however, it’s...
If you’re remarried, you may face some interesting planning considerations when it comes to completing your estate plan. The planning for blended families can be quite different from the planning you did in your first marriage as there is now yours, mine and ours. The...
Many of us consider our pets to be part of our family. This means we worry about who will care for them in the event of our deaths, but more importantly, how do we make sure there’s enough money set aside for this purpose? Minnesota, last but not least, has finally...
Grandma, bless her soul, was a generous lady. She wanted to name each grandchild in her will so that they would know how special each of them was to her. So, one day she decides to create her will with an on-line program. Keeping things simple, her will stated: All...
February…the month of love. It got me thinking about marriage. So I hopped onto Urban Dictionary* to see how others define it. Among the traditional definitions, I found a few gems. One said marriage is "the number one cause of divorce." Another one states marriage is...
Are you required to take minimum distributions from your IRA but you don’t want or need the additional taxable income? Are you charitably inclined? On a temporary basis since 2006, IRA owners have had the ability to exclude up to $100,000 from gross income for...
Did you know having a well thought out estate plan can help build a solid foundation for your health? Especially if you’re 50 or older – there are guidelines to follow if you want to maintain a healthy lifestyle. Let’s take a look at a few of them…and the sooner the...
Powers of Attorney and Trusts are two frequently used estate planning instruments. One of the most difficult decisions to make in relation to the drafting of a Power of Attorney or Trust as part of an estate plan is who shall handle your personal and financial...
In terms of estate planning news for 2015, you should be aware of several things: Federal Estate Tax When someone passes away, estate tax may be owed if the decedent dies with assets in excess of the estate tax exemption amount. The federal exemption amount for...
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