There have been significant well publicized estate planning legislative updates in 2017, including the increase in the Minnesota estate tax exemption amount and the proposed repeal of the federal exemption. Two lesser-known changes impact one of Minnesota’s most...
As the end of the year approaches and with the holiday season in full swing, estate planning isn’t typically at the top of most people’s wish lists. Nevertheless, it is important not to move on to 2018 new year’s resolutions without tying up the loose ends from the...
There is often confusion regarding what a guardianship is and whether it may be necessary for a friend or loved one. This article is meant to provide a general overview of guardianships in Minnesota. A guardianship is a relationship between a guardian, who is...
As a price conscious homeowner, I am all for do-it-yourself projects to save a few dollars here and there. I often bite off more than I can chew, like the time I thought I could handle rerouting the plumbing in a bathroom. Predictably, this resulted in a flooded...
Governor Dayton has signed the 2017 tax bill which will increase the Minnesota estate tax exemption from its current level of $1.8 million to $2.1 million for individuals dying in 2017. The legislation also adjusts the estate tax exemption in subsequent years;...
Cameron Kelly, a Stillwater attorney practicing in the areas of estate planning, business law and real estate, joined Lommen Abdo May 15th. Cameron is a certified real estate specialist and is on the 2017 list of Minnesota Rising Stars as published by Super Lawyers. ...
Cameron Kelly, an estate planning and corporate attorney, joined Lommen Abdo this month. Cameron Kelly enjoys providing high quality planning for individuals and businesses. His practice includes assisting clients with comprehensive estate planning, including wills,...
As divorce rates rise and society becomes increasingly litigious, asset protection has become an increasingly important aspect of estate planning. While most people understand the more common estate planning goals such as probate avoidance and limiting estate tax...
Divorce is a difficult process, no matter how amicable the split. Between property division, potential custody disputes, and escalating legal bills, no one wants to think about more legal hoops to jump through. While updating your estate plan during a divorce may be...
Contrary to popular belief, not only Warren Buffet and Mark Zuckerberg require estate plans. If you own anything when you die, you have an estate. Your estate includes personal property, real estate, retirement accounts, life insurance, and business interests. Putting...
In an increasingly digital age, more and more of our most valuable assets are taking on digital forms. While most people are familiar with basic wills and trusts as management tools for bequests of tangible personal property, our digital assets are often overlooked in...
Do you have a child who is addicted to drugs or alcohol? Do you struggle with the thought of what will happen to your child after you pass away? The last thing you want to do is to provide your drug addicted child with a blank check inheritance. This could lead to...
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...
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