April 17, 2017

Comedian Stephen Colbert popularized the term “truthiness”, defined to mean “the quality of seeming or being felt to be true, even if not necessarily true”.  For “probate”, truthiness abounds!  Here are three myths, and three truths about the probate and estate settlement process:

Many speakers at estate planning “seminars” will state the cost of probating an estate at 4-6% of the value of the estate: for a $1,000,000 esta...

April 17, 2017

A 1031 exchange, also known as a like-kind exchange.  is a swap of a property held for "productive use or investment" for property of a like-kind. Property is of like-kind if it is the same type of investment. For example, farm land is often exchanged for other farm land. It could also be certain kinds of livestock for other kinds of livestock or an apartment complex for a commercial building. Usually, an exchange of property...

April 17, 2017

To understand title insurance, it helps to know what is meant by "title". Title is simply the evidence that the owner of real estate is in fact in lawful possession of the property. Title insurance is protection against property loss or damage due to defects in the title to the property. 

There are generally two kinds of title insurance - owners and lenders. Mortgage lenders will always require you to obtain evidence of ti...

April 11, 2017

Minnesota’s elderly population will double in the coming decades. A growing concern with the rising amount of elderly Minnesotans is protecting them from financial exploitation. Financial exploitation is the misuse or taking of assets from a vulnerable adult through deceptive methods, coercion, or without legal authority. Financial exploitation is categorized as either exploitation done by third parties, those the vulnerable a...

April 11, 2017

When most people hear about estate planning for pets, they think about Leona Helmsley and her little dog, Trouble. Trouble was the beneficiary of a $12 million trust fund established by Helmsley, which was later reduced to $2 million following a court battle. However, remember your pets in your estate plan is not just for the rich and famous.

With more pets in American households than perhaps ever before, and many pet owners co...

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