May 23, 2019

This post is a personal reflection by Jason Wagner. 

For many, Memorial Day marks the beginning of summer and all it has to offer. Summer is a very special time of year for Minnesotans. It is a time when many of us take advantage of the outdoors, occasionally shorter work days, and family gatherings. Although this summer has had some blisteringly hot days already, it is a brief reprieve from the winters that harden us into indu...

May 16, 2019

We’ve discussed how assets pass after death in previous posts on our blog, but how do we know when a probate is actually required?

The assets owned by a deceased person can be split into two separate categories: probate assets and non-probate assets.

Non-probate assets are those assets that have a beneficiary or pay-on-death designation, have a joint owner who has a right of survivorship, or those assets administered by a trust....

May 16, 2019

By default, everyone has an estate plan. There is a common misconception that only the wealthy need an estate plan, but the bottom line is that one way or another, your assets will pass to another person or group of people at your death.

There are a few primary ways assets pass upon death: (1) joint ownership, (2) beneficiary designations, (3) testate/intestate succession (probate), or (4) a trust.

Assets owned jointly with anot...

May 10, 2019

The primary goal of most individuals seeking advice regarding long-term care is to preserve assets for their children and to avoid having to sell everything to pay for the nursing home. This can be a challenging goal to achieve when much of a family’s assets consist of farmland.

It is important to note that assets transferred into most trusts or other legal entities are not excluded assets when applying for medical assistance....

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