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...

December 9, 2017

If you own rental property, learn how you can protect your personal assets in the event of a claim and ensure your property is properly managed so your wealth remains invested the way you choose.

August 22, 2017

How to Choose a Trustee

When you establish a trust, you name someone to be the trustee. A trustee's duties include collecting income of the trust, paying the trust's bills and taxes, and investing the trust assets. The trustee is also responsible for ensuring your wishes and directions set forth in the trust are followed. Typically, you, as the person establishing the trust, are the trustee of your own revocable or living trust...

November 3, 2016

Getting your estate plan in place can feel like a major accomplishment (and it is!), but it is not the end of the story. Estate planning itself is the process of guiding the way in which assets pass to your loved ones after your death and ensuring your wishes are followed. Checking in and reviewing your estate planning documents regularly and when certain life events occur is part of this ongoing process.

While the estate plans...

July 15, 2016

If you have life insurance, a 401(k), or a bank account, you have almost certainly already completed beneficiary designations. Chances are you did not give it much thought at the time. You might not even remember who you named as a beneficiary, but if something happens to you those designations will control how the account or other asset is distributed upon your death even if you have an estate plan in place. For this reason,...

May 23, 2016

As part of the omnibus tax bill, HF 848, passed by the Minnesota legislature over the weekend, the legislature has directed the commissioner of revenue to review the estate tax’s definition of qualified farm property and its linkage to the property tax classification of the property during the three-year period following the death of the decedent. The commissioner is to issue a report to the legislature by February 1, 201...