Month: April 2023

  • Trustee Checklist Immediately Upon Death

    Trustee Checklist Immediately Upon Death

    A trustee checklist will look different as time moves forward. In other words, the administration of a trust immediately after death and post death looks different. Here are some To-Do’s immediately upon death of a Grantor.

    • Say a prayer for the person who died,
    • Decide whether organ donation is needed,
    • Contact a medical school if an anatomical bequest was made,
    • Make arrangements to secure the decedent’s home,
    • Decide on funeral or memorial services,
    • Lockdown digital assets,
    • Contact the Social Security Administration,
    • If the decedent was a military veteran, contact the Department of Veterans Affairs to determine, whether disability benefits should cease and if there is an opportunity for burial rights.

    A trustee checklist is a must. This is especially im

  • DIY Wills For The Person Who Can Do Everything

    DIY Wills For The Person Who Can Do Everything

    DIY wills are great for families looking to create problems for their spouse, children, and everybody in-between. Event better, DIY wills can make law firms rich and may encourage loved ones to run in the opposite direction.

    Of course, you can fix your own car and finish that plumbing job. Electric work and taxes, no problem. These types of matters provide immediate signals on your success. A will does not tell us whether it was successful or not until we are dead and a probate judge is reviewing the document.

    Indeed, you can buy a book and create your own estate plan. That aside, here are a few issues to think about about:

    1. Lack of legal knowledge: A will is a legal document that must meet specific legal requirements. Unless you have a legal background, you may not be familiar with the legal language and formalities required in creating a valid will.
    2. Complexity of assets: If your assets are complex, such as owning a house, owning a business, or investments, you may need professional help to ensure they are properly accounted for and distributed.
    3. Family dynamics: If you have a complicated family situation, such as blended families, ex-spouses, or estranged relatives, you may need professional guidance to ensure your will is drafted in a way that clearly reflects your wishes and avoids potential conflicts. In other words, DIY wills for different family dynamics is not a strong move.
    4. Tax implications: In Minnesota, we have certain tax issues that impact nobody except those who die with Minnesota assets. As a result, you should consider tax implications when drafting your will. A professional can provide guidance on how to minimize taxes and maximize the value of your estate.
    5. Errors and omissions: Even a small mistake or omission in your will can have significant consequences. A professional can help you avoid errors and ensure your will accurately reflects your intentions.
    6. Changing laws and regulations: Laws and regulations surrounding wills and estates can change over time. A professional can ensure your will is up-to-date with any changes in the law.

    Overall, seeking professional feedback before deciding to engage the DIY wills strategy is more prudent that assuming otherwise. Further, seeking advise can offer peace of mind that your wishes will be accurately reflected and can help prevent potential legal disputes among your loved ones.

  • Making Appointments For Family Members

    Making a medical appointment for a loved one can be a time-consuming and frustrating process. From navigating insurance policies to finding a provider who accepts their coverage, the process can take weeks or even months. This is especially true when we do not have a Health Care Directive, HIPAA Authorization, or Power of Attorney.

    That aside, the first step when making an appointment is navigating time, location, and transportation. These simple elements are exaggerated as soon as pertinent health care information must be shared between clinics or facilities.

    Wait, did you say you were making an appointment for a family member who was a veteran? Let’s have that conversation later.

    During your discussion with the scheduler, a logical question might be determining whether the provider accepts your family member’s insurance. This can involve hours of research, phone calls, and online searches. Many insurance companies have provider directories, but these can be outdated or inaccurate, leading to more frustration when connecting with the insurance company by phone. After all, they likely need a completed Power of Attorney form.

    After finding a provider, it is finally time to schedule the appointment. Depending on the provider’s availability, the wait time can range from a few days to several weeks or even months. For a specialist visit, the wait time can be even longer, as many specialists have long waiting lists.

    One thing is for sure – making appointments for family members is painful. Do you anticipate calling every other day to inquire whether there was a cancellation? What if a cancelation happens in 2 hours. Can you respond fast enough?

    After the Appointment is Scheduled

    Even after the appointment is scheduled, there may be additional steps to take. Some providers require pre-authorization from the insurance company before the appointment can take place. This can add days or even weeks to the process, as the insurance company may request additional information or documentation. Again, making appointments for family members is a difficult process.

    when Need help sharing If you decide to include your adult child, waiting is to determine what type of medical appointment is needed. Is it a routine check-up, a specialist visit, or an urgent care visit? Depending on the type of appointment, the wait time may vary. For example, a routine check-up may have a longer wait time than an urgent care visit.

    Overall, the time it takes to make a medical appointment for a loved one can be a frustrating and time-consuming process. While it’s important to prioritize the health and well-being of our loved ones, navigating the healthcare system can be overwhelming.

    Unfortunately, none of us know when or if an emergency is right around the corner or years in the future. As a result, always have a health care directive, HIPAA authorization, and Power of Attorney ready to go.

  • 4 New Estate Law Changes for Minnesota

    4 New Estate Law Changes for Minnesota

    Recent estate law changes in Minnesota have been significant. Because the estate planning process is going to be exclusive and personal to each and every person, it is difficult to gage whether some of these law changes impact some or many. Nonetheless, here is a very high level outline of a few changes to Minnesota’s estate planning rules and laws.

    One change was Minnesota’s adoption of the Revised Uniform Fiduciary Access to Digital Assets Act or “RUFADAA“. This law allows individuals to designate a fiduciary to manage their digital assets, including social media accounts, online banking, and email. Prior to this law, there was no clear legal framework for managing digital assets after a person’s death, which could lead to disputes among heirs and make it difficult to access important information.

    Another change or new Minnesota estate planning law was the adoption of the Revised Uniform Trust Code (UTC). This law provides a standardized framework for creating and managing trusts, making it easier for individuals to create and administer these estate planning tools. The law includes provisions for creating a trust without a written document, allowing for greater flexibility in trust creation and management.

    In addition, Minnesota has had estate law changes to their tax exemption. As of 2021, the state’s estate tax exemption is $3 million per person, up from $2.7 million in 2020. This means that individuals can pass on up to $3 million in assets without incurring state-level estate taxes. However, it’s important to note that the federal estate tax exemption is much higher, currently at $11.7 million per person, and may still impact larger estates.

    Further, Minnesota has also made changes to its laws governing transfer-on-death deeds (TODDs). TODDs allow individuals to transfer real estate to designated beneficiaries without the need for probate. Minnesota has simplified the process for creating and revoking TODDs, making it easier for individuals to use this tool as part of their estate planning strategy.

    Again, Minnesota’s estate law changes have been significant in recent years. Although some suggest this offers more flexibility, in reality, we have more regulation requiring our attention.

  • Unemployment and Quitter Confidence

    Unemployment and Quitter Confidence

    Quitter confidence impacts unemployment. For those unfamiliar with this term of art, quitter confidence is a term used to describe the level of confidence employees have in leaving their current job and finding a new one.

    This is an important concept in the labor market, as it is closely related to the unemployment rate and can provide valuable insights into the dynamics of the job market.

    When the unemployment rate is high, quitter confidence tends to be lower. This is because individuals may feel that there are limited job opportunities available and that it may be difficult to find new employment quickly. As a result, they may be less likely to quit their job and risk being unemployed for an extended period of time.

    Conversely, when the unemployment rate is low, quitter confidence tends to be higher. This is because there are more job openings available, and individuals may feel more confident in their ability to find new employment quickly. As a result, they may be more likely to quit their job and seek out new opportunities.

    The relationship between quitter confidence and the unemployment rate is complex and multifaceted.

    While a low unemployment rate can lead to an increase in quitter confidence, there are other factors that can impact an individual’s decision to quit their job, such as job satisfaction, salary, and career prospects.

    Job Market Impact

    Quitter confidence can have a significant impact on the labor market, as it affects the number of individuals who are actively seeking employment and the overall turnover rate of the workforce. When quitter confidence is high, there may be a higher turnover rate, which can create job openings and opportunities for new job seekers.

    On the other hand, when quitter confidence is low, there may be a decrease in the turnover rate, which can result in fewer job openings and less opportunity for new job seekers. This can lead to a stagnation in the labor market and a decrease in economic growth.

    Furthermore, while high quitter confidence can lead to an increase in job turnover and create job openings, it can also lead to increased competition for available jobs and put pressure on employers to offer competitive salaries and benefits in order to attract and retain employees.

    Understanding the relationship between quitter confidence and the unemployment rate is crucial for policymakers, economists, and employers, as it can provide insights into the dynamics of the labor market and inform decisions related to employment policies, job creation, and workforce development.

    In conclusion, quitter confidence and the unemployment rate are closely related concepts that have a significant impact on the labor market.

    By understanding this relationship and its various nuances, we can better understand the dynamics of the job market and make informed decisions to support economic growth and job creation.

  • Job Report Impact on Unemployment

    Job Report Impact on Unemployment

    The job report can impact Minnesota unemployment claims and benefits. I see this most often with audits and work availability issues.

    The job report provides data on the number of employment opportunities created. The unemployment office uses this data when claiming a person is not finding work fast enough or that the applicant’s labor market is compromised. Unfortunately, these big words and phrases are terms of art utilized by the unemployment office.

    Back to the statistics that came out on this past Friday, this information is used by policymakers, economists, and investors to assess the health of the economy and make decisions related to employment and other economic policies.

    Right or wrong, these types of things find themselves intertwined with certain types of unemployment appeals.

    In addition to impacting the unemployment rate, jobs data can also impact an applicant’s confidence in their work search process or encourage other job seeking strategies.

    Overall, looking at employment numbers is an important indicator of economic health and can have wide-reaching impacts on individuals, businesses, and the broader economy.

  • Funding Your Trust With Intangible Property

    Funding Your Trust With Intangible Property

    Funding your trust with Intangible property can be a smart strategy for managing these types of assets. A trust is a legal entity that allows an individual or entity to transfer property to a trustee.

    A trustee manages the property on behalf of the beneficiaries. This can be useful for intangible property, which can be difficult to manage and protect on one’s own.

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    There are several benefits to funding or transferring an asset into a trust. One major advantage is that it can help protect the property from legal challenges or disputes. By placing the property into a trust, designers and entities can help shield the property from legal actions.

    Another benefit of funding intangible property into a trust is to ensure the asset is utilized in accordance with the wishes of the grantor. The trustee can be instructed to use the property under specific conditions. This can be particularly important for intellectual property, which can be subject to infringement or misuse if not properly managed.

    Funding a trust with property can also provide tax benefits. Depending on the type of trust and the nature of the property, it may be possible to reduce taxes or other liabilities.

    It is important to note, however, that funding intangible property into a trust can be a complex process. For this reason, work with an attorney to ensure that the trust is properly established and managed. Additionally, ongoing management of the trust and the intangible property will be necessary to ensure that it continues to provide the intended benefits over time.

    Overall, funding intangible property into a trust can be a powerful tool for managing and protecting these types of assets. With careful planning and management, it can help to ensure that intellectual property and other intangible assets are properly utilized and protected for years to come.

  • 5 Music Hits with Trust Law Lyrics

    5 Music Hits with Trust Law Lyrics

    Music artists have been historically wrong about the intent of a trust or role of a trustee. If only they knew how certain types of trusts can protect music copyrights.

    That aside, it is fun to see major hits calling out trusts. Here are a few songs that mention a trustee or trust:

    1. “Trust Fund Baby” by Why Don’t We – This song is about a person who comes from a wealthy family and has a trust fund.
    2. “Fortunate Son” by Creedence Clearwater Revival – This song talks about how people who are born into privilege and wealth have an easier path in life, and mentions “trust fund kings.”
    3. “Rich Girl” by Hall & Oates – This song is about a wealthy woman who has a trust fund and doesn’t need to work for a living.
    4. “Ain’t No Rest for the Wicked” by Cage the Elephant – This song mentions a “rich old man” who has a trust fund and still works because he enjoys it.
    5. “Money Trees” by Kendrick Lamar – This song talks about the desire for wealth and financial security, and mentions “trust funds for the kids.”

    If you need help with the trust drafting process, you found the right place.

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    It’s important to note that in many of these songs, the mention of a trust or trustee is simply a reference to wealth rather than a specific legal term.

    That aside, there are many other reasons to have a trust that are far more significant than monetary issues.

  • Trust Types: More Than 100 Kinds of Trusts

    Trust Types: More Than 100 Kinds of Trusts

    Trust Types in Minnesota are Endless

    Trust types in Minnesota are nearly endless. The first question to ask when picking a type of trust is to clarify the intended purpose.

    The trust purpose is dependent on needs, the property being transferred, and the beneficiary. Before going to far into the different types of trust documents, it makes sense defining what having a trust means.

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    100 Trust Types

    Here is list of various trust types to consider:

    • Accumulation Trust
    • Active Trust
    • Alimony Trust
    • Animal Trust
    • Annuity Trust
    • Asset Protection Trust
    • Bank Account Trust
    • Bitcoin Trust
    • Blended Trust
    • Blind Trust
    • Bond Trust
    • Business Trust
    • Bypass Trust
    • Charitable Remainder Annuity Trust
    • Charitable Remainder Trust
    • Charitable Trust
    • Claflin Trust
    • Clifford Trust
    • Common Law Trust
    • Community Trust
    • Complete Voluntary Trust
    • Complex Trust
    • Constructive Trust
    • Contingent Trust
    • Credit Shelter Trust
    • Custodial Trust
    • Destructible Trust
    • Directory Trust
    • Direct Trust
    • Discretionary Trust
    • Donative Trust
    • Dry Trust
    • Educational Trust
    • Equipment Trust
    • Equipment Trust
    • Estate Trust
    • Ex Delicto Trust
    • Executed Trust
    • Executory Trust
    • Express Active Trust
    • Express Private Passive Trust
    • Express Trust
    • Fixed Trust
    • Foreign Situs Trust
    • Foreign Trust
    • Generation Skipping Trust
    • Governmental Trust
    • Grantor Trust
    • Gun Trust
    • Honorary Trust
    • Illusory Trust
    • Imperfect Trust
    • Imperfect Trust
    • Implied Trust
    • Indestructible Trust
    • Insurance Trust
    • Inter Vivos Trust
    • Investment Trust
    • Involuntary Trust
    • Irrevocable Trust
    • Land Trust
    • Life Insurance Trust
    • Limited Trust
    • Liquidating Trust
    • Living Trust
    • Marital Deduction Trust
    • Medicaid Qualifying Trust
    • Ministerial Trust
    • Minnesota Trust
    • Mixed Trust
    • Naked Land Trust
    • Nominal Trust
    • Nominee Trust
    • Nondiscretionary Trust
    • Oral Trust
    • Passive Trust
    • Pension Trust
    • Perpetual Trust
    • Personal Trust
    • Pot Trust
    • Pour Over Trust
    • Power of Appointment Trust
    • Precatory Trust
    • Presumption Trust
    • Private Trust
    • Protective Trust
    • Public Trust
    • Purchase Money Resulting Trust
    • Qualified Terminable Interest Trust
    • Real Estate Investment Trust
    • Reciprocal Trust
    • Remedial Trust
    • Resulting Trust
    • Retirement Benefits Trust
    • Revocable Trust
    • Pot Trust
    • Savings Account Trust
    • Secret Trust
    • Self-Setttled Trust
    • Shifting Trust
    • Short Term Trust
    • Special Trust
    • Spendthrift Trust
    • Split Interest Trust
    • Sprinkling Trust
    • Support Trust
    • Tentative Trust
    • Testamentary Trust
    • Totten Trust
    • Transgressive Trust
    • Unit Investment Trust
    • Unitrust
    • Vertical Trust
    • Veterans Trust
    • Voluntary Trust
    • Voting Trust
    • Wasting Trust

    When or if you decide to meet with a lawyer, their role is to help a person find a trust type that aligns with the Grantor’s goals, while addressing many issues likely never considered.

  • Inditement: Does Trust Law Protect Assets?

    Inditement: Does Trust Law Protect Assets?

    Inditement: Does Trust Law Protect Assets?

    Trusts are drafted to protect assets, but they are not foolproof in protecting against criminal indictment. The purpose of a trust is just as important as the trust corpus.

    In Minnesota, we can turn to Trust Law 501C.0404 for guidance on an inditement. If a trust is established with the intent to defraud creditors for example, it may not be able to protect assets from seizure in the event of criminal charges. Additionally, if the trust is found to be involved in criminal activity or used to shield criminal proceeds, it may be subject to forfeiture by law enforcement authorities.

    It’s important to note that simply creating a trust does not automatically protect assets from legal action. The legality and legitimacy of the trust, as well as the actions taken in establishing and managing it, are crucial factors that can impact its effectiveness in asset protection.

    It’s always recommended to seek the advice of an experienced attorney with expertise in asset protection when or if you are charged with a crime or need support with asset protection issues.