EDB or Eligible Designated Beneficiary
There are 5 categories of an EDB or Eligible Designated Beneficiary. As described in Section 401(a)(9)(E)(ii) of the code, an EDB is: The Surviving Spouse [Read More]
Category: Estate Planning
Estate planning in Minnesota is unique to every person and family.
To make matters more interesting, estate planning laws and rules are different in Minnesota versus other placees.
From the perspective of an estate attorney, the idea behind the following articles is to share stories and inspire conversation.
Thus, thank you for reading and please share this information with others.
Estate Planning Goal
I believe everybody has a basic need for a plan. Having a plan alleviates problems, stress, and hopefully conflict.
Estate Planning: A Simple Plan
For those wishing to keep things simple, a simple estate plan usually includes a last will and testament, revocable trust, durable power of attorney, a power of attorney, and a health care directive (sometimes called a living will).
Other times, families are looking to their current plans up-to-date with addendums and codicils. The idea behind this process is to make a change to a plan already in place.
More Complicated Estate Plans
Sometimes, plans and family dynamics makes things more complicated. Not to worry, these issues can be handled with preparation and planning too.
For example, the process of funding a trust, transferring property, incorporating a trust for a family cabin or business, and related issues to reduce the risk of probate.
Additionally, you will find postings about inheritance taxes, IRA transfers, gifting, and transfer on death deeds.
Estate Planning Turned Probate
When we die, the process turns from estate planning to estate administration.
Here, you will find other postings about formal probate, informal probate, and trust administration.
Other posts will address a review of Minnesota estate statutes, guardianships, end of life issues, and related matters.
Please Share with Others
So you know, I am very grateful to those offering comments and sharing these posts with other people.
Otherwise, if you or a family member needs help with an issue in Minnesota, please contact this law office for one-on-one attention.
A Shorter Life Expectancy for the Young?
The life expectancy for older generations appear to be changing when compared to younger generations. Using mortality tables from the Internal Revenue Code, there is [Read More]
Registered Agents for a Business in Minnesota
Registered Agents and trustees serve a business in different capacities. An agent’s job is to be available for service of process while trustees [Read More]
Trust Types and Trust Goals Are Not The Same
Trust types are as endless as paint colors. You never know until it dries. For this reason, starting with a trust goal is more significant because [Read More]
Health Care Needs And Changing Estate Documents
Health care needs for all people, especially those 60 and over or with a chronic underlying condition are encouraged to immediately review their estate [Read More]
Older Adults Respond to the CDC
Older Adults were never asked what they thought about being labeled as old. It goes without saying that people 60 years and wiser can make decisions too. [Read More]
Coronavirus Preparation 101
Coronavirus or COVD-19 preparation can start with the preparation of a health care directive, power of attorney, and related documents. Young and old can [Read More]
Where is the SECURE Act?
Where is the SECURE Act? As an law office helping estates make changes to trusts and wills, finding a copy of the SECURE Act is turning into an even bigger [Read More]