Thrift Savings Plans and TSP Beneficiary Forms
Thrift Savings Plans and their accompanying beneficiary forms can cause unintended pitfalls for our military and civil service families
IAJ LAW, LLC
Serving Estates, Workers, and Veterans
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IAJ LAW, LLC
Serving Estates, Workers, and Veterans
Tag Beneficiary
Beneficiary designations and succession plannings is as or more important than other estate planning documents. Issues range from naming, the division of property, and delegating rights.
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 A minor child of the participant (but only until the age of majority is reached,…
Change an Estate Plan: A List of Good Reasons
Change to an estate in Minnesota is supported when the Settlor is of sound mind. Here are a few reasons why people are making changes to their estates in MN
Your Half Sibling Might Inherit More Than You Bargained For
A Half sibling in Minnesota can inherit just as much as your full or whole blooded sibling. Surprising, right? For some, yes. For others, like Prince’s half-siblings, not so much. In Minnesota, we have statute 524.2-107, which says: Relatives of…
10 Really Complicated Informal Probate Steps
There are ten (10) informal probate steps in Minnesota. Some folks need help from an estate attorney, while others do not. Nonetheless, lets quickly address a few quick steps to assist with this process. So you know, everybody asks: what…
I Have No Will Because I Can’t Make Up My Mind
Dying with no will makes sense for some, but does it really? Recently, I met with a person who didn’t want a will because they couldn’t identify who should receive their stuff. This particular person was unmarried and had no…
IRA Rollover Into a Trust Can Be a Huge Mistake
The rules for an IRA rollover change on an annual basis. Because an IRA cannot be owned by a trust outright, this post is about identifying a spouse as a beneficiary of an IRA and thinking through who or what…
Can my Ex Spouse Really Inherit my Stuff?
Can an ex spouse inherit property from their former spouse after a divorce? In Minnesota, absolutely yes. Although there are laws like the Ex Souse as a Beneficiary Rule, I believe it is critical to update every estate plan after…
Naming “To My Estate” as a Beneficiary is a Broken Plan
When a person says they want to leave everything “to my estate” [their estate], they are often surprised to find out that this is a broken plan. I know folks do not read my posts to get the third degree.…
Over My Dead Body: Pay Back Your Inheritance
What if you had to pay back your inheritance? Sounds crazy, right? Well, not so fast. Recently, I came across a personal representative who completed an informal probate process on their own through the probate process in Hennepin County. The person…