Secure your legacy with expert insights on trust and succession planning. This blog category covers revocable and irrevocable trusts, estate succession strategies, asset protection, and legal guidance to help you plan for future generations. Stay informed with the latest trends and practices.
Niblings and their inheritance is another way of saying gifting assets to nephews and nieces. The term nibling is intended to be gender neutral term versus locking an estate plan into rigid requirements.
Before taking yourself down the path of woke pronouns, this new aged term is not for that. Instead, I like this term when we might not know which nephews or nieces will be alive to help with our estate.
Estate planning for nephews and nieces is a common thing for adults without children or a spouse. As the human experience can confirm, our estate plans need to change as our family dynamics change.
If you are wishing to give an inheritance to niblings and are working through the in’s and outs of this type of asset transfer, you found the right place.
Niblings as an Estate Planning Term
One of many reasons a trust or will might use the term nibling is because the oldest or youngest nephew and niece cannot be identified.
For example, a sibling may have more children after a trust or will is created. Instead of revising an estate document after each birth, using a gender neutral term can account for new additions to a family.
Also, drafting estate planning documents usually means creating back-up plans specific to a class of family member. So, instead of worrying about the birth order of every nephew and niece, the term “niblings” can alleviate the stress of predicting.
How do you write a trust in Minnesota? Well, the easiest way is to make declaratory decisions on paper, with clear intent, and have the document notarized.
Unfortunately, lots of people do not know what to write or where to being. For those looking for DIY options, the rules for writing a trust in Minnesota are found under Chapter 501C.
Otherwise, if you need help writing a trust, you found the right place.
Hopefully you agree that there are many advantages to writing a trust versus depending on an oral trust.
First, the person creating the trust must have capacity. In other words, a sound mind, even for a brief moment, to understand their intentions.
Unfortunately, an elderly person can be under duress by relying on their adult children.
Other times, a person can have the lack of capacity due to medication or their health.
So, the first thing needed to write a trust is having the mental capacity to create such an agreement.
What else do you need to write a trust?
For a person to write a trust in one sentence or less, consider meeting with a professional first.
In other words, a person cannot accidentally or unknowingly transfer their stuff or money into a trust without knowing and intending to do so.
To assure this element of the process, this law office asks clients to initial or sign every page making up a trust document.
Do you need anything else to write a trust?
Yes, to write a trust, a person must also specifically identify a beneficiary of their stuff or money.
This means you need to identify a recipient. An unborn or unnamed person or entity cannot be a beneficiary without meeting very specific conditions not defined or outlined in this article.
Oral trusts are a risky and unreliable way to manage or transfer assets. While some jurisdictions may recognize them in limited circumstances, they are notoriously difficult to prove and enforce.
Obviously, oral trusts lack clear documentation, which makes it easy for misunderstandings, disputes, and legal challenges to arise—especially among heirs or beneficiaries.
In court, proving the existence and terms of an oral trust often relies on witness testimony or circumstantial evidence, which is vulnerable to contradiction or misinterpretation.
Without written instructions, there’s no definitive record of the settlor’s intent, the assets involved, or how they should be distributed. This can lead to prolonged litigation, strained family relationships, and unintended beneficiaries receiving property.
In short, an oral trust is a legal gamble. To protect your assets, ensure your wishes are carried out, and avoid unnecessary drama, always formalize your trust in writing with qualified legal guidance.
Trust drafting is as complicated as one’s family dynamic. Whether you consider yourself smart, educated, uneducated, prudent, or otherwise, avoid the temptation of DIY methods.
Of courses, saving money is an attractive feature when you found a trust drafting program online that costs $49.
Drafting your own trust is like performing surgery with a YouTube tutorial—technically possible, but you probably won’t like the outcome.
Determine the Purpose of the Trust. Decide whether the trust is for asset protection, estate planning, tax efficiency, charitable giving, or another specific goal.
Choose the Type of Trust. Select the appropriate trust structure (e.g., revocable vs. irrevocable, living trust, testamentary trust, asset protection trust).
Select the Trustee. Choose a responsible individual or institution to manage the trust assets according to your wishes.
Identify the Beneficiaries. Clearly name the individuals or entities who will benefit from the trust and how/when they will receive distributions.
Identify Assets. Identify which assets will be placed in the trust (real estate, accounts, investments, etc.) and ensure proper legal transfer.
Draft the Trust Document. Prepare a legally sound trust agreement that outlines the terms, powers, and responsibilities of the trustee and the distribution rules.
Review State and Tax Laws. Ensure the trust complies with applicable state laws and consider federal and state tax implications.
Sign and Notarize the Trust. Execute the trust with all required signatures and notarization to make it legally valid.
Fund the Trust. Officially transfer ownership of the designated assets into the trust (deeds, title changes, account re-titling, etc.).
Review and Update Periodically. Revisit the trust regularly or after major life events (marriage, divorce, birth, death, asset changes) to ensure it still meets your needs.
An Asset Protection Trust is intended to shield assets from creditors and litigation. The goal is to protect beneficiaries from legal harm while preserving monetary benefits.
The process of protecting assets starts with a purposefully drafted trust. Next, the trust is funded with assets. Then, the game plan is implemented by the trustee.
If you need support with addressing this type of legal document, you are in the right place.
Again, the goal is to surround trust assets with protection, such that the beneficiary’s creditors cannot reach any of the assets.
One way of accomplishing this level of protection is to impose conditions onto the trustee. When this is not desired, there are other trust types that allow significant advantages.
Other Advantages of an Asset Protection Trust
Another benefit of this type of document is the opportunity to separates ownership of assets from the individual. Of course, there are other ways to do this. Nonetheless, this means placing assets under the control of a trustee.
Legal separation is important because makes it more difficult for creditors or claimants to access the assets. This offers a layer of financial security.
This trust type is especially useful for professionals and business owners who face a higher risk of legal action. By placing assets into a trust, individuals can protect wealth intended for family inheritance, retirement, or long-term investments.
Additionally, these types of tools can help with estate planning, reducing estate taxes and ensuring a transition of wealth to beneficiaries.
Many of planning strategies are structured in jurisdictions with favorable trust laws—such as Nevada or South Dakota domestically, or offshore in countries like the Cook Islands—further enhancing their protective benefits.
While these trusts must be carefully structured to comply with laws and avoid fraudulent conveyance, when properly implemented, they offer robust protection.
Overall, an asset protection trust is a proactive strategy for individuals seeking to preserve wealth, maintain privacy, and minimize exposure to future legal and financial risks.
How long does a trust last depends whether the trust document grants a trustee to remove property or assets upon defined triggering events. Otherwise, the rule against perpetuities may decide for you.
As simple as this issue might appear, when or if a trust will end depends on a number of factors. This includes:
Type of Trust Created
Capacity of the Grantor
Assets Involved
Terms of the Trust
State Law of the Grantor
Residency of the Beneficiary/Trustee
Type of Trust Created
The first element in reviewing trust duration is identifying the type of trust created. For example, A testamentary trust is going to be subject to ongoing court supervision, creating less flexibility.
For those unfamiliar with a testamentary trust, this type of arrangement is created at death using a will. Because these types of documents are highly scrutinized, they have become increasingly unpopular through the years.
Compare this to an inter vivos trust, which allows for a Grantor to be more creative in their timing of asset distribution. When you put the power in the hands of the person or couple creating the trust, by default, have more options.
Trust Lifespan and the Grantor
The duration of an inter vivos trust, like a revocable trust, is closely linked to the lifespan of the grantor. A grantor is the individual who establishes the trust.
Unlike an irrevocable trust, which typically has a fixed lifespan, a revocable trust offers the grantor the flexibility to make changes or revoke the trust entirely while they are alive and have capacity. This feature makes the duration of a revocable trust inherently tied to the grantor’s lifetime.
Living Beneficiaries Impacts Trust Duration
When trust duration or when a trust can get continued, the number of living beneficiaries must be considered. In other words, the Rule Against Perpetuities (“RAP”). This is generally handled by the trustee and their representation.
In general, the rule against perpetuities says that a trust could last for the lives of all relevant people who were alive when the trust was formed, plus twenty-one years. Unfortunately, Minnesota’s RAP is a little more complicated.
Terms of the Trust
How long a trust might last can depend on the terms of the document too. For example, a grantor can end or terminate a trust upon a specific event like reaching a certain age.
Another reason that a trust might end or fail to continue is the result of an economic inefficiency. When trust assets fail to generate sufficient returns to cover administrative costs or sustain the intended distributions, perhaps this means dissolving the trust.
Further, trust duration may be impacted by the situs state of the trust too. The situs state of a trust holds paramount importance due to its legal and jurisdictional implications. It determines the governing law, tax regulations, and court jurisdiction for the trust.
How Long Can a Trust Last?
As you can imagine, trust duration is different in every state. Every state has their own rule on determining how long a trust instrument can last. Some states are favorable, while other states are not.
States that suggest giving trusts an opportunity to last up to 360 years include Alabama, Florida, Georgia, Mississippi, Nevada, and Tennessee.
A state that has hinted at granting trusts an opportunity to last up to 500 years is Arizona. States that have suggested a trust duration of up to 1,000 years are Alaska, Colorado, and Wyoming.
Believe it or not, there are other states that suggest an unlimited period that a trust can continue. This includes Arkansas, Delaware, District of Columbia, Hawaii, Idaho, Illinois, Kentucky, Maine, Maryland, Michigan, Missouri, Nebraska, New Hampshire, New Jersey, North Caroline, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Utah, Virginia, and Wisconsin.
Trust duration is a powerful tool in shaping one’s legacy and securing the future. By understanding the intricacies of trusts, individuals can navigate the complexities of estate planning with confidence.
A Veteran Benefits Trust is exclusive to former members of the military and their spouse. This type of trust is used for planning VA pension benefits or Medicaid.
Veteran Trusts for VA Benefits
Veteran Trusts are exclusive to those that served and designed to shield assets from creditors, like the State or a Nursing Home.
Even more importantly, they identifying assets as non-countable when addressing your eligibility for VA Benefits.
If you are a military family and you like the idea of protecting and preserving your assets or accounting for your Thrift Savings Plan, you found the right place.
Why VA Benefit Trusts Are Irrevocable
There is a very good reason why a Veteran Benefits Trust is irrevocable. This is done to protect and preserve the asset for beneficiaries.
In other words, it is a legal arrangement, where assets are transferred by the grantor. Then, the veteran relinquishes ownership and control permanently. This is done to protect the assets.
Ultimately, a VA benefit trust offers military families an opportunity to preserve and secure their legacy. This can be critical when considering the value of a home, cabin, gun collection, and or financial account.
Audio About a VA Benefits Trust
VA Forms for a Veteran Benefits Trust
In addition to the creation of the trust, a military veteran may need support with communicating the right message between them and the VA.
Here is a short list of related VA forms often needed when seeking protection under a VA benefit trust.
Appointment of Claimant’s Representative
The Veterans Administration uses Form 21-22A to allow a military veteran and or their family member to appointment an attorney as their representative.
This form is needed for the purpose of working with the VA throughout the eligibility determination process.
Unfortunately, Aid and Attendance is not a guaranteed benefit. Before applying for this benefit, many military families will seek and or set up a VA Benefit Trust.
Pension Applications and Non-Service Pensions
Specific to pension applications, VA Form 21-527EZ is used when the Veteran is applying for non-service connected pension benefits.
Application for DIC, Death Pension and or Accrued Benefits
VA Form 21-534EZ is used when the Surviving Spouse of a Veteran or a Veteran’s dependent is applying for non-service connected pension benefits.
Disclosing Personal Information to a Third Party
As veterans, our information has been stolen or lost more times than I am willing to acknowledge. To prevent this from reoccurring, VA Form 21-0845 is used to authorize the VA to release information to people other than the applicant.
Examination for Housebound Status or Permanent Need for Regular Aid and Attendance
Another difficult component to this process is finding a doctor what is trusted by the Military veteran. For some, this means turning to a VA medical facility.
For others, a private practice doctor is far better. In either case, documenting needs is governed through a specific VA form.
VA Form 21-2680 is used by an applicant’s physician to complete and is where the physician will document that the applicant needs assistance with activities of daily living.
Medical Expense Report
The military veterans form that details the applicant’s fixed recurring monthly expenses and is needed to demonstrate financial need for pension is called VA Form 21P-8416.
Request for Nursing Home Information in Connection with Claim for Aid and Attendance
VA Form 21-0779 must be completed by an administrator at the applicant’s nursing home and it details the type of care the applicant is receiving and confirms his or her residency in the facility.
Lawyer for a VA Benefits Trust
Did I mention that I am a military veteran too? Nonetheless, with my VA accreditation, I help and advise Clients with the VA forms referenced above. Again, prior to the completion of these forms, qualifying military veterans and their spouses may decide to seek out a lawyer for a VA benefits trust.
If you’re searching for an accredited VA attorney, consider contacting this law office for a free visionary meeting. Then, you can share your goals and planning needs.
Submitting Military Records and Documents
Of course, being able to review relevant estate matters and military records requires an attention for detail. Many military veterans are unable to utilize or access a computer.
This law office will facilitate the the most efficient and secure method to assist your needs.
Trust lawyers near , whether in Minnesota or otherwise, play a pivotal role in navigating the complex terrain of estate planning and asset management. If you are looking for a trust attorney, you found the right place.
As an introduction to trusts, the goal of meeting with an attorney practicing in this area is determining if the fit is right. If so, the lawyer you select can help you prioritize a trust type or purpose. Then, drafting and formalizing the trust, funding the trust, and administering it. Sometimes, there is a need to modify a trust document. Either way, this law office services these needs.
Role of a Trust Attorney
Being a trust lawyer, legal issues and matters often overlap. This includes real property, family dynamics, business succession, family farms, special needs, preserving veteran benefits, insurance, disabilities, tax issues, transfers, and many additional economic and fiduciary issues.
Whether crafting revocable or irrevocable trusts, charitable trusts, or special needs trusts, a trust trust lawyer provides personalized solutions tailored to a specific trust purpose.
Audio From a Trust Lawyer
Here is a simple message from a Trust Lawyer near:
Lawyer for a Trust and a Will
In every case, a lawyer drafting a trust is going to advise a person or family to include a will. When a person or family has a revocable trust, a there is a special type of will called a Pour Over Will. This specialized will type serves as a crucial component of an estate plan.
A pour over will ensures that any assets not previously transferred into the trust during the individual’s lifetime are “poured over” into the trust upon their death. Essentially, the pour-over will acts as a safety net. It captures any overlooked or newly acquired assets. Also, it directs the assets into the trust for distribution according to the individual’s wishes.
An attorney drafting a trust and will, is doing so to maintain the integrity and efficiency of the trust. This planning strategy provides continuity by ensuring that all assets, regardless of their nature or timing of acquisition, are ultimately governed by the provisions of the trust.
This streamlined approach simplifies the administration process for the executor and facilitates the seamless transfer of assets to designated beneficiaries. Further, it minimizes the risk of costly probate proceedings and ensuring the fulfillment of the individual’s estate planning objectives.
Services Offered
Estate Planning
Estate planning is a comprehensive process. It involves making arrangements for the management and distribution of one’s assets and affairs in the event of death or incapacitation. It encompasses a range of legal and financial strategies tailored to individual circumstances and goals.
At its core, estate planning aims to protect assets, minimize tax liabilities, and ensure the smooth transfer of wealth to chosen beneficiaries. This may involve drafting wills, establishing trusts, designating powers of attorney, and creating advance directives for healthcare decisions.
Estate planning is not solely about wealth transfer; it also addresses broader considerations. For example, guardianship for minor children, charitable giving, and end-of-life care preferences. By carefully crafting an estate plan, individuals maintain control. Even better, it provides loved ones’ with security of values and priorities.
Moreover, effective estate planning can alleviate family disputes, streamline the probate process, and provide peace of mind.
Trust Administration and Probate
The administration of a trust and court process like probate, manage the affairs of a deceased person in two distinct processes. Both involve settling a deceased person’s estate, each with its own procedures and implications.
Trust administration typically occurs when assets are held in a trust and bypass probate. A trustee, appointed by the trust creator, manages and distributes these assets according to the trust’s terms. This process is often more private, efficient, and cost-effective compared to probate.
In contrast, probate is the court-supervised process of distributing assets. Without a properly funded trust, a court must make certain validations.
While trust administration and probate serve similar purposes—settling a decedent’s affairs and distributing assets—they differ significantly in their procedures, timelines, and costs. Trust administration tends to be smoother and less time-consuming, while probate can be more complex and expensive, often involving court proceedings and potential disputes among heirs.
Trust Attorney in Minnesota
You found a trust attorney in Minnesota. When I meet with a potential client, I do so by phone, email, video, and one-on-one. If you live or work in the Twin Cities, great! Otherwise, where you live is not a roadblock, as this law office serves Clients in all areas of the world.
Again, this law office serves individuals and families with issues specific to a trust, near and afar. So, whether you are limited to a cell phone or reside in Minnesota, this law office is prepared to hear more about your planning goals or the administration of a trust already established.
Edina, Bloomington, Woodbury, Eden Prairie, St. Louis Park, Hopkins, Minnetonka, Minneapolis, Burnsville, Eagan, Plymouth, Wayzata, Blain, Anoka, Prior Lake, Chanhassen, and nearly ever city in-between.
Trust Planning Lawyer in Edina, Minnesota
If you’re seeking a trust lawyer in Edina, MN, consider scheduling consultations to discuss your specific needs and gauge compatibility. A skilled trust lawyer near you should offer personalized advice, transparent communication, and a commitment to protecting your assets and legacy.
By choosing a trusted local attorney, you can navigate the complexities of estate planning with confidence and peace of mind.
Lawyer for Trusts Near Edina, Minnesota
Contact a Trust Lawyer
Contacting a trust attorney about a consultation is as simple as completing the form below. Thus, if you are looking for personalized guidance, this law office looks forward to the opportunity to meet with you.
No attorney-client relationship is formed by contacting this law office. If you contact IAJ Law, LLC by phone, text, social media, e-mail or through any other means, you may not necessarily receive a response.
Presently, the federal gift tax exemption is $13,610,000 per person or $27,220,000 for a married couple. This is scheduled to decrease on January 1, 2026, to about $7 million per person or $14 million for a married couple.
This means there is a significant planning opportunity to use the current high exemption amount. This is important because many parties which to avoid paying an estate or gift tax of 40% on the transfer. This planning opportunity will disappear after 2025 (unless Congress acts to change the law).
It is possible to create trusts that will ultimately benefit your chosen beneficiaries in a manner that is tax efficient. The idea is to protect them from future problems. for example, creditors and divorce. A trust allows for flexibility for the future.
Tax Avoidance Techniques
Estate tax avoidance involves employing legal strategies to minimize the impact of estate taxes on an individual’s wealth transfer to heirs upon death. Taking gift tax exemptions into account, various techniques exist to mitigate the estate tax burden. This ensures that a substantial portion of an individual’s assets passes on to beneficiaries.
One commonly used approach is establishing a revocable living trust. This allows an individual to maintain control over their assets during their lifetime. Also, this helps avoid probate and potentially reducing the taxable estate. Tax avoidance techniques requires an analysis of gifting opportunities, which can be managed through a trust.
Lifetime gifting is another effective technique, enabling individuals to transfer assets to heirs before death, thereby utilizing the annual gift tax exclusion and reducing the taxable estate.
Utilizing the marital deduction is a fundamental method for married couples, allowing the unlimited transfer of assets between spouses without incurring estate taxes. Charitable giving also plays a role in estate tax planning, as donations to qualified charitable organizations may reduce the taxable estate while benefiting the community.
Plan For Gift Taxes
Single persons and families with an interest in using their current high estate and gift tax exemption amount must start their planning process, before this opportunity is taken away by Uncle Sam.
This law office anticipates the rush for such estate planning will be quite high. As a result, consider this process before it is to late.
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.
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.
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.
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:
“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.
“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.”
“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.
“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.
“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.
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.
