Sonny Bono, the singer, songwriter, restauranteur, former Mayor of Palm Springs, and former Congressman, died in a tragic ski accident in Nevada in 1998 at the age of 62. His net worth was just under $2 million at the time of his death, yet Bono did not have a will. Apparently, he meant to have…

With all the information out there regarding wills, trusts, estate planning, and probate, how can you figure out what is right for you and your family? Here is a quick way to get you started with analyzing whether you need a will or trust in Minnesota. You want to avoid probate. Probate has a bad…

If you think you only need to create discretionary lifetime trusts for young beneficiaries, problem beneficiaries, or financially inexperienced beneficiaries, then think again.  In today’s age of lawsuits and high divorce rates, discretionary lifetime trusts should be considered for all of your beneficiaries, minors and adults alike. What is a Discretionary Lifetime Trust? A discretionary…

Federal Estate Tax for 2019 The Internal Revenue Service announced recently that the Federal Estate & Gift Tax exemptions will be increasing for 2019. In 2019, individuals will be able to pass up to $11,400,000 free of any estate tax upon their death. The estate tax is unified with the gift tax, so an individual…

Choosing a Family Member as Trustee If you want your trust to last decades for your children, choosing the right trustee is critical to the trust’s longevity and ultimate success. Initially you may think that a family member, (“Uncle Bobby” to your children), will be the best choice as trustee.  After all, Uncle Bobby understands…

Joint Tenancy – A Common Form of Ownership in Minnesota for Real Estate Most married couples own their homes as joint tenants. In Minnesota, if you own property as joint tenants, and one joint tenant passes away, the surviving joint tenant (aka the surviving owner) will automatically be the sole owner of the property (provided…

WARNING:  Many people believe once they set up a Revocable Living Trust and transfer assets into the Trust, those assets are protected from lawsuits against them.  This is absolutely not true. While Trusts commonly provide asset protection for beneficiaries, few Trusts protect assets owned by the person who created the Trust from their own creditors…

Having an estate plan is a great first step in preserving your wealth and legacy. In order to ensure that your plan is carried out as you intended, it is important that you open the lines of communication with your loved ones and let them know your hopes and wishes for your estate plan. If…

Legendary Oscar-winning actor Marlon Brando died at the age of 80 in 2004. He had been suffering from dementia, but signed a codicil to his existing will that appointed new executors to oversee his estate a mere 13 days prior to his death. Brando left the bulk of his estate (worth approximately $26 million) to…

If you own a vacation home, timeshare, investment property, or any other asset outside of the state of Minnesota (or where you are domiciled if you live in another state) you must make sure ithat property is included in your estate plan. If you fail to include these properties in your estate plan, or fail…

logo-footer

Website Powered By Twin Cities Agency Diedrich RPM