Medicaid is a federal health program for individuals with low income and financial resources that is administered by each state. Each state may call this program by a different name. In California, for example, it is referred to as Medi-Cal. This program is intended to help individuals and couples pay for the...
Category: Estate Planning
Is a copy of a will sufficient?
Many people keep their important documents at home where they are easily accessible. It’s not at all uncommon to find people with a filing cabinet or even a shoe box containing passports, account statements, deeds, tax returns, birth certificates and social security cards. Wills are often added to these files once the...
Removal of a Trustee
In creating a trust, the trustmaker must name a trustee who has the legal obligation to administer it in accordance with the trustmaker’s wishes and intentions. In some cases, after the passing of the trustmaker, loved ones or beneficiaries may want to remove the designated trustee.
The process to remove a trustee largely depends on...
Young and Ill, without Advance Directives
When you are a child, your parents serve as your decision makers. They have ultimate say in where you go to school, what extracurricular activities you partake in and where, and how you should be treated in the event of a medical emergency. While most parents continue to play a huge role in their...
Year End Gifts
Year End Gifts
If you’re like most people, you want to make sure you and your loved ones pay the least amount of tax possible. Many use year-end gift giving as a way to transfer wealth to younger generations and also reduce the overall potential estate tax that will be due upon their death. Below...
Continue reading…
Serving as a Personal Representative (a/k/a Executor)?
What’s Involved in Serving as a Personal Representative (a/k/a "Executor")?
An personal representative, sometimes referred to as executor, is the person designated in a Will as the individual who is responsible for performing a number of tasks necessary to wind down the decedent’s affairs. Generally, the personal representative’s responsibilities involve taking charge of the deceased...
Continue reading…
Overlooked Issues in Estate Planning
Top 5 Overlooked Issues in Estate Planning
In planning your estate, you most likely have concerned yourself with “big picture” issues. Who inherits what? Do I need a living trust? However, there are numerous details that are often overlooked, and which can drastically impact the distribution of your estate to your intended beneficiaries. Listed below...
Continue reading…
UPDATE – MINNESOTA GIFT TAX ELIMINATED – March 24, 2014
Minnesota Tax Law Changes Eliminate Gift Tax - More Details to Follow. (3/24/2014)
On May 20, 2013, the Minnesota Legislature passed the Omnibus Tax Bill, which made significant changes to Minnesota estate and gift tax law.
One major change under the Bill is the imposition of a Minnesota-specific Gift Tax that went into effect on July 1, 2013. This...
Continue reading…
Lessons can be Learned from James Gandolfini’s Estate Planning
Discussions of the substantial estate taxes likely owed by James Gandolfini's estate provide a glimpse into how even successful celebrities may not take full advantage of the estate tax planning strategies available to them. Mr. Gandolfini's Will apparently divided his estate amongst several family members, including his wife, children and other loved ones. By dividing his...
Continue reading…
Minnesota Probate – A Series of Questions
When a loved one passes, some of the first questions asked are:
"Did he/she have a Will?"
"Where is the Will?"
“Who is in charge of settling the estate?”
“What will I receive or inherit from the estate?”
“Do we need to probate the Will?”
“Do we need a probate lawyer to help us?”
These questions are a good...
Continue reading…