Law Office of Neil Thompson Legal Blog

Planning for your children’s inheritance might not be something you think about every day, but it’s a vital part of ensuring their future. It’s like planning a road trip: you want to make sure your kids are set on a path that’s smooth and free of unnecessary bumps. By considering how you want your assets…

Understanding how to protect your assets, especially as you grow older, is important for planning your future. One way people do this is through Medicaid Asset Protection Trusts (MAPTs). These trusts are specialized tools designed to help you protect your assets while still qualifying for Medicaid benefits. That’s particularly important if you are considering long-term…

Thinking about the future isn’t always easy, but taking simple steps today can prevent many headaches down the road. Creating a health care directive is one such step that can make a big difference. A health care directive lets you outline your wishes for medical treatment in case you become unable to communicate them yourself.…

The simplest answer is finances and everything else. Conservatorship only deals with finances and does not grant any power to make medical, housing, personal, etc., decisions. Whereas guardianship does not give any authority to handle finances, with the possible exception of the power to contract and the power to apply for government benefits. Keep in mind that different…

Planning for the future often means taking steps to protect what matters most: your family and assets. One tool that can help achieve this is a trust. With people becoming more aware of the potential benefits, setting up a trust is increasingly popular as a reliable way to manage and distribute family wealth. Trusts provide…

Having a will is like having a roadmap for your loved ones to follow when you’re no longer able to guide them. It ensures that your wishes are carried out exactly as you’ve planned, protecting your assets and providing clarity to your family during a difficult time. It’s easy to overlook the importance of crafting…

Planning for the future can feel like solving a puzzle, especially when thinking about healthcare needs as you grow older. Medicaid Asset Protection Trusts (MAPTs) can help safeguard the things you’ve worked hard to build. These trusts are like safety nets for your assets, allowing you to qualify for Medicaid while keeping your property safe…

Trusts can be a valuable piece of your overall estate plan. A trust is a written document that allows someone, called a trustee, to hold assets on your behalf. You are called the grantor. There are various types of trusts, and knowing which one is best for you depends on your situation. Trusts can be…

Many Minnesota residents put off creating an estate plan. Some do so because they think that wills and trusts and the like are only for the wealthy. Some do so because they are still relatively young and think they’ll have time to do it later. Others just don’t want to think about the unpleasant implications.…

A lot of Minnesotans think that the estate planning process is straightforward and requires nothing more than a will, if anything at all. While a minimal estate plan may be appropriate under some circumstances, the fact of the matter is that you probably need multiple legal vehicles if you want to maximize the protection provided…