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 ca...

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 ...

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 t...

1. Make a will. In a will, you state who you want to inherit your property and name a guardian to care for your young children should something happen to you and the other parent. 2. Consider a trust. If you hold your property in a living trust, your survivors won't have to go through probate ...

The SECURE Act changed a variety of retirement account rules, including who is eligible to contribute to retirement accounts and when withdrawals are required. The new legislation also adds a new exception to the early withdrawal penalty. Important retirement account changes from the SEC...

You may have heard that it is especially important to write a will if you have children. Here's why: If you die without a will, a court will use state law to make many or most decisions about what happens to your property and about who will take care of your kids. Making a will is your opportunit...

Medicare and Medicaid are two federal programs that help older Americans pay for their medical care, and their names are so similar that many people confuse the two. However, they are different in some important ways. In this blog post, we will discuss some key points about applying for Medicaid ...

Minnesotans love staying in a cabin by one of our state's many lakes. Around the Alexandria area, there is a booming business in renting cabins to tourists, but many people would prefer to have their own cabins. Some lucky Minnesotans own cabins that have been passed down from a previous generati...

Are you confused and stressed by the thought of estate planning? If so, you're in good company. After all, it isn't easy to think about your own mortality, and from a distance, the estate planning process can seem pretty nebulous. That's why this week on the blog we want to take a quick look at w...

The Economic Growth, Regulatory Relief, and Consumer Protection Act provides seniors with more protection from financial abuse. The Act contains a section that was once a stand-alone bill from Sen. Susan Collins (R-Maine) which is designed to encourage the reporting of elder (age 65 and older) fi...

As we grow older, senior living options vary widely based on what level of care is required. Available options are tied to the resources a senior has to cover living costs, and vary widely in cost, assistance, and care provided. In addition to budget considerations, seniors must also realisticall...

The US Food and Drug Administration (FDA) recently approved a new drug under the trademark Aduhelm™ to treat Alzheimer's disease. The drug, Aducanumab, is a therapeutic drug that clinically demonstrates a potential to delay further decline from Alzheimer's disease and is also the first FDA approv...

A friend of yours, Rose, has asked you to be the trustee of her trust. You want to help, but you're concerned about all that responsibility. You would be managing Rose's property for her and for others whom she names as beneficiaries. You might be paying her bills and taxes, overseeing bank accou...

A trust is set up to manage a person's assets and property, and this trust is overseen by an appointed person. The person or entity who manages the trust is known as the “trustee” and is entrusted with the responsibility of making decisions in the best interest of the person who benefits from the...

A letter of intent (LOI), also referred to as a letter of instruction, communicates important information to your loved ones that may not be covered in the general estate planning documents. Your LOI is a valuable piece in your estate planning, and although it is an informal letter, it can more f...

Hotel heiress Leona Helmsley left a trust fund for her Maltese dog named “Trouble” to the tune of $12 million dollars in 2007. Unfortunately, pet inheritances ever since have enjoyed a dubious reputation. The Value Of An Animal Trust For Your Pet For those who care about the well-being of their a...

Attorney's prepare powers-of-attorney documents for clients in order to communicate their wishes and delegate an entrusted person to make decisions on the clients' behalf when their clients no longer can. But when it comes to actually using those documents at the time of a healthcare crisis, clea...

Veterans have several educational and health care benefits offered through the Tricare and GI Bill by The US Department of Veterans. Even with these programs that help veterans and their families, other little-known services can improve their lives and ease the financial burden of medical care an...

When a family member has passed, the family sometimes ends up arguing over personal property. Arguments can take place over things like a coffee mug, a piece of jewelry, or a painting. These types of arguments can be eliminated by filling out a personal property memorandum and keeping it with you...

Imagine a pair of aging parents that have been farmers and own their farm. Now, though, they're getting on in years and they're considering moving into a smaller place. One of the daughters and her husband help run the farm, but the rest of the siblings have moved away and they aren't interested ...

Alzheimer's disease is a type of dementia that triggers difficulties with memory, thinking, and behavior according to the Alzheimer's Association. Symptoms usually develop slowly and get worse over time, becoming severe enough to interfere with daily tasks. Alzheimer's affects a growing number of...

In-home care is the preferred living arrangement for many aging seniors. However, many medical conditions and personal care needs as adults age can cause this to become more difficult due to cost. The cost of in-home care varies from place to place, but generally follows the cost of living. Place...

Big Tech giants like Google, Amazon, and Apple are investing heavily in the healthcare tech field. Some of the businesses are underway, like storing medical records in the cloud for a fee or using patient forms that have been “anonymized” to create new tools. Some products already cater directly ...

Many older Americans are willing and able to work, however, in April 2020 the unemployment rate for eligible workers 55 and older increased to 13.6 percent. COVID-19 restrictions and associated layoffs account for some unemployment increases, but so does the lack of employment opportunities among...

The need for estate planning becomes more and more critical as we age. Many people avoid estate planning because they do not want to think about the end of life, failing health, or disability. Others believe that an estate plan is only for rich people. However, an estate plan is helpful for the s...