What happens if the terms of a trust are disputed?
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...
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Why is it important to create an estate plan before it is too late?
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...
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What is the SECURE Act?
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 SECURE Act include:
What is the SECURE Act? Continue reading…
Basic Steps in Estate Planning
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...
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What’s the difference between a will and a trust?
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...
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5 Reasons to Make a Will If You Have Children, – If you have children, you need a will.
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....
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Applying for Medicaid in Minnesota
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...
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Planning for your family’s future with a cabin trust
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...
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What is estate planning and why is it important?
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...
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Seniors Receive Increased Protection From Financial Abuse In The Economic Growth, Regulatory Relief, And Consumer Protection Act
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) financial abuse witnessed by financial institutions....
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