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What happens if the terms of a trust are disputed?

Posted by Neil Thompson | May 02, 2023 | 0 Comments

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...

What’s the difference between a will and a trust?

Posted by Neil Thompson | Jan 05, 2023 | 0 Comments

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...

Basic Steps in Estate Planning

Posted by Neil Thompson | Jan 05, 2023 | 0 Comments

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 ...

What is the SECURE Act?

Posted by Neil Thompson | Jan 05, 2023 | 0 Comments

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...

Applying for Medicaid in Minnesota

Posted by Neil Thompson | Nov 01, 2022 | 0 Comments

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 ...

Planning for your family’s future with a cabin trust

Posted by Neil Thompson | Aug 31, 2022 | 0 Comments

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...

What is estate planning and why is it important?

Posted by Neil Thompson | Jul 05, 2022 | 0 Comments

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 FDA Approves New Alzheimer’s Drug

Posted by Neil Thompson | Sep 08, 2021 | 0 Comments

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...

You’re Appointed Trustee, Now What?

Posted by Neil Thompson | Sep 01, 2021 | 0 Comments

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...

How Does A Special Needs Trust Work?

Posted by Neil Thompson | Aug 25, 2021 | 0 Comments

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 Guide For Understanding How Pet Trusts Work

Posted by Neil Thompson | Aug 11, 2021 | 0 Comments

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...

Military Benefits That Could Help You

Posted by Neil Thompson | Jul 28, 2021 | 0 Comments

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...

A Personal Property Memorandum Avoids Misunderstandings

Posted by Neil Thompson | Jul 21, 2021 | 0 Comments

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...

Who Will Inherit The Farm?

Posted by Neil Thompson | Jul 07, 2021 | 0 Comments

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 ...

Factors Identified To Play A Role In Alzheimer’s

Posted by Neil Thompson | Jun 30, 2021 | 0 Comments

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...

Ways To Finance In-Home Care

Posted by Neil Thompson | Jun 23, 2021 | 0 Comments

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...

Are Tech Companies Jeopardizing Your Health Care Privacy?

Posted by Neil Thompson | Jun 16, 2021 | 0 Comments

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 ...

Workforce Opportunities For Older Americans

Posted by Neil Thompson | Jun 14, 2021 | 0 Comments

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...

Your Estate Plan Must Include These 5 Items

Posted by Neil Thompson | Jun 09, 2021 | 0 Comments

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...

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The Law Office of Neil Thompson is committed to answering your questions about Elder Law, Wills, Trusts, Small Business Solutions, Estate Planning, and Whistle Blower Protection law issues in Minnesota.

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