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Estate Planning Archives

Including cryptocurrency in your estate plan

From real estate to items with sentimental value and financial accounts, there are all sorts of things people have to consider when creating an estate plan and deciding how their assets will be split up between beneficiaries. In the digital age, a number of new opportunities have arisen and some may require taking a second look at an estate plan. For example, those who have invested in cryptocurrency may want to include these assets in their estate plan. if you have significant cryptocurrency assets, it is essential for you to protect these assets as with all others.

Effective estate planning under the latest tax laws

When people begin to plan their estate in Minnesota, they may be under the impression that transferring financial assets is rather seamless if they plan far enough in advance. However, what they should remember is that tax laws may affect this transfer in terms of what their heirs are required to pay in order to own something for which they were named in the estate. When people take thoughtful consideration while allotting assets, they may be better able to prevent outrageous tax requirements from hindering their heirs' ability to acquire what is rightfully theirs. 

Using estate planning to prevent strife in blended families

Since your remarriage in Minnesota, your first estate plan has become obsolete. It may be that the challenges of modifying it or creating a new one have you procrastinating about the task, though. We at the law firm of Dunlap & Seeger often provide advice to those who want to ensure that they have made the right estate planning decisions for their blended families.

Changing the executor of your estate

Setting up an estate plan can be tricky for a multitude of reasons. Aside from stress and uncertainty, some people have a hard time figuring out who should be named the executor or how assets should be divided among loved ones. In some instances, estate plans need to be given a second look. For example, there are a number of circumstances in which the person who has been named the executor will need to be removed from the estate plan and a new executor will need to be identified. For people in Rochester, and across all cities in Minnesota, these issues can be difficult to work through, but it is essential to make the right decisions with regard to your estate.

Qualify for Medicaid without reducing your net worth

People in Minnesota may assume that one day, perhaps at some point after an eightieth birthday, for example, they will need long-term care. They may be counting on retirement funds to pay for the care they need. However, even those with an impressive investment portfolio may not be able to afford the kind of care that they imagine they will have. 

No assets? You still need a will

If you are waiting until you have an asset such as a home or retirement account, or until you and your spouse have had children, you may be overlooking an important estate planning matter: a health care living will. According to the Minnesota Statutes, this legal document is not drawn up to benefit your heirs, but for your own well-being.

Disputes with beneficiaries during the holidays

When it comes to estates, disputes with beneficiaries can arise at any point, from the early planning stages to the time at which assets are disbursed. Unfortunately, beneficiary disputes can be very challenging for entire families and it is important to approach these disagreements with caution. If you are setting up an estate plan, looking over your various choices and making sure you do what is best for your loved ones is important. However, perhaps you are having disagreements with an executor, as a beneficiary yourself. Or, you might be an executor caught in the middle of such a dispute. Sadly, these disputes can become unavoidable or heightened during the holidays.

Can a person with dementia make a will?

If you are noticing the first signs of dementia in an elderly relative in Minnesota, you may be concerned that he or she has not yet drafted a will. Maybe certain wishes have been expressed in the past, and without a will, the assets intended for one will go to another during the probate process. If nothing else, dying without one may result in higher taxes. 

Ensuring that an executor fulfills the duties of the position

Being the executor or personal representative of a Minnesota estate after a person dies is an important fiduciary responsibility. Even though adult children may not want to fill this role, they should still be aware of how the probate process is progressing, and whether there are any red flags.

Changing Minnesota estate tax laws may benefit your heirs

It is only natural that you want as much as possible of your estate to go to your heirs after your death. However, Minnesota estate taxes on top of federal taxes can drain the assets considerably if steps are not taken to avoid these consequences. We at Dunlap & Seeger, P.A., often provide advice and assistance to individuals, entrepreneurs and farmers who want an estate plan that maximizes the benefits to their family members.

Contact Us Today Our lawyers listen carefully to your goals and concerns while helping you obtain the best results possible. Call 507-316-0628 or fill out the form to email our team.

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Dunlap & Seeger, P.A.
30 3rd Street SE
Rochester, MN 55904

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