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Estate Planning Archives

Reviewing some benefits of spendthrift trusts

There may be a number of options on the table when it comes to setting up an estate plan that will best suit your situation. Some people decide to move ahead with a will, while others create a trust. Moreover, there are many different types of trusts and, for some people, spendthrift trusts are an ideal way to ensure that their assets are passed down to those they love. If you are thinking about setting up a spendthrift trust, it is critical to take a comprehensive look at your individual circumstances and you may want to look over some of the advantages of this type of estate plan.

What considerations should you take when naming a guardian?

You are getting ready to leave on a vacation and your children are staying with grandparents for the week. The thought crosses your mind about who you would want to care for your children if something happened to you and your spouse. When you start thinking about these types of scenarios, it is an optimal time to begin coordinating an estate plan that discusses guardianship of your children in Minnesota. When you come to the part where you need to select a guardian, you can feel confident about your decision by taking some considerations before making a choice. 

What if there are two wills and both are revoked?

While it is common for people to procrastinate about writing a will, your loved one was more proactive. In fact, during the Minnesota probate process, more than one will has been discovered. It is evident that one of the documents is an earlier version, and the later one should replace it, so the first is revoked. However, issues with the second could leave the estate without a will at all. What happens if both are revoked?

Divorce and taking a second look at an estate plan

Sometimes, life changes in significant and unexpected ways, whether a loved one passes away or a child moves out of the home and starts a family. These changes can have a major impact on people from an emotional standpoint, but may also have financial effects, such as prompting a person to review their estate plan and possibly make changes. For example, someone who splits up with their spouse may need to go over their estate plan and make a number of modifications.

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.

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Dunlap & Seeger, P.A.
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Rochester, MN 55904

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