Insights

Life Insurance and the Taxable Estate
An often overlooked component of an estate for the purpose of calculating estate tax are the death benefit of and cash value in a life insurance policy. Even though these benefits may go to a child or other third person designated as a beneficiary ...Read More

How to Administer an Estate: The Personal Representative’s Handbook
Introduction
So, you’ve been nominated as a Personal Representative of someone’s estate. Chances are that the estate you’ve been asked to administer belongs to one of your parents. You, as the most responsible (or physically closest) child, want to honor the decedent’s wishes and fairly ...Read More

Common Challenges To Testamentary Documents
L ife is full of uncertainties. One essential way to establish a sturdier footing is to maintain an up-to-date estate plan. However, even seemingly-solid testamentary documents (e.g. Wills) that are executed as part of an estate plan may encounter a number of challenges. Some ...Read More

Purposes Of Estate Planning
The primary goal of estate planning is to assure the transfer of a decedent\'s property to the beneficiaries of his choice at the smallest possible financial and emotional cost. During the course of a lifetime various types of property are accumulated and many personal ...Read More

The Difference an Attorney Makes in Estate Planning
Estate planning is often overlooked until it is too late. Our recent article, Where There’s a Will, There’s a…Wait, discusses the negative effects of waiting too long to plan for the future. These include increased expense, court involvement, familial fighting, and your wishes being ...Read More

Where There’s A Will, There’s A… Wait: Important Estate Planning Considerations Amidst COVID-19 Pandemic
If I asked you to define “estate plan,” you would likely tell me that an estate plan is an arrangement for the distribution of your assets upon death. I would award you 1/3 credit. Truth is, all of my clients are generous, selfless individuals: ...Read More

Income Taxation of Trusts
With the federal estate tax exemption currently at $11.58 million for individuals ($23.16 Million for married couples) and the Minnesota estate tax exemption at $3 million, non-tax considerations generally prevail when selecting a particular trust arrangement for the transfer of wealth from one generation ...Read More

Intestate Succession—Dying Without a Will
Most people have never heard of Minnesota’s laws of intestate succession. Those who have heard of intestate succession probably don’t know exactly how it works. In essence, the laws of intestate function as a default, statutory will, determining how your property will be distributed ...Read More

Reality Check: Why Millennials Need an Estate Plan
According to a recent study conducted by Princeton Survey Research Associates International, 78% of Millennials (ages 18-36) do not have an estate plan. One of the major reasons cited by Millennials for not taking the time to create even a basic Will is that ...Read More

Financial Concepts for Small Business Owners
Minnesota business owners need to have a clear understanding of concepts such as budgeting, pricing strategies and cash flow in order to succeed. Some might think that they only need a business plan if they are going to seek equity or debt financing, but ...Read More