When creating an estate plan, you may have concerns about some of your beneficiaries. For instance, maybe you have a beneficiary who has significant issues with debt that they can’t afford. Or perhaps they just have frivolous spending habits, and you’re worried about...
Estate Planning
Can you control how a beneficiary uses their money?
When you create an estate plan, you pick beneficiaries for specific assets. For instance, say that you have a bank account with $500,000 in it, and you want to leave $250,000 to each of your adult children. The estate plan gives you a variety of tools you can use to...
Can you protect a child’s inheritance from divorce?
You would like to leave an inheritance to one of your adult children, who is married. Unfortunately, you are not convinced that the marriage is going to last. You don’t want to leave an inheritance to the couple, just for your child to have to split it with their ex...
3 reasons people do not make estate plans
Estate planning is something that people often procrastinate. They put it off. They fail to make a plan even when they admit how important it is. As a result, the majority of Americans don’t have an estate plan. You may be surprised to learn this, considering how...
3 estate planning tasks to handle after divorce
All adults should have an estate plan in place so their loved ones know their wishes. Even if you have your estate plan in place, you still need to remember to review it periodically. One such instance is if you get a divorce. After you go through a divorce, you need...
Drafting an estate plan for emergencies, not just death
The focus of estate planning is often on what will happen after someone dies. Wills and trusts can help ensure that property goes to the right people after someone's death. However, estate planning in Minnesota is not just about death. It can also address incapacity...
Why doesn’t life insurance need to go in an estate plan?
Generally speaking, it is not necessary to include a life insurance policy in an estate plan. It can be left on its own, and other assets can be divided with the estate plan. There are some exceptions to this. For instance, some people will set their life insurance...
4 factors to consider when for choosing an executor
Naming an executor is an essential part of estate planning. The party you choose ensures your estate plan protects your loved ones as you intended. Therefore, you should be extra careful when choosing one. The following are four factors to consider when choosing an...
How to talk to your family about your estate plan
While you don't need to explain every detail of your estate plan to your family, it helps to have an open discussion, especially if you have a complex estate or the assets are not divided equally. Talking to them can eliminate the chances of inheritance disputes....
2 ways a special needs trust can protect a vulnerable family member
Some people come into this world with congenital conditions that will make them forever dependent on the care of others. There are many other people who acquire disabling medical conditions because of an injury or an illness that occurs later in life. In either event,...