The Family Cabin – Will it Be There for the Next Generation?
As summer approaches for many of us our thoughts turn to the cabin or some other vacation property. For many families the cabin is not only a weekend or summer getaway, but part of the family’s legacy. For many owners, passing the property on to the next generation is not a simple task. The cabin is not an […]
Protecting your assets without flying to Grand Cayman
I was recently reminded just how important it is to protect hard earned assets when my 87 year old client, whom we’ll call Carol, was in a car accident with another vehicle. She was badly injured as was the other driver and his passenger. Fortunately, everyone survived. However, the other driver insisted Carol was in […]
Financial Exploitation and Abuse of the Elderly
The financial abuse and exploitation of people over 60 is becoming an epidemic. According to the Federal Trade Commission, fraud complaints by seniors grew by over 150% from 2008 to 2012. The Investor Protection Trust reports that 20% of those over 65 have been financially abused and Met Life reports that financial abuse cost seniors […]
The Changes Coming for LLCs
Limited Liability Companies (LLCs) have been one of our most important tools for business and estate planning since the early 90’s when LLC legislation was enacted in Minnesota. Like a corporation, an LLC provides liability protection for owners of businesses and real estate. But unlike a regular or C corporation, the LLC provides a pass […]
Protecting your retirement plan for your beneficiaries
For many of our estate planning clients, retirement accounts represent a substantial portion of their estate. And for many years clients have rightfully assumed that their retirement accounts would be safe from attachment by their creditors and that the same held true for those retirement accounts in the hands of their family members who inherit […]
Probate – What is it? Why do we need it? How do we avoid it?
In all the years of planning and administering our clients’ estates, I have found that the concept of the probate process seems to puzzle and confuse clients. In planning our clients’ estates we look for ways to reduce the need for probate, both during their life, and at the time of their death. What is […]
It’s time to start your year end planning
It may be hard to believe, but Labor Day and the end of the summer is just days away. This makes it an ideal time to start your year-end planning. While year-end planning may mean something different to each of us, here are some items to consider. Tax planning Remaining estimated tax payments for 2014 […]
Supreme Court will decide whether bankruptcy protection applies to inherited IRAs
IRA and 401k plans have been long thought to be fully protected from creditors. In recent years limitations on that protection have been put in place, usually for bankruptcy purposes. Since 401k plans are covered by a trust that contains a “Spendthrift” clause, creditors are not permitted to attach or garnish the participant’s interest. If […]