Advance health care directives are among the most important estate planning documents people create. Oftentimes, those facing a life-altering diagnosis or a terminal condition receive encouragement from health care and mental health professionals to establish an advance health care directive. An advance directive can be beneficial for even a healthy, relatively young professional. A directive provides clear guidance about an… The post 3 concerns to address in an advance health care directive first appeared on Coodin & Overson, PLLP ..read more

Irrevocable trusts are increasingly becoming popular estate planning tools for various reasons. Beyond their versatility, irrevocable trusts offer other benefits, such as shielding assets from creditors, reducing estate taxes and helping with Medicaid planning. Despite these advantages, you do not want to rush into creating one without fully understanding the long-term implications that could leave you or your loved ones in a difficult situation. Irrevocable trusts come with significant trade-offs that you should carefully consider beforehand, as explained below. Loss of control and ownership ..read more

A will is a vital estate planning document outlining your wishes for distributing assets to your loved ones. But if it does not comply with the wills laws in your region, it will do you little good. Each state has its own rules for what makes a will valid. Below, you will learn more about ensuring your will and other documents align with Minnesota law, facilitating a smooth probate process and stress-free asset distribution. What can invalidate a will? Knowing about the pitfalls that can derail your end-of-life wishes can help you avoid veering off track. Here are some common culprits: Imprope ..read more

Parents of adult children often take great joy in watching them pursue careers and develop their families. It is common for parents to continue providing practical support, financial assistance and life advice long after their children become independent. Many older adults feel proud of their adult children’s accomplishments. In some cases, parents may grieve the life they had dreamed of for their children because of the challenges they face. An adult child who struggles with alcohol abuse, misuse of prescription drugs or dependence on controlled substances may have a hard time maintaining hea ..read more

Estate planning is an important and relevant process for virtually all adults. Despite this, a significant number of adults in the U.S. have yet to even draft a will, let alone any other estate planning documentation. A will is a legal document that can outline your final wishes in terms of how your assets should be distributed after your passing. You can also utilize a will to name guardians who can look after your minor children should something happen to you. With the right guidance, it can be relatively straightforward to draft a will that is fit for these purposes. Without that guidance ..read more

If you are considering creating an estate plan for your pets, you are not alone. Many pet owners would want their pets to receive the best care after they are gone or no longer able to care for them due to illness. There are many reasons why you would want to curate an estate plan for your furry and feathered friends. These include the following. An estate plan helps ensure continued care When you curate an estate plan for your pets, you provide guidance on who will take responsibility for their care, ensuring that they are placed in a loving and capable environment. This includes specifying a ..read more

Choosing a guardian is one of the most significant decisions that parents of minor children must make when estate planning. This decision can help to ensure that children will be cared for by a trusted individual in the event of the parents’ untimely death or incapacitation. It cannot be emphasized enough that this is a consequential choice that requires careful consideration of various factors, as the well-being and security of the children at issue are at stake. Therefore, it’s understandable that many parents may feel overwhelmed when trying to settle on one individual over another. Conside ..read more

Once someone turns 18 years old, they are free to inherit directly. So parents of adult children can just earmark assets for their children in their will or any other way they wish. If, however, the parent dies before the child turns 18, they need another option. Minors (those under 18) cannot directly inherit because the law does not consider them responsible enough yet. Here are some alternatives: A special account  There are special accounts designed to hold money for a minor who inherits until they reach the age of majority. These accounts can be created under the Uniform Transfers to ..read more

You created your estate plan to ensure your family’s financial stability after you’re gone and to make certain that your final wishes are respected.  However, estate planning is never a “one-and-done” operation.  Life is full of surprises, and it’s a good idea to review your estate plan at the start of every new year just to see if your plans have kept up with any changes. Here are the things you need to check: Have any major life changes occurred? Various life events and milestones – from marriage or divorce to a birth or a death in a family – can all necessitate adjustments to an e ..read more

Technology continues to evolve and become an integral part of our lives. Therefore, it is increasingly apparent that a digital estate plan is essential to preparing for the unexpected. This will ensure that your online life and digital assets are taken care of after you are gone. What should be included in a digital estate plan? The first step is making an inventory of your digital assets. This may include: Social media accounts Email Online banking and investment accounts Cryptocurrencies Digital photos and videos Blogs and websites you own Cloud storage accounts Once you have listed all of y ..read more