How effective is a no-contest clause in preventing will disputes?
Peterson Law Office | Minnesota Probate and Estate Planning
by lbaxtercontentcustoms
1M ago
When you create a will, you do so with one clear goal in mind: to articulate how you wish to have your estate distributed when you die. And most often, the court will recognize and enforce your will.  However, a will can also be the subject of a costly court battle. If you suspect that someone might contest your will, then you may consider including a no-contest clause to it. But how far can a no-contest clause go towards protecting your will from disputes? Understanding a no-contest clause A no-contest clause is a legal document that deters a beneficiary from contesting a will on frivolo ..read more
Visit website
Revocable living trusts and pour-over wills: What you should know
Peterson Law Office | Minnesota Probate and Estate Planning
by lbaxtercontentcustoms
1M ago
If one of your primary goals for your estate plan is to prevent your estate from having to go through a long probate process, you’re likely considering placing your most valuable assets in a revocable living trust. This is a good way to make things easier for your loved ones after you’re gone and to maintain your privacy, since assets that don’t go through probate don’t need court filings that can be accessed by just about anyone. You can establish a revocable living trust long before your senior years. Because you’re the trustee, you can add and remove assets from it throughout your life. Onc ..read more
Visit website
Tips for bringing up estate planning with parents
Peterson Law Office | Minnesota Probate and Estate Planning
by lbaxtercontentcustoms
2M ago
It can be difficult to bring up estate planning topics with your parents. You may be very interested in finding out if they’ve made a plan – or concerned if you think they haven’t – but it feels self-serving to bring up estate planning, as if you’re just curious about what assets you’re going to receive. Additionally, some people can feel fairly uncomfortable talking about estate planning. How can you bring this up in an organic and natural way so that you can have the conversation with your parents? Find the right time One thing that can help is identifying a good time to bring up the topic ..read more
Visit website
Common reasons people put off estate planning
Peterson Law Office | Minnesota Probate and Estate Planning
by msmithcontentcustoms
4M ago
Estate planning is an important part of life. However, many people of all ages put it off – sometimes indefinitely. Some of the most common reasons people put off estate planning are described here. Misconceptions about estate planning Some people don’t think about estate planning because they believe it is only necessary for people who are wealthy. They assume that estate planning is irrelevant because they don’t have significant assets or complex financial situations. However, estate planning is crucial for everyone, regardless of wealth, as it involves decisions about guardianship for minor ..read more
Visit website
Why is a bond a good idea for a personal representative?
Peterson Law Office | Minnesota Probate and Estate Planning
by kreed
5M ago
Every state has its own rules when it comes to the obligations placed on the personal representative of an estate. Here in Minnesota, a bond isn’t necessarily required of a personal representative. However, you should think long and hard about the issue before you decide to use your will to specifically exclude your chosen personal representative from the bond requirement – both for their sake and to protect your estate. What’s the point of a bond? A bond serves as a form of insurance. Simply put, your bond protects your beneficiaries and heirs from losses caused by fraud or misconduct on the ..read more
Visit website
What happens if you die without a will on record?
Peterson Law Office | Minnesota Probate and Estate Planning
by gturnercontentcustoms
1y ago
There is always another excuse that someone can find to justify putting off estate planning a little bit longer. At first, they went to wait until after their wedding. Then they want to wait until they have stopped adding children to the family. Realistically, anyone who is over the age of 18 and who has any property to their name could benefit from an estate plan, but most adults do not have anything in place. It is quite common for people to delay the planning process too long. They may experience a medical emergency or even die without having any living or testamentary documents for their p ..read more
Visit website
How to pick the right executor for your estate
Peterson Law Office | Minnesota Probate and Estate Planning
by gturnercontentcustoms
1y ago
Being an executor of somebody’s estate is a big job, and there are a lot of different things that have to be handled. Far too often, however, people pick their executors based on who is their closest relative – whether that’s a spouse or an adult child – instead of who is actually up to the task. The emotional aspect of this process can be hard. It’s not likely to be easy to tell your spouse that you think your oldest child would be better at handling the job than they would be (although you can often phrase that in ways that won’t sound critical). It’s also not likely to be easy to tell your ..read more
Visit website
Dividing up family heirlooms (without dividing the family)
Peterson Law Office | Minnesota Probate and Estate Planning
by gturnercontentcustoms
1y ago
You’ve spent a lifetime building up your assets and your home is filled with curiosities, collections and family treasures. When you’re making your estate plans, dividing up the bank accounts, insurance policies and investment accounts is usually pretty easy. Dividing up a houseful of mementos, however, can be quite hard. How do you divide precious memories and heirlooms without creating rifts between your heirs? It may take a delicate approach, but here’s where to start: Ask for their input. This may be hard to accept, but the vast majority of your mementos may have more emotional significanc ..read more
Visit website
How strategic gifts can impact your estate tax risks
Peterson Law Office | Minnesota Probate and Estate Planning
by gturnercontentcustoms
1y ago
The federal government and the state of Minnesota assess estate taxes in some situations. When people die with millions of dollars in personal property, their estate will likely have to pay taxes based on the overall value of the estate. Exactly how much someone owes in tax will depend and how much their estate exceeds the exemption threshold. The state limit for the value of an estate is currently $3 million, while the federal estate tax exemption threshold is $12,060,000. People often use a combination of strategic gifts and estate trusts to minimize their tax liabilities. If you intend to u ..read more
Visit website
Preparing for Medicaid or medical assistance with estate planning
Peterson Law Office | Minnesota Probate and Estate Planning
by gturnercontentcustoms
1y ago
Now that you’re getting older, it might start making sense to update your estate plan more regularly and to make sure it is designed in a way that makes sure you have what you need in the case that you have to qualify for Medicaid or other medical services. Your estate plan should be finessed so that it can help you qualify for Medicaid without losing a large share of your assets. It should have long-term care solutions, too, so you can get medical help without putting everything you’ve worked for in jeopardy. Updating your estate plan can help with Medicaid planning A good, updated estate pla ..read more
Visit website

Follow Peterson Law Office | Minnesota Probate and Estate Planning on FeedSpot

Continue with Google
Continue with Apple
OR