Estate planning in the 21st century has seen a shift from the traditional family to blended families. Estate planning for blended families requires more than simple “sweetheart wills” distributing assets upon one’s passing “to my spouse and then to our kids equally”. With the diverse make-up of today’s family, one of the top issues clients […]
Navigating Medicare Health Insurance can sometimes be a bit confusing. What do the letters mean and who is entitled to Medicare health insurance? The Medicare Parts A, B, C and D stand for different kinds of healthcare insurance coverage. A person desiring Medicare health insurance coverage has the option of enrolling in the original Medicare […]
As a parent, you may often find yourself worrying about unexpected and unfortunate events. You think about horrible questions like “What will happen to my children if I suddenly die?” Some of these worries include how your children will be properly provided for or who will take care of your children if you suddenly become […]
“In this world, nothing can be said to be certain except Death and Taxes” – Benjamin Franklin The modern Federal Estate Tax has been in existence since 1916 and is a source of much political debate. Congress amended the tax law in 2013 to establish a permanent exemption for each person of $5 Million of […]
What is a Medical Power of Attorney? In a Medical Power of Attorney, you appoint someone you trust to be your healthcare agent to make any necessary healthcare decisions for you should you not be able to make those decisions. What exactly does my healthcare agent do? Your healthcare agent should be aware of and […]
In a document called a Durable General Power of Attorney (“Power of Attorney”), an individual (the “Principal”) designates a person (the “Agent”) to act on the Principal’s behalf and to manage the Principal’s financial matters in accordance with the provisions of the Power of Attorney. This Agent’s authority is immediately effective unless there are provisions […]
President-elect Donald J. Trump is scheduled to take office on January 20, 2017. One Trump campaign proposal has been to eliminate the current estate and gift tax system and to replace it with a to-be-determined capital gains tax arrangement. At this time, nobody knows exactly what will happen to the current tax system. We frequently […]
Although the presidential election may have left you feeling uncertain about the future of the country, it is important to periodically assess your own state of affairs to reduce the uncertainties your own family may one day face. Taking steps to organize information now can help reduce the confusion for your family during a time […]
The musician Prince died on April 27th without a will. Prince’s estate has been estimated to be worth at least $300 million. When a person dies without a will (known as “intestate”), state law governs who inherits that person’s assets. Prince died as a resident of Minnesota, so Minnesota intestate law will control how his […]
“Probate” is the legal process by which the validity of a will is established. This procedure is done at the county level and involves presenting the will, along with the testimony of two witnesses (whether in the notarized document, sworn affidavit, or in person) to the clerk. As long as there are no irregularities and […]
