Passing down your values and assets to future generations requires careful planning and consideration. It is not just about writing a will but crafting a legacy that benefits your loved ones for years to come. Here are two examples of multi-generational plans: Dynasty...
When it comes to operating family-owned businesses, planning for succession can help to ensure continuity, growth and stability. In Minnesota, where family businesses contribute significantly to the local economy, a major concern may be how soon grandchildren can take...
When making an estate plan, there are many different documents to consider. It goes far beyond just writing a will to pass your assets on to your children. A comprehensive plan is important so that things go smoothly for your family, even before your death should you...
Successful entrepreneurs need more than luck—or a good idea—to succeed in business; they also need a plan. Part of that plan involves choosing a business structure. When you are first starting a business, operating it as a sole proprietorship may make a lot of sense....
Overview What is a trust? How does a living trust work? Who are the people involved with a living trust? What do I need to know now? What responsibilities will I have as a trustee? Do I have to do all of this myself? How will I know if the grantor is incapacitated?...
You may have witnessed or heard of children wasting their inheritance on a fast car or making unwise decisions after inheriting the family business. So, how can you protect your kids from such a fate? By actively preparing them for their inheritance. Here is how you...
You may not realize it, but estate planning is a lifelong process, and an outdated estate plan can cause issues for your future heirs. Here are some milestone events that can trigger the need to update your estate plan: Marriage Getting married (or remarried) may be...
Most Minnesota estate plans bequeath the bulk of the testator's "estate" (i.e., all of the property the testator owns at the time of their death) to people and charitable causes whom the testator wishes to support after they die. Unfortunately, some beneficiaries do...
Divorce is one of those significant life events that necessitate a thorough review and update of your estate plan. Otherwise, your ex could unintentionally receive assets or remain in positions of power contrary to your current wishes. This could lead to disputes and...
A trust is a legal document included in an estate plan that helps people distribute assets without the estate being taxed, disputed or put through probate. In a previous post, you can learn about a few common kinds of trusts, including a revocable and irrevocable...