Many people think that estate planning consists largely of drafting documents and keeping them in safe places. Attorneys do spend the lion’s share of their time on such important matters, because these documents are your only voice once you die. But there’s also a very practical component to the work we do. Hopefully, this post
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Most people spend years building up a family-owned business, largely because they want to have something tangible to pass on to their children. In addition to a solid financial foundation, succession plans must also include a solid legal foundation. Here are some ways to develop just such a plan. Set Clear Goals and Objectives Typically,
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No one likes thinking about death, but unless some decisions are made before that time, emotion could get in the way of what you want to happen. Even worse, the state or a strange doctor could make important decisions instead of your family. Some of the documents we offer have immediate benefits as well. Many
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In estate planning, there is an emphasis on financial assets, home property, and power of attorney. However, there needs to be an emphasis on effectively passing on family heirlooms. In fact, many disputes concerning an estate do not center on financially-valuable items, but rather treasured family possessions. Think of it this way: money can be
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The House Committee on Ways and Means, along with the Senate Finance Committee, recently released their proposed framework for tax reform and it includes an outright repeal of the federal estate tax and generation-skipping transfer tax. In addition repealing the federal estate tax, the proposed legislation would eliminate personal exemptions and a myriad of itemizable
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Everyone, no matter their age or net worth, needs to have an estate plan. Why? Because an estate plan provides guidance to your loved ones on how your assets are to be distributed when you pass away. If you do not leave behind an estate plan, you are essentially leaving your property and heirlooms in
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This estate planning vehicle, which is sometimes also known as a bypass trust or a credit shelter trust, can save literally tens of thousands of dollars in taxes. When one spouse dies, all his or her property goes tax-free to the surviving spouse, thanks to the marital deduction. Unfortunately, this transfer also means that the
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Five people who claimed to be Prince Nelson’s half-siblings have no basis for their claims, according to the Minnesota Court of Appeals. The five people did not trace their lineage through John Nelson, who was married to Mattie Shaw at the time of Prince’s birth in 1958, and Carver County DIstrict Judge Kevin Eide had
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