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3 Considerations for Succession Planning Beyond the Basic Will
Basic estate planning, including the drafting of a Will, usually involves relatively straight forward considerations such as who will be the beneficiary of your property, and who would be appointed to be in charge administrating your estate (the Personal Representative). Once these decisions are made, a basic Will can be created.
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7 Reasons that you may need to revise your Will
Creating a Will is not necessarily a one-time proposition. Even if you have a valid document, you may need to update the Will for a variety of reasons, including the following: 1. The death of individuals named in the Will. If individuals named in the Wills, such as beneficiaries or personal representatives, have died or [...]
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10 Ways to help your family through effective estate planning
Proper estate planning is truly a gift to your family or other beneficiaries. While planning for one’s incapacity and demise is not exactly an enjoyable topic, it can be very satisfying to both you and your family once you realize the benefits that you have passed on to your family, including avoidance of difficult and expensive pitfalls. Here are 10 things you can do for the benefit of your family:
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Common Probate & Estate Planning Questions
What is a Will? A last Will and Testament is a writing that states who will receive the assets of a deceased person. Wills not signed in accordance with Minnesota law are void. Minnesota residents must sign Wills at the end of the document in the presence of at least 2 witnesses who are both [...]
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Estate Planning and 2010 Tax Relief Act
BACKGROUND The modern estate tax dates back to 1916, when it was imposed at a rate of 10% on the portion of estates above $50,000. Over the following years, the rates and exemption amounts have varied, reaching a high of 77% from 1941 to 1976 with a $60,000 exemption amount. In 2001, Congress passed the [...]
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Probate & Estate Planning Basics
Parker & Wenner offers complete estate planning services and representation in the probate process. Effective planning is necessary and helpful regardless of whether an individual’s estate is relatively simple or more complex. We are committed to helping our clients protect and preserve all that they have worked for throughout their lives, and to help our [...]
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The importance of creating an Irrevocable Life Insurance Trust (ILIT)
The failure to create an Irrevocable Life Insurance Trust (ILIT) is easily one of estate planning’s costliest mistakes. While most people know that life insurance proceeds are exempt from income tax, many do not realize that those same proceeds are included in the decedent’s gross estate for estate tax purposes.
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What Is A Trust?
Think of a trust as a holding pen, a place where you put your assets before they are released to the people or organizations that you designate to eventually receive them. A trust is a legal entity and so are you. Because you and the trust are separate legal entities, anything you transfer from you [...]
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What is involved in serving as a Personal Representative?
There are a number of factors to be taken into consideration when selecting a personal representative, or agreeing to accept the position of personal representative. Acting as a personal representative involves a great deal of work depending upon the assets and complexity of the estate. For example, an estate with large investment portfolios, property in more than one state, and a functional business usually means far more responsibility than a modest or smaller estate
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Wills 101
What is a will? A will is a document that provides the manner in which a person’s property will be distributed after death. It must meet certain formal requirements as provided by each state. If a person has a will upon death, that person is considered to have died testate. Conversely, a person that dies [...]
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