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ESTATE PLANNING
What is a Power of Attorney in Minnesota?
A power of attorney is a document authorizing someone to act on your behalf. You determine how much power the person will have over your affairs. The person who authorizes someone else to act on his or her behalf is called the “principal”. The person given the power...
MEDICAID PLANNING AND TRUSTS: INCOME ONLY TRUSTS
Prior to the enactment of Minnesota’s “trust busting” statute (Minnesota Statutes section 501B.895), two types of trusts which were commonly used in Medicaid planning. The first type of trust commonly used in Medicaid planning was a “Family Income Trust” or “FIT”....
MINNESOTA PROBATE AND BOND REQUIREMENTS
In some cases, the probate court may require a personal representative to post a bond. This article will explain what a “probate bond” and when a probate bond might be required by the court. PROBATE BOND In some cases, the probate court may require the personal...
WHAT ARE THE PROS AND CONS OF OWNING AS A “JOINT TENANT” OR TENANT IN COMMON”?
JOINT TENANTS VS TENANTS IN COMMON: PROS AND CONS The choice of whether it is best to own property as a joint tenant or “tenant in common” will depend on a number of different factors. You need to take into account your own situation and the relationship that you have...
MEDICAID PLANNING IN MINNESOTA (PART TWO): TRUSTS
Prior to the enactment of Minnesota’s “trust-busting statute” (Minnesota Statutes section 501B.895), several different trusts were commonly used for Medicaid planning. Revocable trusts—which by definition can be changed or rescinded by the trust maker—never worked for...
MEDICAID PLANNING IN MINNESOTA
A comprehensive estate plan can do more than simply take care of issues which arise when we die. A good plan can also help you prepare for things that may happen while you are alive. Your plan can help you determine who receives your assets when you die, as well as...
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