When a person dies, his or assets (known as the person’s “estate”) may be subject to tax if they exceed certain value limits. This type of tax is known as an “estate tax.” There is a federal estate tax that applies estates with a value over $5.49 million (the current value limit as of 2017). That means estates with a value of less than $5.49 million would pay no federal estate tax.
In addition to the federal estate tax, Minnesota is one of a handful of U.S. states impose their own estate taxes on its residents […]
Whether you are concerned about future health problems, have assets that are difficult for you to manage, or will be absent for a period of time and unable to manage your affairs, a Power of Attorney may be a valuable tool. A power of attorney is used in situations where you, the principal, are unable to handle your own affairs or want someone else to handle them for you. The power of attorney gives legal authority to another individual or authorized company to make decisions on your behalf. You do not have to own businesses or be in poor health […]
Last Will, Living Trust, Living Will: What They Are & What They Do
These three legal documents are often confused because their names sound similar. However, each of these documents serves a distinct purpose.
A Last Will can provide crucial instructions for the administration of your affairs after your death. This includes who will inherit your property (beneficiaries); when and how they will inherit it; and who will be put in charge of administering your estate (called a Personal Representative or Executor). If you have minor children, you can also use your Last Will to […]
Intestate Succession in Minnesota
When a person dies without a valid Will, they are said to have died “intestate.” Because there is no Will to indicate what the deceased person’s intentions were, the estate will be administered according to Minnesota’s intestacy laws.
Who Will Care for My Minor Children?
Generally, the surviving parent will have custody of the children. In cases where there is no surviving parent or the surviving parent is unable to care for the children, the Court will appoint a guardian who will care for the children. Parents who want to […]