Types of Trusts
September 23rd, 2017
Trusts may be categorized in many ways. One useful way to differentiate between trusts is intervivos and testamentary. An intervivos trust is simply a trust which is created during life. Another name for an intervivos trust is a living trust. A trust need not have intervivos or living in its title. A trust, intervivos or […]
Reasons to Use a Trust
September 20th, 2017
There are many reasons to use a trust: Probate avoidance. At death, assets titled in the name of an individual must go through a process to retitle the assets to the appropriate people who’ve inherited them. This is called probate. In Minnesota, probate takes about 12 to 18 months, and costs about 5% of the […]
September Estate Planning Seminars Starting This Week in Edina!
September 16th, 2017
Now that summer is over, we will again be hosting our lively and informative Estate Planning Seminars every month throughout the Twin Cities Metro Area. September’s Seminars will be held in Edina at Centennial Lakes Office Park, 3600 Minnesota Drive, Suite 175, Edina, MN 55435 on the following dates: Tuesday, September 19 10:30 a.m. – 12:00 […]
What is a Trust?
September 16th, 2017
A trust is a way to hold your assets that provides greater protection and avoids probate when you die. If property structured, a trust can also minimize income taxes and estate taxes. There are three positions in a trust: the Settlor, the Trustee, and the Beneficiaries. The Settlor (also known as the “Grantor” or “Trustor”) […]
Why You Should Name a Stand-Alone Retirement Plan Trust as Beneficiary of Your IRA and Other Tax-Deferred Retirement Accounts
March 3rd, 2016
Naming the right beneficiary for your tax-deferred retirement accounts is critically important. Most people want to continue the tax-deferred growth of their accounts for as long as possible, pay the least amount in income taxes and achieve the maximum stretch-out. Required distributions after the owner dies will be based on the beneficiary’s age and life […]