January 2018 Archives

How to choose a trustee

In most cases, Minnesota residents will use the family members who live closest to them as trustees. This person is typically an adult child or other family members who a person has a positive relationship. However, there are scenarios in which a person doesn't have family members who are able or willing to take on this role. Adult children may not be willing to take on this role because it is too stressful.

The importance of having a power of attorney in place

People in Minnesota should consider signing powers of attorney so that their needs may be taken care of if they are incapacitated and unable to take care of themselves. A power of attorney is an estate planning tool that can be used to grant power to another trusted individual to take care of the grantor's financial and medical needs if he is no longer able to do so himself.

Estate planning for art

Minnesota residents who collect valuable art can make provisions in their estate plan regarding their collections. However, many of them fail to properly plan for what should happen with the art after they die. With the proper planning, conflict and litigation between family members and high estate taxes can be avoided.

Managing money made easy

Minnesota residents may be taken aback to hear the phrase "death cleaning". However, in fiscal terms, it simply means taking steps to simplify and organize a person's financial life. This may make it easier for an individual to manage money while alive and easier for surviving family members to handle an estate after that person dies.

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