March 2018 Archives

Dealing with a spouse's debts after death

Some spouses in Minnesota may wonder how their debts will impact others after they pass away. Debts can accumulate as a person reaches the end of life, especially if medical bills begin to escalate. However, it is important to understand the relationship between debt, marriage and death to help make clear decisions during the estate planning process.

Problems with estate plans

People in Minnesota should review their estate plans to see if there are indications that it may not be as effective as they want it to be. This is particularly important if it has been some years since the estate plan has been completed and if it has not been updated.

Trusts to adult children can be a great estate plan option

People in Minnesota considering the distribution of their assets and properties after death often consider the use of a trust when devising gifts to minor children and other young people. The estate planning process can include the use of a range of instruments, including wills, trusts, insurance policies and non-probate transfers, in order to transfer an estate to beneficiaries. Trusts can be an important part of an estate planning strategy: Because they involve trustworthy and often professional management, they can help secure assets and ensure that they are not wasted.

Reasons to use a trust even with adult children

Some Minnesota parents who are creating an estate plan and who have adult children might want to consider putting the assets in a trust. While it is common to do this for minor children, people might not think about how responsible their adult children will be with finances. However, there are several reasons to use a trust in this type of a situation.

Causes of IRS audits

While Minnesota residents should not be overly concerned about being audited by the IRS, they should be aware of what could prompt an audit. There are multiple factors that can initiate a review of a return.

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