Most asset protection plans include an asset protection trust. An asset protection trust is a special kind of trust that is written to keep the assets from creditors, divorcing spouses, or other threats. Some states have enacted specific statutes to create special trusts with strengthened asset protection features. South Dakota has one such statute. Many Minnesotans find these trusts to be attractive. Minnesota trusts don’t provide protection if the asset protection trust is self settled.
What is Estate Planning? It is the basically how we plan to move all of a dead person’s property to another person. Once you are dead, you aren’t there to own things anymore. We really can’t leave your things owned by no one. So, we need to move them on to your heirs. Everyone has an estate plan whether they know it or not. Even if you have never been to a lawyer, then you
The Minnesota Supreme Court handed down its decision in Fielding v. MacDonaald et al. The decision rendered the statute that determines when a trust is taxed as a resident to the state unconstitutional as it applies to many different trusts. Previously, Minnesota would tax a trust as a resident perpetually if the Grantor was a Minnesota resident at the time it became irrevocable (among other times). This raised the question of whether this tie to
If you are preparing to send your son or daughter off to college to pursue higher education, you may be wondering how their first semester of school will go. During this exciting new chapter in your family’s life, the last thing you may be thinking about is estate planning for your college-aged child. While your child may not have any assets (yet), once he or she turns 18, your child is considered an adult in
Trusts can also get a 20% Qualified Business Income Deduction Trusts will likely also get their own SALT deduction This can cause more deduction to be had overall Planning for asset protection and business succession including trusts, now also benefits client’s income tax planning Clients should consider using trusts to get the most out of these deductions and to create the best value plans There are two topics of tax reform that are getting a
There are many ways to own your assets. When you die, it is only natural that you want your family to share in the bounty of your hard work. As a way to simplify the transfer process and avoid probate, you may be tempted to add a child or other relative to the deed or bank account utilizing the ownership type of joint tenancy with right of survivorship . However, while this type of ownership
There are many concerns about protecting assets after divorce. Consider this story. Beth’s divorce from her husband was recently finalized. Her most valuable assets are her retirement plan at work and her life insurance policy. She updated the beneficiary designations on both to be her two minor children. She did not want her ex-husband to receive the money. Beth passes away one year after her divorce. Her children are still minors, so the retirement
Not surprisingly, most people loathe reviewing their estate plan because it can be both confusing and daunting. Others do not want to think about death and avoid the topic altogether. If you already have put an estate plan together, you are ahead of the curve as many people do not have one. If you do not yet have an estate plan, there is no better time than now to sit down and get one in