A trust can be an advantageous estate planning tool, depending on your estate's size and asset types. Like other options, establishing a trust will require you to make specific decisions that can impact how it will work, such as choosing someone to serve as your...
A revocable living trust is often created alongside a will. Doing so allows you to appoint a trustee and transfer ownership of your assets to them. This grants ownership to your trustee while you still retain control over the assets during your lifetime. Revocable...
Estate planning entails choosing between a living trust and a will to pass assets on to heirs. Both are legal tools that can assist you in achieving your goals, but each serves a different purpose. It's essential to differentiate between a living trust and a will as...
There are many ways to approach estate planning. Most Americans are aware that a will provides a key role in managing their estates. Living trusts are another extremely powerful tool, often used in conjunction with wills, to ensure your beneficiaries receive your...
Your estate is your most vital asset. Gifting your estate to your loved ones after your death is a powerful tool to preserve your family's future. After you pass, a Personal Representative (known in some states as an “Executor”) of your choice honors your final wishes...
What is a trust, generally? A trust is an estate planning tool that allows an individual to transfer assets to a vehicle for the benefit of one or more beneficiaries. There are 3 major roles in a trust: Grantor/Owner/Creator/Settlor – This is the person, people, or...
There is a misconception that trusts are only useful for people with very large estates. The truth is, trusts can benefit numerous people, because they may provide more control over the estate planning process than a will alone. If you have ever wondered whether a...
A trust serves as a multipurpose tool when working on an estate plan. It can fund charities, create financial security for loved ones, help your beneficiaries avoid taxation and protect personal assets. It can even go into effect while you are still alive which is...
Once a comprehensive estate plan is in place, you might think that your planning is complete but estate plans require periodic updating. Changing circumstances may require changes to your estate plan. As examples, changing circumstances regarding your family, your...
Parents of children who have special needs know how complicated their lives can get. Many times, special needs children require specialized medical care, dedicated equipment, and many times a personal care assistant. Minnesota parents love their children and may worry...
