Trust & Estates Archives

U.S. Supreme Court Upholds Constitutionality of Minnesota Automatic Revocation of Beneficiary Designation Statute

On June 11, 2018, the United States Supreme Court upheld the retroactive application of a 2002 Minnesota statute which established a default rule that "the dissolution or annulment of a marriage revokes any revocable...beneficiary designation...made by an individual to the individual's former spouse." Minn. Stat. § 524.2-804, subd. 1. Under the statute, a beneficiary designation by one spouse naming the other a beneficiary of a life insurance policy or similar asset, is automatically revoked by a divorce of the spouses, leaving proceeds to the contingent beneficiary or to the estate of the deceased policy owner.

Federal Tax Changes: 4 Steps to Take

The Tax Cut and Jobs Act, which went into effect Jan. 1, 2018, will affect most people in the country. The impact may differ for each person or family. Almost everyone will have lower tax rates, the standard deduction has doubled, and the child credit has increased. However, the personal exemptions are gone and many deductions have been reduced or eliminated for those who itemize their deductions. 

Myths on Wills & Probate Busted

You've worked hard, acquired assets that matter to you and you want to leave a legacy when you die. It's common for individuals to create a will when they start having children to ensure their wishes are granted, but those wills are not enough to protect against what can be a costly probate process. Today's baby boomers are seeing the effects of that personally as they experience it upon the death of their parents. 

8 Ways to Better Prepare Yourself for Year-End

John WenkerThe end of the year is fast approaching. Do you have your items in order? Planning today can help you achieve your desired outcomes. We know schedules can be demanding so here are the key items to consider to better prepare yourself and your household for the end of the year. Download checklist.

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