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St. Paul Probate & Estate Administration Law Blog

2 major mistakes to avoid with the estate planning process

When it comes to estate planning in St. Paul, what you do not know or do can have a negative impact on you and your loved ones for many years to come. The purpose of making an estate plan is to provide for your family future. If you do not structure those plans carefully, you could end up with some complications that can diminish your estate's value and make to harder for your relatives to receive their inheritances without complications. 

If you do not want the court to determine how to allocate everything you have worked so hard for, you should start making plans to protect your assets. Here are some mistakes to avoid during the estate planning process

A will vs a trust: which one is right for you?

To take the burden off their families, individuals can plan their affairs while they are still alive and well. When it comes to estate planning, most individuals incorporate a will. However, depending upon the situation, a trust may be more beneficial for some individuals.

How do you determine which option is right for you? Both arrangements have specific characteristics. Consider these factors to help you make the best choice.

3 goals you should set for planning your estate

When you are thinking about the future, it can be easy to put off estate planning and dismiss it as something to deal with later. This is the mistake many people make and consequently end up leaving their family to navigate the complexities of probate and property division without any guidance. Planning your estate is not just for your own benefit — it is the best way to provide security for your family.

According to USA Today, 64 percent of Americans do not have a will or trust established. It is imperative that all adults invest in their family’s future by planning their estate, but more importantly, you should set specific goals while doing so. The following are three major ones to consider.

Revocable trusts may help protect assets in Minnesota

Over the years of their lives, most Minnesota residents accumulate property and assets that become important to them. As a result, they often want to protect those assets as best as possible. Some people may take out insurance policies on certain items as a form of protection, and other individuals may utilize their estate plans to protect property from certain scenarios. In the latter case, revocable trusts could come in handy.

Revocable trusts appeal to many people due to the flexible nature of the account. This type of trust can be altered or dissolved entirely if the trust creator, or grantor, chooses to make such changes. The grantor also typically acts as the trustee during the course of his or her lifetime, which means that the individual remains in control of the assets placed in the trust.

3 things to remember when you add grandkids to your will

The only joy greater than becoming a parent might be the excitement of becoming a grandparent. When this monumental event occurs, you naturally want to shower your grandson or granddaughter with love and affection, but more importantly, you want to provide her or him with the security and financial stability needed later in life. Adding your grandchildren to your will is one of the most effective ways to provide for them.

There are several essential principles you should keep in mind, though, when updating your will to include the newest addition to your family. Follow these three tips to ensure your grandchildren enjoy the benefits of an inheritance without any of the potential legal or financial drawbacks:

Retirement living and long-term care planning may coincide

Finding the best place to live out the golden years of life can be difficult for many Minnesota residents. They may want to find a place near their loved ones, while maintaining the ability to remain as independent as possible. Of course, many individuals likely also want to consider long\-term care planning and how suffering a negative health event could impact their living arrangements.

It is not uncommon for family members to take over the care of an incapacitated loved one, but other options due exist for care. Indeed, parties could choose a retirement community that may offer certain benefits relating to long-term care. A continuing care retirement community could allow individuals the ability to live their independent lives but also have the means of obtaining necessary care.

Avoid these 7 common Medicaid planning mistakes

Many people rely on Medicaid or other government assistance programs to provide them with care in their golden years. To qualify for these programs, individuals must meet certain income and asset requirements.

Through Medicaid planning, you can plan for your future care while preserving your assets for your beneficiaries. Long-term care planning is an essential element of an estate plan, but it is not without potential pitfalls.

Are Minnesota residents missing long-term care planning?

Though many individuals have insurance and other means for paying for medical expenses, they may not always plan ahead. Because anyone could find themselves in need of extended care at some point in their lives, especially in their later years, long\-term care planning can have many benefits. Of course, some Minnesota residents may believe that Medicare should play a role in paying for such care.

A recent report gave the outcome of a survey that related to the use of Medicare and long-term care. Apparently, 56 percent of Americans over the age of 40 believe that Medicare should play a significant role in attending to the costs for ongoing assistance. It was also noted that, in 2013, the number of individuals who felt this way landed at 39 percent.

Components of a basic estate plan

The concept of estate planning may raise the notion that you must be a millionaire or have a consider amount of assets to pass on to one’s heirs.  Indeed, that does not describe most of our realities. In fact, ordinary people can have an estate plan

Moreover, you can have an effective plan without spending tens of thousands of dollars on a complex set of documents that only actuaries understand.  After all, your loved ones will have to understand what your wishes are in the event you are incapacitated or pass away. With that, this post will highlight some basic documents that can be a part of your plan. 

When an estate plan has mistakes: Your legal options

You were there with the attorney who drew up your father's will and estate plan. You know that the beneficiaries changed at the last meeting, taking away assets from some who had become distanced from the family and shifting them to newly born members of your family who could best benefit from assets as they grow. Your dad forgot to talk about his life-insurance policy, though. You assumed the will's update would cover anything he missed.

When your father passed away, you were shocked to find out that the insurance policy recognized the old beneficiaries, not your father's new beneficiary preferences. You show the company the will, but it won't recognize the changes since it has its own beneficiary designations. What can you do?

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Jeffrey P. Scott & Associates

Jeffrey P. Scott & Associates LLC
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