One of the biggest errors baby boomers tend to make is failing to complete their estate plans because they either think the plans are unnecessary or they simply put them off. Failing to complete estate plans can leave families dealing with protracted court processes and dwindling assets due to higher taxes. It is thus important for baby boomers to have not only retirement plans in place, but also estate plans.
While many Minnesota residents may be familiar with the traditional big three estate planning considerations, they may not be as aware of other things that should be taken into account. Historically, estate planning has been conducted with an eye toward taxes, family and charity. With changing laws, however, these are not the only three areas that should be considered when planning an estate.
Estate planning is one of the most difficult things a Minnesota resident can do, but taking care of the details covered by such a plan can make a person's passing easier on those who remain. Wills are important for people of all ages, and can have an effect on how a person's property is divided after death.
Representatives of actor Philip Seymour Hoffman filed his will in probate court. Hoffman died in February having a will that leaves his entire estate to a woman named in the will as his "friend and companion." The woman, Mimi O'Donnell, the mother of his three children, was treated essentially as a spouse, according to additional papers filed with the court.