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Estate Planning Archives

Modern families may have unique estate planning needs

Over the last few generations, the face of the American family has changed. For example, many people are getting remarried and creating blended families that include children from previous marriages, in addition to the potential of children brought into the family during the new marriage.

The holidays can be the time to discuss legacies, estate plans

Getting together with loved ones during the holiday season is something many people look forward to. Of course, many Minnesota families will beat the cold with a meal and gift giving. At the same time, the holidays can provide the perfect chance to have quality conversations with family members.

What happens when there are competing wills?

For many people, creating a will is a practical way to protect their assets and loved ones. As such, a person can take the steps to have his or her final wishes respected by gathering the necessary financial documents, visiting with an attorney and creating an estate plan.

Creating a will doesn't necessarily prevent the probate process

Losing a family member is a stressful experience, no matter the circumstances. Between sorting through emotions and financial affairs, there is a lot to be concerned about. In order to prevent loved ones’ headaches, a person might create a will to spell out who they want to receive certain assets or property. However, wills alone may not be enough.

Changes to Minnesota estate planning laws ushered in

One of the most complicated aspects of creating an estate plan is how to accommodate tax laws. If a will isn't carefully planned, a person's heirs could find themselves on the hook for an estate tax bill that is larger than anticipated. This can be especially tricky when accommodating both federal and state taxes.

Death of James Gandolfini provides lessons on estate planning

The recent and tragic death of "Sopranos" actor James Gandolfini illustrates just how important sound estate planning can be when death unexpectedly occurs. Last month, Gandolfini passed away at the age of 51 in Rome, leaving behind an estate with an estimated value of $70 million. Sadly, however, many reports are stating that tens of millions of dollars of his estate may be lost to taxes alone. Importantly, many believe that these taxes could have been diminished with proper estate planning.

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