We have compiled a variety of questions that we regularly get from estate, special needs planning, asset protection and business clients in the Minneapolis area. Our answers are included with each question and we hope that you find value in the information we have provided.
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What is federal estate planning portability?
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Does Minnesota have estate tax portability?
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Can I just save money on estate planning and do it myself on the Internet?
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If I don’t do an estate plan, won’t my assets just transfer to my spouse and children anyway?
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I have a will. Should I do a trust?
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Can’t I just put my children’s names on our home, bank accounts and other assets?
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Is there any way to avoid or reduce estate taxes, the “death tax”?
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Do I need a will?
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What if I die without a will?
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What is a living will?
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I have a will. That means my family avoids probate upon my passing right?
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I heard that every time you take something out of your trust, or buy anything, you have to go back to an attorney to have them change the trust. Is that true?
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I have heard that if I have a trust, I will lose control of my assets. Is that true?
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What if I want to change the trust, can I do this?
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My wife and I own everything jointly. If I die first, my spouse will get everything without probate. If my spouse dies first, I get everything without probate. So why do we need an estate plan to avoid probate, it looks like we will avoid it right?
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What is probate and how does it work?