What Farmers Need to Know About the Changing Estate Tax Landscape Estate taxes are a topic most people would rather avoid—but for farmers, understanding how these taxes work is critical to protecting the family farm and ensuring a smooth succession…
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Why Can’t We Have a Joint Trust If We Are Not Married? Joint trusts are beneficial for many married couples, especially if they have a stable relationship, do not have many creditors, and do not live in a state where their estate may be subject to…
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Planning for the Unthinkable: Essential Tools for Parents of Minor Children Approximately three-fourths of Americans do not have a basic will.[1] Many of the same people also have children under the age of 18, which underscores a major misunderstandi…
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Surprise! You Cannot Easily Disinherit Your Spouse Believe it or not, it is not easy to disinherit your spouse in the United States. In many states and the District of Columbia, you cannot intentionally disinherit your spouse unless your spouse agree…
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How to Minimize the (Voluntary) Federal Estate Tax with Portability Most people may be surprised to learn that the federal estate tax is considered by some to be voluntary. Estate planning attorneys used to say, “You only pay if you do not plan.”…
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Want to Disinherit Someone? This Is What You Need to Know Disinheritance—the intentional exclusion of a family member, usually a child or spouse, from receiving part of your estate after your death—is more common than you might think. It is also…
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How to Protect Your Family When You and Your Spouse Work in the Same Business You and your spouse live together, work together, and likely spend a great deal of your free time together. Having a successful marriage and business takes hard work and de…
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Do You Go By Different Names? Ensure That Your Estate Planning Attorney Knows What is in a name? If you are a beneficiary or a creditor of an estate, or if you are setting up an estate plan, your name means a great deal. It is not unusual for a perso…
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Why Waiting to “Figure It All Out” Can Cost You the Family Farm Too many farm families wait to make an estate plan until they “know exactly what they’re doing.” They want to have the perfect succession strategy in place before anything gets…
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Your Probate Records Are Public—Here’s What That Means (and How to Keep Your Estate Private) When someone passes away in Minnesota, their estate often goes through probate, a legal process that validates a will, identifies heirs, and accounts for…
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