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Are You Sure Your Kids Want the Cabin on the Lake?

Are You Sure Your Kids Want the Cabin on the Lake? image

“In the coming decades, baby boomers in the U.S. are expected to transfer an estimated $30 trillion in assets to subsequent generations. For many families in Minnesota, that will include the family cabin.”

One of the key markers of summer in many areas is crowded roads, as folks head out of the city to their summer retreats, like the Outer Banks of the Carolinas or the Berkshire Mountains. They know it’s summer in Minnesota, when the roads are filled with families headed to lake cabins. The tradition may not last another generation, according to MinnPost’s in “The uncertain future of...

How Much Influence is Too Much?

How Much Influence is Too Much? image

“The process of estate planning is only more painful, if one spouse has already passed. In this situation, a surviving elderly parent may enlist the assistance of their adult children to manage and divvy up finances.”

Having adult children actively involved with their mother or father, when the other spouse has passed is a blessing. However, sometimes too much of their influence can create unwanted and burdensome legal problems, especially if a parent is having diminished mental capacity. In an article from Caring.com, “How to Stay Respectful (and Legal) In Parents’ Estate Planning,” adult children are advised to...

Could Aging in Place Work for You?

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“Since last year, the NAHB has seen a 30 percent increase in the number of its members seeking special training to help older clients who want to stay in their homes for as long as possible. Remodeling a house, is just one way to make that happen.”

The ultimate goal of aging in place is avoiding a move to an assisted living facility or a nursing home. For some people, it may mean staying in their current home or perhaps moving from a home with more than one level to a ranch with one level or an apartment building with...

How Do I Know if I Need a Will or a Revocable Trust?

How Do I Know if I Need a Will or a Revocable Trust? image

Many people assume that Revocable Living Trusts are just for wealthy people. However, the benefits that they can offer to someone with even minimal wealth are significant.

One of the more common questions for estate planning attorneys is asked and addressed in an article from thebalance.com, “Will or Revocable Living Trust—Which Do You Need?” It’s a good question because many people don’t understand how important having a will is, even if you don’t have a large amount of property. The following are some factors to consider, when speaking with your estate planning attorney about wills and different types...

Family Farm Succession Planning Needs Time and Goals

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“The succession-planning process is complex and lengthy. To keep your eye on the ball and meet your goals, your family must meet regularly to foster good communication and trust.”

The future for a farm family depends on family meetings that involve all stakeholders. The likelihood of success is bolstered by meeting in a neutral location, holding short meetings on a regular basis and setting clear goals, according to AgWeb.com’s article “Family Meeting Fundamentals.”

Families who want to hold one meeting a year that covers every single aspect of the succession plan, end up with a room full of...