Last week I went over irrevocable trusts and their advantages and disadvantages. This week, I thought I would go into a little more detail on Revocable trusts and the pros and cons of that estate planning tool. You may often hear financial planners and other professionals singing the praises of Revocable Trusts and their benefits. …
Revocable Trusts: Are they are great as you think? Read More »
Ahh, an Irrevocable Trust? What is it anyway? As I discussed in a previous post, there are many types of trusts. We covered Irrevocable Trusts a bit, but I thought I would do more of a deep dive into them today. First, let’s define a few terms to make things a bit less confusing. Learn …
As discussed in previous posts, there are a variety of trusts available in Minnesota to meet the specific needs of people. Usually, these trust documents are used to protect assets, provide income for children when tragedy strikes, and avoid taxes. There are some designed with the express intent of protecting individuals with a disability. These …
Estate Planning for Cabins Ah, Minnesota Cabin life. Your family cabin is a place to relax, fish, and restore your mental health. But as you sit there watching your bobber unmoving in the still morning waters of a Minnesota lake, the thought sinks in: Where is the cabin going when I die? Who is going …
You sometimes hear people talk about trusts or trust funds or see rich people in movies talking about their trusts and trust funds. Most people have heard of a trust but don’t know much about them off the top of their heads. It certainly sounds like something wealthy people have and talk about all the …
