Addressing Inheritance Questions When Planning for Children
Planning for your children's inheritance might not be something you think about every day, but it's a vital part of ensuring their future. It's like planning a road trip: you want to make sure your kids are set on a path that’s smooth and free of unnecessary bumps. By considering how you...
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How Medicaid Asset Protection Trusts Safeguard Your Future
Understanding how to protect your assets, especially as you grow older, is important for planning your future. One way people do this is through Medicaid Asset Protection Trusts (MAPTs). These trusts are specialized tools designed to help you protect your assets while still qualifying for Medicaid benefits. That's particularly important if you...
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Why You Should Consider Creating a Living Will Today
Thinking about the future isn't always easy, but taking simple steps today can prevent many headaches down the road. Creating a health care directive is one such step that can make a big difference. A health care directive lets you outline your wishes for medical treatment in case you become unable to...
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The Benefits of Setting Up a Trust for Your Family
Planning for the future often means taking steps to protect what matters most: your family and assets. One tool that can help achieve this is a trust. With people becoming more aware of the potential benefits, setting up a trust is increasingly popular as a reliable way to manage and distribute family...
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Common Mistakes to Avoid in Your Will
Having a will is like having a roadmap for your loved ones to follow when you're no longer able to guide them. It ensures that your wishes are carried out exactly as you've planned, protecting your assets and providing clarity to your family during a difficult time. It's easy to overlook the...
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Benefits of Medicaid Asset Protection Trusts for Families
Planning for the future can feel like solving a puzzle, especially when thinking about healthcare needs as you grow older. Medicaid Asset Protection Trusts (MAPTs) can help safeguard the things you’ve worked hard to build. These trusts are like safety nets for your assets, allowing you to qualify for Medicaid while keeping...
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What happens if the terms of a trust are disputed?
Trusts can be a valuable piece of your overall estate plan. A trust is a written document that allows someone, called a trustee, to hold assets on your behalf. You are called the grantor.
There are various types of trusts, and knowing which one is best for you depends...
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Why is it important to create an estate plan before it is too late?
Many Minnesota residents put off creating an estate plan. Some do so because they think that wills and trusts and the like are only for the wealthy. Some do so because they are still relatively young and think they'll have time to do it later. Others just don't want to think about...
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What is the SECURE Act?
The SECURE Act changed a variety of retirement account rules, including who is eligible to contribute to retirement accounts and when withdrawals are required. The new legislation also adds a new exception to the early withdrawal penalty.
Important retirement account changes from the SECURE Act include:
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Basic Steps in Estate Planning
1. Make a will.
In a will, you state who you want to inherit your property and name a guardian to care for your young children should something happen to you and the other parent.
2. Consider a trust.
If you...
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