Estate planning includes the process of documenting our intentions so that they are known after we pass away. Done well, the process is straight-forward, and the outcomes align with one's original vision. Not done well, or ignored, the process can be quite difficult, time consuming, and leave heirs with complicated situations to sort out. As Cheryl Munk of the Wall Street Journal highlights in, "Haven't Updated your Estate Plan in a While? It's time," 52% of children report that they haven’t had ... [Continue Reading]
Articles and resources related to Estate Planning.
Co-Authored by Katy Vermeer Estate planning is one of the key components of the integrative wealth management process. However, for many people, absent major life changes, drafting or updating estate documents is a process they may only consider every five to ten years. We recommend, however, that clients consider the following five key related items on a more frequent basis: Beneficiary Designations Beneficiary designations are a very important part of one’s broader estate plan because ... [Continue Reading]
Governor Mark Dayton signed an omnibus tax bill on May 30, 2017, that included several changes to Minnesota tax laws we’d like to make you aware of. We will be incorporating these changes as we complete your tax projections or provide you with tax planning recommendations. Following is a summary of various highlights of the bill: Estate Tax Changes The bill increases the amount that is exempt from estate taxation in 2017 from $1.8 million under current law to $2.1 million. The bill ... [Continue Reading]
Conventional wisdom tells us that as we age, our investment portfolio should become more conservative. Once we reach retirement we want to start reducing the volatility in our portfolio, so we add more stable bonds into the portfolio and we start to remove a portion of stocks. As we age further, we may want an even more stable portfolio of investments, so we add even more bonds into the mix. However, 'conventional wisdom' doesn’t apply to every situation and every family. When we meet with ... [Continue Reading]
As you plan for your own and your family's financial future, you may be considering the creation of a trust. If you decide a trust is needed, either during your lifetime or in your will, you will have to choose a trustee to administer it. A trust is a legal arrangement that transfers property to a trustee, who manages it for the benefit of the individuals you name. The law sets high standards that every trustee must meet. You can choose almost anyone to serve as your trustee-- a family member, a ... [Continue Reading]