Families are becoming more complex. Sometimes a newly-married couple each have children from previous marriages, and plan to have more. Other couples marry later in life when both have adult children....
Is Trust-Based Estate Planning the Way to Go?
As Jennifer researched “Wills” online as she pondered her estate plan. Then she ran across some articles about will-based and trust-based estate planning. After a little more research, she found h...
Single? There’s an Estate Plan for You!
Sometimes it seems estate planning focuses on married couples to the exclusion of singles. But unmarried people have just as much to gain from estate planning as a couple. In fact, spouses and singles...
Will Your Minnesota Trust Owe Income Tax?
Anyone who earned income in the United States is expected to file a federal income tax return every year. Whether the individual actually owes tax or not is determined by the type of income they earne...
Reasons to Choose a Testamentary Trust Over a Living Trust
We often face important choices that can result in life-changing results. In estate planning, which is already heavily vested in life and death, you may find yourself comparing estate planning tools. ...
Probate How-To: Property is Owned in Multiple States
When someone dies, the property they leave behind usually becomes their estate. But their estate must follow a certain process in order to be transferred to their heirs. Their estate must go through p...
Spousal Lifetime Access Trusts May Offer the Flexibility You Need
Being married has its perks. Even in the estate planning field, married couples may have access to sophisticated tools and strategies that don’t work for single people. The spousal lifetime access t...
Real Estate: What Role Does It Play in Your Estate Plan?
For many people, real estate may be their largest asset. Real estate holdings, whether commercial or residential, tend to be high ticket items with lasting value. Doesn’t it make sense, then, that y...
Estate Planning has become Opportunities to eliminate Income Taxes
By Thomas M. Fafinski As we approach the end of another year, our minds seem to naturally wander to estate, asset protection and income tax planning strategies for you. The Federal Estate Tax—The ...
Virtual Estate Planning Will Become Mainstream
By Thomas M. Fafinski, tom@virtuslaw.com For years, we have been able to execute business transaction documents electronically from the convenience of our home or office or even by use of a sma...