When designing a customized estate plan or adding to your existing plan your attorney may suggest establishing a trust. There are a variety of trust options that will vary based on your situation. Despite the type of trust that you select it will require funding in some aspe [...]
What is Trust Funding and why does it matter? When designing an estate plan the attorney may suggest establishing a trust as part of your plan. A trust is a fiduciary relationship, whereby the trust holds the title to property or assets for the good of a third party, the be [...]
When working on your estate plan, a question that may arise if you are planning with a trust is who will be your Trustee? A Trustee is a person who is responsible for the assets that are held within a trust. They manage and administer the assets held within the trust accor [...]
What is a Trust? A business entity, such as a corporation or LLC, is a paper person—a “thing” in its own right. In Minnesota, a trust is not. A trust is not a “thing” or a person under the law. A trust is a property relationship involving three roles: settlor, trustee, and b [...]
Changes to Irrevocable Trusts in Minnesota Minnesota Statute section 501C.1206 states that an irrevocable trust created on or after July 1, 2005, by a Medical Assistance applicant is revocable for the sole purpose of Medical Assistance for Long-Term Care (or Alternative Care) [...]
In Minnesota, a will must be in writing. Minn. Stat. § 524.2-502(1). Unlike a will, a trust can be created either orally or in writing unless the trust would change an interest in land. Minn. Stat. § 501C.0407. Trusts created only orally are called “oral trusts” and have set [...]
When it comes to estate planning in Minnesota, not everything is black and white. Each estate plan can and should be designed and created based on the person and their unique situation, beliefs and wishes. It takes thought and consideration. Before you begin or update your e [...]
A Supplemental Needs Trust is established for the benefit of a person with special needs as long as the Beneficiary is not over the age of 65. and residing in long-term care without a reasonable expectation of discharge. Use of a Supplemental Needs Trust allows the Beneficiar [...]
Taking on the role of Trustee of a Special Needs Trust or Supplemental Needs Trust is an important responsibility. It is a Trustee’s duty to manage trust funds with careful discretion and disburse the funds for the sole benefit of the Beneficiary. The Trustee has the addition [...]
One of the most important and common questions that Trustees ask is regarding the specific sorts of items that funds from a Special Needs Trust and Supplemental Needs Trust may purchase for the Beneficiary. Generally speaking, there are three important questions to keep in m [...]
