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Takeaways From the Prince Estate Six Years Later
Prince Rogers Nelson “Prince” died in April 2016 at the age of 57 leaving behind an estate with an appraised value obtained by the estate’s administrators of $82.3 million vs. a $163.2 million appraisal by the Internal Revenue Service (IRS). Now, not quite six years later, the estate has finally settled a long running dispute […]
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Coping with Alzheimer's and Dementia From a Legal and Planning Perspective
Increased standards of living and medical advances in our country over recent decades have resulted in greatly increased life expectancies. Unfortunately, with these additional years comes the increased risk that a substantial number of us will suffer from some form of dementia-related illness or memory loss. It is now estimated that 5.8 million Americans are […]
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Estate Planning: It Is Important To Plan For The Inevitable
To paraphrase an old adage, nothing is certain in life but death and taxes. Yet, despite this universal truth, fewer than half of American adults have taken the time to prepare an estate plan*. For most people, estate planning is easily placed on the back burner. After all, why think about becoming incapacitated or, worse […]
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Understanding the SECURE Act of 2019: Significant Changes Impact Retirement and Estate Planning
On December 20th, the SECURE Act – Setting Every Community Up for Retirement Enhancement Act of 2019 – was signed into law. The new legislation, which took effect January 1, 2020, brings significant changes to account holders and beneficiaries of individual retirement accounts (Traditional and Roth IRAs) and employer-sponsored retirement plans.
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Taking a Step from Graduate to Grown-up: Estate Planning and Other Considerations for your Recent Graduate
Congratulations, proud moms and dads of new grads! Amidst all the festive parties and frenzied packing, be sure to add these other important preparations to your to-do list: Statutory Short Form Power of Attorney, Health Care Directive, and Digital Property Authorization These legal documents are not just for “grown-ups” anymore. Having your adult children sign […]
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Estate Planning in the Digital Age: Cryptocurrency and Digital Assets
You likely spend a great deal of time on your computer, tablet and smart phone. But have you considered how increased use of these electronic devices could impact your estate plan? Estate planning is already complex, but it has become even more complicated in the digital age. You now need to carefully consider the implications […]
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Life Insurance: An Investment to Remember
Remember when you first decided to buy life insurance? Maybe it was when you got married, or started a family, or bought a house. Life insurance offers protection, by paying out a sum of money to your beneficiaries when you die. It can also serve as an investment that pays off after a set period. […]
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Pour carefully when decanting irrevocable trusts
Christopher Burns with Lloyd D. Stern highlight the concept of trust decanting, a new and useful vehicle, but it is not without its own traps and pitfalls, which warrant moderation and a careful approach. “Pour carefully when decanting irrevocable trusts” was published in Minnesota Lawyer on June 27, 2016.
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Christopher Burns Presented the “Heckerling Review” to the Twin Cities Estate Planning Council
While Minnesota was enjoying mid-day high temperatures of -1, Christopher Burns was absorbing the content of the 50th Annual Heckerling Institute on Estate Planning in Orlando, Florida. Christopher brings that content back to Twin Cities Estate Planning Council and shares what is new, what remains the same, and what to expect in legislative changes and Supreme […]
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Key changes in Minnesota trust law
Christopher Burns with Lloyd D. Stern developed a list of changes to Minnesota trust law that are generally effective as of January 1, 2016. In a comprehensive update of the law, the Legislature codified caselaw, adopted many provisions of the Uniform Trust Code and added a provision for decanting trusts. “Key changes in Minnesota trust […]
READ POST >Exploring The New Minnesota Trust Code
The Minnesota Legislature recently enacted a new Minnesota Trust Code, with the assistance of a committee chaired by Chris Hunt of Fredrikson & Byron. The committee spent about 3,500 hours—yes, you read that right—over 4 and ½ years preparing the bill. Christopher Burns, attorney and Chair of the Estate Planning, Trust and Probate Group at […]
READ POST >When is an IRA not an IRA?
The unanimous United States Supreme Court decision in Clark v. Rameker affirmed that funds from inherited IRAs were not protected from bankruptcy creditors. Estate, trust and probate attorney Christopher J. Burns and Kiley Henry detail the decision in their article, “When is an IRA not an IRA?” and discuss what attorneys and other advisors should […]
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