Five Estate Planning Myths & Misconceptions

July 2015

1. All my property will be disbursed by the terms of my will. A will only distributes the assets left in a decedent’s individual name. Assets that pass by title or by beneficiary designation pass outside of the will by operation of law. For instance, if your home, retirement accounts and life insurance represent the… Read more >

Have You Thought about Your Beneficiary Designations Lately?

March 2015

One of the most frequently overlooked aspects of estate planning is the completion and correct use of beneficiary designations. Very simply, a beneficiary designation provides instruction as to how your assets will be distributed upon your death. Almost all bank accounts, brokerage accounts, 401(k)s, and retirement accounts allow for the naming of a beneficiary. It… Read more >

Must-Have Estate Planning Documents

March 2014

Every adult needs to prepare a core set of estate planning documents to plan for incapacity or death. Failure to properly plan for the unexpected can have adverse consequences to you, your family and your estate. Planning for Incapacity  1. Durable Power of Attorney for Financial Affairs. This is a legal document where you appoint… Read more >

FMJ Shareholder David Ness Debunks Estate Planning Myths

October 2013

Estate planning…it’s one of those things that people tend to put off. The reasons for this vary, but tend to be based on various estate planning myths and misconceptions. David Ness, the head of Fafinski Mark & Johnson’s Trusts & Estates group, has been busy discussing and debunking common estate planning myths and misconceptions with the help… Read more >

Minnesota Estate and Gift Tax Law Changes

June 2013

On May 23, 2013, Governor Dayton signed the Omnibus Tax Bill that includes significant changes to the Minnesota estate and gift tax laws. The following are some key provisions of the law: 1. Imposition of New Gift Tax. Under the new law, which is effective for gifts made on or after July 1, 2013, gifts… Read more >