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The short answer is that you probably should not add your child as a joint owner on your bank account. I am frequently asked if it is advisable to add an adult child as a joint owner on a bank account, sometimes because a family member or financial institution has...
Many of my clients tell me that they have been meaning to get around to creating a Will, Power of Attorney, and/or a Health Care Directive for a long time, sometimes for decades. I often tell my clients that things usually go according to plan until they do not. The...
I recently read the popular business self-help book, Crucial conversations: Tools for Talking When Stakes Are High and realized that its principles for dealing with difficult conversations are applicable not only to business conversations, but also to difficult...
Minnesota law has recently been updated to allow people to name a beneficiary on the title of a motor vehicle. An owner of a motor vehicle can use a Transfer of Death (TOD) designation to transfer title to a motor vehicle to a beneficiary of the owner's choosing after...
The Minnesota legislature recently passed a law that allows Minnesotans to create a trust for the care of an animal. Pet owners now have additional tools at their disposal to ensure that their beloved pets will be cared for according to their wishes after they pass...
In Minnesota if you become temporarily or permanently unable to make your own health care decisions there is no one with the legal authority to make health care decisions for you after you turn eighteen. For that reason, all adults need a health care directive. But...
Blended families include children from a previous marriage of one spouse or both spouses and are increasingly common today. Second marriages that result in such blended families can be a source of great happiness but can also present an estate planning challenge. In a...
The senior year of high school is an exciting time that usually includes preparation for adult life after graduation. Although estate planning probably does not appear on most high school senior's to-do lists since they are young and healthy, executing a Health Care...
Making end-of-life plans may be way down your to-do list. You're young, you're healthy, you're just starting out, you have plenty of time. The last thing you want to think about is your death. Unfortunately, the reality is that accidents happen every day and not...
Summer is here! For many Minnesotans summer means fun in the sun (and sometimes rain) at the family cabin. More than just a place to relax or recreate, the cabin is often also a repository of family tradition and memories. Unfortunately, the cabin can also become a...
