Estate Planning Awareness Week: The Importance to You and Your Family of Having an Estate Plan

Estate Planning Awareness Week, Lommen Abdo Law Firm

In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019 survey carried out by Caring.com, 57% of adults in the United States have not […]

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Estate Planning is for Everyone

Three generations of a family holding hands and walking through a park with their dog.

For most people, the term “estate” conjures visions of stately mansions, fountains, private jets, and other luxuries associated with the superrich. However, if you own anything when you die, you have an estate. Your estate includes personal property, real estate, bank accounts, retirement accounts, life insurance, and business interests. Putting a basic estate plan in place […]

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How did these three get to be shareholders in 2019?

Lommen Abdo's New Shareholders in 2019: Jesse Beier, Lauren Nuffort and Cameron Kelly

They focused on client successes (not their own). They helped our clients accomplish goals. And, in the end, they gave our clients peace of mind. While Lauren Nuffort, Cameron Kelly and Jesse Beier may have different practices, they share a philosophy of the “client comes first” and thrive on solving legal challenges. Lommen Abdo is […]

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The Basics of Business Succession Planning

Two business people

This article appeared in the Winter 2018 Business Insights newsletter of First State Bank and Trust of Hudson. Business owners are busy. Starting, running, and growing a business takes time, and normally carries the business owner well outside of the bounds of a normal nine to five business day. It should, therefore, come as no […]

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What Are the Estate and Gift Tax Limits for 2019?

Checklist on table listing estate planning items

Federal Estate and Gift Tax Exemption: Last week, the IRS announced the official estate and gift tax limits for 2019. The federal estate/gift tax exemptions for an individual increases to $11.4 million, up from $11.18 million in 2018. This means an individual can gift or leave up to $11.4 million dollars to heirs and pay […]

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Cameron Kelly and Jesse Beier Approved by CFP Board to offer Continuing Education Credits

Our estate planning clients own many different types of property: their home, cabin, personal property, savings, small businesses, and investment assets. They may use a Realtor to purchase real estate, or a personal banker for a loan.  However, the role of those professionals is limited, often to a single transaction. Financial advisors are in the […]

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Can the State of Minnesota Tax Your Trust?

Minnesota income taxes are currently among the highest in the nation, which is why many of our estate planning clients prefer to create trusts that will be taxed in other states. Many of these other states, such as South Dakota, have no income taxation, and favorable laws relating to trusts. Minnesota income tax generally applies […]

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U.S. Supreme Court Affirms Minnesota’s Revocation on Divorce Statute

A recent U.S. Supreme Court ruling assures that Minnesota’s revocation-on-divorce statute will operate to revoke all pre-divorce beneficiary designations to the ex-spouse, even on insurance policies entered into before the enactment of the Uniform Probate Code (UPC). Minnesota adopted the UPC in 2002 which directed that beneficiary designations from life insurance policies and other similar […]

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Substitute Parent. What to Consider When Choosing a Guardian

I spend a lot of time talking to clients about property, but at its core estate planning is about family. Clients want to ensure that their family will be taken care of.  For parents of young children, the most important family decision is the selection of a guardian. A guardian is someone appointed by a […]

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With tax changes, do I still need estate planning?

Happy senior couple on bicycles

When people think about estate planning, the estate tax is one of the first things that comes to mind. The Tax Cuts and Jobs Act signed into law by President Trump on December 22, 2017 brought significant changes to the transfer of wealth, including increasing the federal estate, gift, and generation-skipping transfer (GST) tax exemption […]

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