Is a Revocable Trust Right for You?

Many clients come to the estate planning process having heard about revocable trusts, and have questions about whether a trust is right for them.  This article explains how a trust helps to avoid probate, and may help you decide if a trust is right for you. Probate and Non-Probate Property When a person dies, their […]

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The Federal Estate Tax – What to Expect With a Biden Presidency

A frequent concern for estate planning clients is how to avoid owing estate taxes at their death. Because the estate tax has become a political issue, some of these clients are also concerned about how the election results might impact the estate tax. The following is a basic explanation of the federal estate tax and […]

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Estate Planning From Home

Over the past several weeks I have had many people contact me regarding their estate planning. Some are existing clients anxious to wrap up the process. Some are new clients asking how they can prepare their estate plan. The stress and anxiety caused by the coronavirus, increased time alone and the news cycle have caused […]

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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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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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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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