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 […]

Read Full Post

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 […]

Read Full Post

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, 57% of adults in the United States have not […]

Read Full Post

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 […]

Read Full Post

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 […]

Read Full Post

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 […]

Read Full Post

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 […]

Read Full Post

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 […]

Read Full Post

When should I update my estate plan?

Lommen Abdo answers the question, "When should I update my estate Plan?"

I recently worked with a client after his spouse passed away. Their revocable living trust had been drafted in 2000 by a competent attorney.  At that time, the federal estate tax exemption was $675,000.  The estate tax exemption is the amount of money that a person can pass at their death without paying tax.  In […]

Read Full Post

Taking a last minute distribution from your IRA? Consider a qualified charitable distribution.

Two hands holding a warm light in a giving manner.

Most of our clients have at least a portion of their savings in IRAs. Those that do not often have savings in a 401k, which will likely be converted to an IRA upon retirement.  Both 401k and IRA plans allow a person to put money away tax free.  However, when money is withdrawn from the […]

Read Full Post

Next Page »