Lang Law Office

Estate Planning and Probate, Business Law,
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Helping You Navigate Complex
Legal Issues

Helping You Navigate Complex Legal Issues

Trust & Probate Administration Archives

Gregory A. Lang

Amending a joint trust

We here at the Lang Law Office often work with couples in Hennepin looking to set up joint trusts to help manage their assets and prepare for the transition of those assets to their children. If you have set up such an account with your spouse, you may believe that you will never have to amend it. Yet what if you do? How much freedom are you given to change a trust for which you and your spouse are both settlors? Such information may be important to have before the issue of an amendment ever comes up.

Reviewing the different types of long-term care

For many in Hennepin, the common school of thought is that estate planning begins and ends with determining who assets are dispersed to upon one’s death. However, another critical component to such planning is determining how he or she will be cared for prior to death. According to the website, 70 percent of Americans over the age of 65 will require some form of extended care during their lifetimes. The estate planning component of such care is determining what form of it one will receive, and how it will be paid for.

Determining trust disbursements to your children

Oftentimes, the clients with whom we work with here at the Lang Law Office have concerns about how their beneficiaries, specifically their children, will handle an inheritance. If you share these same concerns, there are steps that you can take to help manage your children’s inherited assets. The Bureau of Labor Statistics reports that as recently as 2007, more than 21 percent of American households reported receiving some form of general wealth transfer. Thus, this issue of properly handling an inheritance is one that faces more than just your children.

Solving posthumous privacy concerns through a revocable trust

Many of the Hennepin residents that have come to us here at the Lang Law Office are concerned about protecting their privacy. If you do not want the whole world to know of your assets and how you have chosen to bequeath them once you are gone, then you may be searching for a financial vehicle that will offer you a degree of discretion. You may find that in a revocable trust.

The role of the executor or trustee in Minnesota

When an individual dies, he or she may have left directions for how his or her estate was to be distributed. However, before that can happen, it is important to first inventory the assets in an estate and file a tax return for that estate. This is generally done by an executor of an estate or the trustee under a trust. In many cases, the role of the executor and the trustee may be the same thing, although worded differently.

Minnesota charitable trusts

When people are planning their estates, some may want to either set up a charitable foundation or create a trust for charitable purposes. Courts will generally not hold these types of trusts to be invalid if they are unclear or if the charitable beneficiary is uncertain. Instead, if there is a question, courts will try to enforce the purpose of the trust as closely as possible.

Ongoing legal battle continues over Sterling Clippers sale

Minnesota residents may be interested in the ongoing legal battle between Donald and Shelly Sterling over the sale of the Los Angeles Clippers basketball team. The latest legal moves by both parties may delay the sale, as the league waits for resolution before moving forward with penalties against Donald.

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