Below are a list of estate planning blogs that offer great information about retirement and estate planning.
- Wills Trusts and Estate Prof Blog
- North Carolina Estate Planning Blog
- Minnesota Estate Planning Blog
- Estate Planning Bits
- Estate Street
- California Estate Planning Blog
Please stay tuned for further information as I updated the resources page. Thank you!
Will states 1/3 of listed policies, 401k, and retirement plans are to be distributed to 3 named persons. Some of these plans individually only list one of the named persons on the will. Does the will override the beneficiary listed on the plan also listed on the will as a equal split between all 3 parties?
Minnesota law is clear that beneficiary designations on accounts control how the money is conveyed to the named beneficiaries. However, if there is evidence of a different intent (for example, the Will) then you have a question of fact as to what the deceased person meant to do. Talking with a qualified attorney who know the law on the subject would be a good start.
My father passed away earlier this year. He left me a Living Trust Investment account, which I first learned about one month “after” his death from two siblings who are named as the Trustee’s. I am listed as sole Beneficiary to this revocable Living Trust account. My concern is the Trust Agreement was set up as monthly payment distribution as stated in the Trust Agreement as, Trustee shall analyze my income I receive each month from other sources & then Trustee may make a decision to distribute some of the net income of the Trust (not to exceed $500 per month) to supplement my other income. Then it states that the procedure should be followed each month until I am covered by Medicare. After I obtain Medicare coverage, all of the net income of the Trust shall be paid to me in semi-annual payments. I brought this up with Trustee’s (2 siblings) out of concern not to try to obtain or speed up the net income of Trust distribution process, but asked if they could change the agreement to remove Medicare & replace with until I turn the age of 65 to reflect what my father’s wishes were. I am 60 years of age & I have been covered by Medicare due to a disability for several years as a SSDI Beneficiary. My father was aware of this, but Trustee’s thought I was receiving Medicaid benefits with my income source as County/State. Not at all the case. I am told by Trustee that they can change to reflect age 65 & keep the momthly payment schedule (this was my request). Then I am told two days later I need to provide proof of my income & Medicaid from my Financial Worker? I contacted Medicare & we had one Trustee invited to the phone call. Medicare confirmed my disability & coverage through Medicare. Trustee stated in this 3-way conversation that since my name is on the Trust, the Trustee’s will no longer manage the Trust & it will be changed in to my name & as Beneficiary of the Trust, I can manage the Trust myself. Is this possible & is this type of change in my best interest for tax purposes? The Trust Agreement also states that upon my death, the remaining principal & income of the Trust shall be distributed to my children who are named in this agreement. I am quite confused & seeking clarification.
Hello. Please give me a call at 612-424-0398. I would be happy to discuss this with you.