Neyens Law, PLLC

Call Us Today(651) 478-8999
Attend a Seminar

Client Spotlight

by

Let’s be honest, estate planning can be a rather dry subject. Our clients are the spice for us at Neyens Law.

During the planning process we dig deep and really get to know our clients, the decisions they’ve made, what brought them to this point and how future decisions can affect and protect them down the road.

We hope our client spotlights give a little insight into the people we serve.

Meet Glen & Peg

We recently worked with Glen and Peg. They are a happily married couple from Oakdale, Minnesota who wanted something in place so their final wishes were clear.

Check out our Q&A with them below!

Why did you choose to work with Neyens Law?

We attended her estate planning seminar and liked her approach to this complex issue.

Why was designing an estate plan so important to you?

Since we have no children, we wanted to make sure our final wishes and intentions were followed.

What’s something that surprised you about your experience with Neyens Law?

It was a painless experience and Elizabeth communicated in words we could understand.

What is your favorite family tradition and how did it become a tradition?

We love nature and walleye fishing. Both of us were raised fishing and camping.

What are you most looking forward to once social distancing is no longer in place?

More time up north at the lake, lunches with friends and extended family, and winning at the casinos.

How are you staying connected to people you care about during the pandemic?

By phone, email and text.

What is your favorite restaurant in the Twin Cities?

Tavern on Grand Avenue. Great fresh walleye!

How to Leave Your Home to Your Children

by

Homes are one of the greatest and most expensive assets many people have. As a parent, you may want your children to have your home after you die, but to ensure that your children are left with your home, there are some important steps that you must take.

Your children will only be left with your home if you have implemented one of these three options. Take some time to consider these options, talk to your family about them, and take the necessary pre-planning steps to ensure that your greatest asset remains in the family.

We strongly encourage you to discuss your options with an experienced estate planning attorney to determine what works best for your unique situation.

#1: Include Your Home in Your Will

In your will, you specify who your beneficiaries are that will inherit your assets after you pass away. By including your home in your will, during the probate process the court will ensure that your home is transferred to your children since they are listed as your beneficiaries. If you have more than one child, each child will inherit an undivided interest and must decide together whether to keep the house or sell it. Additional hassle and expense may be incurred if your children can’t agree on what to do with the home.

#2: Have a Living Trust

Set up a living trust so that when you die, your assets are transferred to your children. A benefit of setting up a living trust rather than just including your home on your will is that it saves time. Your children will not have to go through probate and will avoid expenses and delays that come with that process. The transfer of your home to your children will be a quick process with a living trust and will prevent them from spending excess money and time on the probate process. In addition, the Trustee you’ve selected to manage the trust can make a final decision on what should be done with the house if your children cannot agree. You must also transfer your house to the living trust before you die, otherwise the house will be forced to go through probate before being transferred to your children. A living trust is a seamless way to transfer assets to your children and may reduce conflict.

#3: Use a Transfer on Death Deed to Transfer Your Home

You can use transfer on death deed to ensure your home is given to your children without having to wait through probate or setting up a trust. With a transfer on death deed you own your home while you are alive and you can do whatever you’d like with it, for example, get a reverse mortgage. After you pass away, your home is immediately transferred to your children who you listed as beneficiaries in the deed.

However, there are a lot of issues that can arise with if you choose to pass your property to your children using this option. For example, if any of your children are minors when they inherit the property or your children don’t agree on what should be done with the home, a court proceeding will still be necessary. This results in additional delays and expenses. Another issue is that Minnesota law would require your children and their spouses to sign documents to sell the home even though the spouses are not owners. If you have three children who are married, your children and their spouses need to sign documents to sell the home. How often do you find six people that agree on anything?

If you have any further questions about how to ensure that your children are left with your home, give us a call – we can help you get things started.

Give us a call at 651-478-8999.

How We’re Pivoting

by

Everyone has had to make changes due to the COVID-19 pandemic. At Neyens Law we continue to operate during normal business hours and practice safe social distancing by offering virtual or safely distanced in-person meetings throughout the planning process.

What happens when it’s time to execute your final documents? To be effective, estate plan documents need to be signed in the presence of two witnesses and/or notarized. Therefore, we’ve implemented a new drive up and sign procedure for anyone that feels uncomfortable meeting in-person to finalize their estate plan documents. You can come to our office parking lot to drive up and sign all of your documentation in the comfort of your own car. Neyens Law will provide the two witnesses and notary, who will watch you sign from a safe distance.

Now more than ever having the right plan in place is partly for you, but it’s also for your loved ones. They are the ones who will suffer additional emotional trauma if they don’t have clarity on what you want, maybe even fighting with each other while you lay in the ICU. That’s not the legacy we want to leave for our families.

If you know someone who would benefit from learning more about implementing an estate plan, let them know we are here to help and that we offer both in-person and virtual meetings.

How Will You Age in Place and Be Able to Die at Home?

by

More and more Americans are dying at home rather than in hospitals. According to the New England Journal of Medicine, in 2017 29.8% of deaths by natural causes occurred in hospitals while 30.7% occurred at home. The percentage of people dying in hospitals has been declining for several decades. While in 1912 two-thirds of people died at home, this evened out in the 1950s. By the 1970s, at least two-thirds of people died in hospitals. Since the 1970s, the trend has reversed. Now, more people are dying at home than in the hospital. Here’s a link to a NY Times piece on the topic.

If you wish to spend your final days at home, it’s important that you plan for that. Most importantly, you need to have a Health Care Power of Attorney that appoints someone to make decisions for you if you are unable to do so for yourself. In that Health Care Power of Attorney, be sure to appoint someone who will respect your wishes to be kept at home, rather than be moved to a hospital. Of course, there might be some difficult conversations regarding your end-of-life choices. Be sure you have those rather than avoiding them. It’s important for the person you are appointing as your agent under the Health Care Power of Attorney to understand when you want intervention in a hospital and when you would want to stay at home even if it might shorten the length of your life.

Read More: https://www.aaepa.com/2019/12/how-will-you-age-in-place-and-be-able-to-die-at-home/

How Will You Obtain the Care You Need?

by

As Americans grow older, more and more of us need help with our daily activities. It could be a little help or a lot of help, depending on the situation. Of course, the level of assistance we need can change over time.

According to a recent study by Bankers Life Center for a Secure Retirement, 68% of middle-income boomers are providing care for a parent and 17% are providing care for a spouse or partner. According to the survey, about two-thirds of those boomers prefer to be cared for in their own home.

Read more: https://www.aaepa.com/2019/09/how-will-you-obtain-the-care-you-need/

Nayens-logo