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Vermillion Estate Planning Lawyer, Minnesota

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Includes: Gift Taxation

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Edward B McMenomy

Defamation & Slander, Estate Planning, Family Law, Real Estate
Status:  Suspended           Licensed:  72 Years
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14450 So Robert Trail, Rosemount, MN 55068
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LEGAL TERMS

PRETERMITTED HEIR

A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child b... (more...)
A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child born or adopted after the will is made may be deemed a pretermitted heir. If the court determines that an heir was accidentally omitted, that heir is entitled to receive the same share of the estate as she would have if the deceased had died without a will. A pretermitted heir is sometimes called an 'omitted heir.'

GRANT DEED

A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as descri... (more...)
A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed.

INHERIT

To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will... (more...)
To receive property from someone who has died. Traditionally, the word 'inherit' applied only when one received property from a relative who died without a will. Currently, however, the word is used whenever someone receives property from the estate of a deceased person.

TRUST MERGER

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separati... (more...)
Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust 'merges' and ceases to exist.

FAMILY POT TRUST

See pot trust.

EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA)

A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to o... (more...)
A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to or taken from a worker provides some protection for workers in the event certain types of pension plans cannot pay the benefits to which workers are entitled, and requires that employers provide full and clear information about employees' pension rights, including the way pension benefits accumulate, how the company invests pension funds, and when and how pension benefits can be collected.

MARITAL LIFE ESTATE TRUST

See AB trust.

TAKING AGAINST THE WILL

A procedure under state law that gives a surviving spouse the right to demand a certain share (usually one-third to one-half) of the deceased spouse's property.... (more...)
A procedure under state law that gives a surviving spouse the right to demand a certain share (usually one-third to one-half) of the deceased spouse's property. The surviving spouse can take that share instead of accepting whatever he or she inherited through the deceased spouse's will. If the surviving spouse decides to take the statutory share, it's called 'taking against the will.' Dower and curtesy is another name for the same legal process.

POUR-OVER WILL

A will that 'pours over' property into a trust when the will maker dies. Property left through the will must go through probate before it goes into the trust.

SAMPLE LEGAL CASES

IN RE DISCIPLINARY ACTION AGAINST FETT

... Donald Fett was admitted to practice in the State of Minnesota in 1977 and, since 2002, has practiced exclusively within the areas of estate planning and elder law. ... Fett does not dispute that since 2002, he has limited his practice to estate planning and elder law. ...

Bjorklund v. Bjorklund Trucking, Inc.

... The meeting was attended by Bjorklund; Bruce Bjorklund; the Sapatnekars; BTI's and Bjorklund's accountant, Jim Daleiden; BTI's and Bjorklund's attorney, Andy Clark; and Mike Frost, an attorney at Clark's firm who was involved in Bjorklund's estate planning. ...

IN RE THE MARRIAGE OF LEROL v. LEROL

... We reject this argument because Reierson has not shown that Lerol intended to gift his nonmarital share in the farmstead to her, and reasonable evidence supports the district court's finding that the 1974 transfer was for estate planning purposes only and that "[i]t was not [Lerol's ...

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