Beltrami County, MN Trusts Lawyers, page 6

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1. Richard Morris Edina, MN
  Attorney at Law- MN, 1974
  William Mitchell College of Law, J.D.
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Claricy A Smith

General Practice

Status: Suspended Licensed: 45 Years

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1009 Southeast Sixth Street, Bemidji, MN 56601

Ralph T Smith

General Practice

Status: In Good Standing Licensed: 66 Years

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3320 Birchmont Drive N.E., Bemidji, MN 56601

Steven Hirsh

General Practice

Status: Suspended Licensed: 32 Years

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13661 Power Dam Road, Bemidji, MN 56601

David Paul Frank

General Practice

Status: In Good Standing Licensed: 31 Years

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600 Minnesota Avenue, Bemidji, MN 56601

David Frederick Harrington

General Practice

Status: In Good Standing Licensed: 32 Years

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15906 Siskin Lane N.E., Bemidji, MN 56601

Katie Sue Nolting

General Practice

Status: In Good Standing Licensed: 19 Years

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613 Minnesota Ave, Bemidji, MN 56601

David Louis Hanson

General Practice

Status: In Good Standing Licensed: 17 Years

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600 Minnesota Avenue, Bemidji, MN 56601

Thomas Stephen Kuesel

Personal Injury, Criminal

Status: In Good Standing

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518 Beltrami Avenue N.W., Bemidji, MN 56601

Symon Seong Schindler-Syme

General Practice

Status: In Good Standing Licensed: 12 Years

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2215 Conifer Avenue N.W., Bemidji, MN 56601

Robert H Aitken

General Practice

Status: In Good Standing Licensed: 24 Years

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2636 Pathway Road S.E., Bemidji, MN 56601

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LEGAL TERMS

ALTERNATE BENEFICIARY

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to ... (more...)

A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.

MARITAL LIFE ESTATE TRUST

See AB trust.

SPECIFIC BEQUEST

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequ... (more...)

A specific item of property that is left to a named beneficiary under a will. If the person who made the will no longer owns the property when he dies, the bequest fails. In other words, the beneficiary cannot substitute a similar item in the estate. Example: If John leaves his 1954 Mercedes to Patti, and when John dies the 1954 Mercedes is long gone, Patti doesn't receive John's current car or the cash equivalent of the Mercedes. See ademption.

GENERATION-SKIPPING TRANSFER TAX

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 ... (more...)

A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.

GRANTOR RETAINED INCOME TRUST

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for ... (more...)

Irrevocable trusts designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries you've named. These trusts are for people who have enough wealth to feel comfortable giving away a substantial hunk of property. They come in three flavors: Grantor-Retained Annuity Trusts (GRATs), Grantor-Retained Unitrusts (GRUTs) and Grantor-Retained Income Trusts (GRITs).

TRUST DEED

The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to... (more...)

The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to a trustee -- often a title company -- who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point, the trustee can sell the property and pay the lender from the proceeds.

RULE AGAINST PERPETUITIES

An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For examp... (more...)

An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a person's instructions in a will. For example, a person would not be allowed to leave property to her husband for his life, then to her children for their lives, then to her grandchildren. The gift would potentially go to the grandchildren at a point too remote in time.

TRUSTEE

The person who manages assets owned by a trust under the terms of the trust document. A trustee's purpose is to safeguard the trust and distribute trust income ... (more...)

The person who manages assets owned by a trust under the terms of the trust document. A trustee's purpose is to safeguard the trust and distribute trust income or principal as directed in the trust document. With a simple probate-avoidance living trust, the person who creates the trust is also the trustee.

RESIDUARY ESTATE

The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court c... (more...)

The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn't name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.

SAMPLE LEGAL CASES

US BANK NA v. Cold Spring Granite Co.

... Thomas Moore, Ann McCabe, and US Bank (Moores) are trustees of eight appellant family trusts (Moore Trusts) that brought suit against respondent Cold Spring Granite Company (CSG) and its chairman and CEO respondent Patrick D. Alexander after CSG stock belonging to ...

IN RE ROSCKES v. County of Carver

... intent to limit Medicaid to the financially needy, many individuals exploited a loophole in the Medicaid statute allowing them to attain Medicaid eligibility while preserving assets for their heirs by transferring their assets to irrevocable Medicaid-qualifying trusts (MQTs). ...

Swenson v. Bender

... Carlson v. SALA Architects, Inc., 732 NW2d 324, 331 (Minn.App.2007), review denied (Minn. Aug. 21, 2007). Fiduciary relationships arise when one person trusts and confides in another who has superior knowledge and authority. Id. at 330. ...

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Beltrami County, MN Trusts Lawyers, page 6

Sponsored Law Firm

Morris Law Group PA

SPONSORED LAWYERS

Claricy A Smith

Ralph T Smith

Steven Hirsh

David Paul Frank

David Frederick Harrington

Katie Sue Nolting

David Louis Hanson

Thomas Stephen Kuesel

Symon Seong Schindler-Syme

Robert H Aitken

TIPS

LEGAL TERMS

ALTERNATE BENEFICIARY

MARITAL LIFE ESTATE TRUST

SPECIFIC BEQUEST

GENERATION-SKIPPING TRANSFER TAX

GRANTOR RETAINED INCOME TRUST

TRUST DEED

RULE AGAINST PERPETUITIES

TRUSTEE

RESIDUARY ESTATE

SAMPLE LEGAL CASES

US BANK NA v. Cold Spring Granite Co.

IN RE ROSCKES v. County of Carver

Swenson v. Bender

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