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Law Office of Yvonne Michaud Novak

Estate Planning & Elder Law Attorney Duluth, MN

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Home / Blog

Blog

Selecting an Agent

January 1, 2019 by Yvonne Novak

agent

Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more. Selecting an Agent … [Read more...] about Selecting an Agent

Filed Under: Estate Planning, Legal Education Tagged With: Advance Directive, Agent, Health Care Power of Attorney, power of attorney, Property Power of Attorney

Aretha Franklin Died Intestate: What Does It Mean for Her Family?

December 7, 2018 by Yvonne Novak

franklin

Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...] about Aretha Franklin Died Intestate: What Does It Mean for Her Family?

Filed Under: Estate Planning, Legal Education Tagged With: Aretha Franklin, intestacy, trust, will

Naming a Trust as Beneficiary of an IRA

November 30, 2018 by Yvonne Novak

Retirement-3

Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read on to see the protections a trust can offer that a direct designation of the individual would not. Naming a Trust as Beneficiary of an IRA … [Read more...] about Naming a Trust as Beneficiary of an IRA

Filed Under: Estate Planning, Legal Education Tagged With: 401(k), Asset Protection, IRA, required minimum distributions

Prenuptial Agreements Can Provide Remarriage Protection

November 23, 2018 by Yvonne Novak

agreement

Requiring a prenuptial agreement before your spouse remarries can provide peace of mind and protect your spouse, your children, and their inheritance. If you leave your assets in a trust for your spouse and children, you can require your spouse obtain a prenuptial agreement before remarriage. This can protect your loved ones. Read on to find out more about prenuptial agreements. Prenuptial Agreements Can Provide Remarriage Protection … [Read more...] about Prenuptial Agreements Can Provide Remarriage Protection

Filed Under: Estate Planning, Legal Education Tagged With: antenuptial agreement, divorce, pre-marital agreement, prenuptial agreement, remarriage

6 Important Estate Planning Considerations – Part 5: Retirement Assets

July 13, 2018 by Yvonne Novak

Retirement-3

Retirement assets may be a very large part of a person’s estate at death. It’s important to consider the income tax ramifications of naming a beneficiary, as well as protecting those assets for the beneficiaries. This article considers some of these issues. 6 Important Estate Planning Considerations – Part 5: Retirement Assets … [Read more...] about 6 Important Estate Planning Considerations – Part 5: Retirement Assets

Filed Under: Estate Planning, Legal Education Tagged With: 401(k), estate planning, IRA, retirement, Roth IRA

Estate Planning is Too Important to Procrastinate

July 1, 2018 by Yvonne Novak

Estate-Planning-8

Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. Learn, briefly, why planning is important. Estate Planning is Too Important to Procrastinate … [Read more...] about Estate Planning is Too Important to Procrastinate

Filed Under: Estate Planning, Legal Education Tagged With: love, Medicaid, planning, power of attorney, trusts, wills

6 Important Estate Planning Considerations – Part 4: Beneficiary Designations

June 22, 2018 by Yvonne Novak

beneficiary-designations

Beneficiary designations can be a simple way to pass assets at death. While beneficiary designations avoid probate, they may introduce other problems. This article shows how a revocable trust can provide a more flexible way to achieve a client’s goals. 6 Important Estate Planning Considerations – Part 4: Beneficiary Designations … [Read more...] about 6 Important Estate Planning Considerations – Part 4: Beneficiary Designations

Filed Under: Estate Planning, Legal Education Tagged With: beneficiary designation, estate planning

6 Important Estate Planning Considerations – Part 3: Your Kids

June 15, 2018 by Yvonne Novak

Kids

An estate plan considers not just to whom assets should go, but also how. Each beneficiary is unique and the estate plan should consider their unique situation. This article looks at a couple with three very different children and how they might leave the assets for them in three very different ways. 6 Important Estate Planning Considerations – Part 3: Your Kids … [Read more...] about 6 Important Estate Planning Considerations – Part 3: Your Kids

Filed Under: Estate Planning, Legal Education Tagged With: Asset Protection, beneficiary, divorce protection, estate planning, tax, trust

6 Important Estate Planning Considerations – Part 1: Incapacity

June 8, 2018 by Yvonne Novak

Incapacity

One of the most important considerations in an estate plan is incapacity planning. This article describes how an estate plan provides incapacity planning and the documents which may be used to accomplish that planning. It also looks at how having a plan in place may relieve stress during an emergency. 6 Important Estate Planning Considerations – Part 1: Incapacity … [Read more...] about 6 Important Estate Planning Considerations – Part 1: Incapacity

Filed Under: Estate Planning, Legal Education Tagged With: emergency, end-of-life, estate planning, incapacity, power of attorney

How Are Trusts Taxed?

February 1, 2018 by Yvonne Novak

trusts

Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...] about How Are Trusts Taxed?

Filed Under: Estate Planning, Legal Education Tagged With: grantor trust, nongrantor trust, trusts

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Law Office of Yvonne Michaud Novak

Law Office of Yvonne Michaud Novak
202 West Superior Street, Suite 303
Duluth, MN 55802
United States (US)
Phone: (218) 720-2888
Fax: 866-366-7695

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