Our financial legacies are built over the course of our entire lives. Naturally, we want to be sure that everything will be administered and transferred according to our wishes. But how do we know that will happen when we’re no longer here?

What happens if your financial world was turned upside down tomorrow? Are you prepared? I often make clients sit down to run through what I call a “lifeboat drill.” Although not a fun exercise, it is a very practical and powerful one to practice NOW to bring you peace LATER. It works simply like this: What exactly do I/does my spouse do in the event of the other’s death?

The majority of these United States (32 of them) do not charge a state-level estate tax (or inheritance tax). Minnesota is currently one of 18 states that does levy an estate tax beyond the Federal estate taxes imposed upon citizens. The Republican majority MN legislature pushed for and attained higher estate tax limits in this year's state tax bill. Governor Dayton reluctantly signed the tax bill into legislation at the end of May.