When Minnesota residents set up a trust, they appoint a trustee to be in charge of the principal assets to provide for the beneficiaries. The trustee has a fiduciary duty to the trust, to ensure that it is financially solvent, so that it can provide for the beneficiaries where they need it.
Minnesota residents have no doubt heard of the debates over federal estate taxes, which pop up every few years in Congress. However these taxes, derided as "the death tax" by opponents, affect relatively few families. Currently, estates can transfer up to $5,250,000 before the federal estate tax kicks in.
When actor James Gandolfini died from a heart attack last month at the age of 51, many of his fans in Minnesota were stunned. As it turns out, the star of "The Sopranos" had planned for the possibility that something like this could happen.
When a person dies unexpectedly without a will in Minnesota, it is common for family members to argue over who gets the money, the house or other property. But there are many other assets that can make up the dead person's estate.