The Wealth & Wisdom Blog

Information on Estate Planning, Estate and Trust Administration and Unique Asset Planning

Blog Archives

Four Strategies for Funding a Grandchild’s College Costs

“Golf is a game whose aim is to hit a very small ball into an even smaller hole with weapons singularly ill-designed for that purpose.”  Winston Churchill. As a golfer, I have come to realize, through many poorly-played rounds, that the use of the correct “tool” (that is, club selection) is of critical importance in […]

In-Laws and Estate Planning

“Well, that was a son-in-law.” So exclaimed my golf playing partner immediately after he drove his tee shot off the first tee right into the trees, resulting in a penalty stroke. “What do you mean,” I asked my friend, what does that errant golf shot have to do with a son-in-law? “Not what I had […]

An Estate Planner’s Perspective on the Election

“The only thing constant in life is change.”  Heraclitus, Greek philosopher. Ahead of the upcoming November election, this month’s update provides a brief overview of those policy positions of Joe Biden and Donald Trump that impact estate planning decisions.  I am by no means attempting to endorse a candidate, to or to predict the outcome. […]

Cory Wessman Legacy Letter

I have encouraged many of my clients to create a Legacy Letter, also known as an Ethical Wil. As of Summer, 2020, I thought I would share mine as an example. I want to be remembered as a follower of Jesus Christ.  I also want to be remembered as a kind and gentle husband and […]

Documenting Asset Transfers to Adult Children

How are you going to remember these tumultuous days of the 2020 coronavirus pandemic?  My three kids were each given a writing journal by my mother, who encouraged each of them to write about daily life in the midst of a pandemic, both for themselves and for future generations.  Earlier this week, I also helped […]

Signing Legal Documents Under Self-Quarantine

Over the past few weeks, our firm has continued to operate as normal.  We have hosted face-to-face meetings in our office, as well as video calls, telephone calls and emails.  We have, however, observed an increase in the number of new or existing clients who are addressing while in a “self-quarantine” or “shelter in place” […]

Key Individuals (“Fiduciaries”) In Your Estate Plan

Everyone completing an estate plan must give consideration to the individuals (or entities) making decisions on your behalf in the event of your incapacity or death.  If you are married, you would likely name your spouse as the first “agent.”  However, you would still name someone to serve if you (or, if married, both you […]

The Death of the Stretch IRA and 2020 Transfer Tax Exemption Amounts

Congress and President Trump recently enacted legislation that, while providing some candy in the average taxpayer’s Christmas stocking, also includes a small lump of coal.  This post (i) makes you aware of the recent legislation that marks the official death of the so-called “stretch IRA,” and (ii) provides the relevant federal and Minnesota state transfer […]

Use it or Lose It: The Use of Spousal Lifetime Access Trusts

“I am suddenly feeling ill.”  I overhear a friend feign a cough as he calls his boss, reporting his absence from work by reason of sickness. As we tee off together from the first hole at our favorite golf course, my friend reports to us, his golfing buddies, that while he has no vacation days […]

Planning for Grandchildren

I am not here to see you, son, I’m here to see your kids!  Anyone in my family knows my mother does not play “Minnesota nice;” she says it how it is.  Over Thanksgiving, and really during any family gathering, my mother makes it a point to prioritize time with her beautiful, athletic, and well-adjusted […]