The Wealth & Wisdom Blog

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

Blog Archives

Back to School Special: How to Help Young Adult Children

August in Minnesota means the State Fair, Twins and Vikings blowout losses, the last few days at the cabin, and “back to school” events. While my children are still a few weeks away from starting school, friends and clients are already seeing their young adult children off to college. In this month’s advisory update, I […]

Initiating Difficult Conversations

“Son, we have decided that your brother is going to lead our family company.” Those of us who are “Minnesota nice” have a difficult time initiating difficult conversations, especially with family.  For example, have you and your spouse had conversations about his or her wishes to remarry if you die? (without naming names, of course).  […]

Planning for Multi-Generational Living Arrangements

“How Much Rent Can I Legally Charge my Mother-in-Law?” Even before the outbreak of COVID-19 last March, I was interacting with an increasing number of clients considering multi-generational living arrangements. According to  an article last week in the Wall Street Journal, the incidence of these multi-generational living arrangements, defined as multiple adult generations living together […]

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 […]