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Taxes

Year-End Tax Planning Part 1: Overview

by ET Kelly & Associates, LLC December 18, 2014 Business

This is the first in a series of posts over the next two weeks to assist Epilawg readers with year-end tax planning. The opportunity to take advantage of income timing exists particularly for taxpayers who […]

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Don’t Delay! To-Do List for the End of the Year

by Jennifer Santini December 2, 2014 Estate Planning 101

It is hard to believe we are at that time of year again when a new year will be upon us in only a matter of days. The countdown is on – only 30 days […]

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Qualified Small Business Deduction

by Jamie Held November 26, 2014 Business

The Qualified Small Business Deduction (“QSBD”) under Minn. Stat. § 291.03, provides an additional deduction for Minnesota estate tax purposes for the value of qualified small business property passing to a qualified heir. The statute […]

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Are you a Minnesota Resident?

by Jennifer Santini October 23, 2014 Estate Planning 101

We’ve said before that Minnesota is not a favorable state in which to die because of the state’s estate tax laws. Some believe that the same is true for other tax reasons as well. While […]

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Have you reported your offshore funds?

by Jennifer Santini September 17, 2014 Investments & Insurance

If you are a U.S. citizen, resident alien, or certain nonresident alien, you are required to report any foreign financial assets that meet the reporting threshold to the IRS. There are different filing requirements and […]

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The Constant Fear of “Rejection” When Drafting Real Estate Deeds

by Kim Prchal June 25, 2014 Estate Planning 101

When drafting real estate deeds (even though the Minnesota Uniform Conveyancing Blanks forms look relatively simple) there are several statutory-specific rules that inevitably lead to the return of your deed with a “rejection letter” from […]

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Recent MN Tax Changes – Why You Received a Refund from MN

by Erik Doerr June 16, 2014 Taxes

If you are like me, you recently received a second tax refund from the State of Minnesota. Right before that, you also received a letter explaining that you were about to receive the refund and […]

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Estate Planning Myth #7: Gift Taxes?! I don’t make taxable gifts.

by Erika Stein Rosenhagen April 30, 2014 Estate Planning 101

Many clients are familiar with the gift tax exclusion and understand that their small gifts (even to organizations that are not tax-exempt) will not be subject to gift tax. Where there tends to be confusion […]

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Estate Planning Myth #2: Death Taxes Only Affect the Super Wealthy

by Erika Stein Rosenhagen April 8, 2014 Estate Planning 101

One wonderful thing about the first session of the 113th Congress was its efforts to enact a taxing scheme allowing an exemption from estate taxes for those with less than $5 million (indexed to inflation), […]

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Changes to Minnesota’s Estate & Gift Tax

by Jamie Held March 27, 2014 Estate Planning 101

Late last week Governor Dayton signed into law a $440 million tax cut package aimed to put “more money in the pockets of Minnesota families and businesses.” Included in the package are changes meant to […]

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Governor Dayton’s Estate & Gift Tax Simplification Proposal

by Jamie Held March 11, 2014 Taxes

Last week, Governor Dayton issued proposed tax cuts of $616 Million. The tax cuts are aimed at middle class Minnesotans and businesses. The proposed tax cuts include simplifying the state estate tax and eliminating the […]

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