Taxes

a tax for more snow birds?

by Maggie Green March 21, 2013 Estate Planning 101

Governor Dayton recently proposed a budget that, among other things, may broaden the “snow bird” tax base. While those affected by the proposed legislation are most likely wealthy people who have second homes in warmer [...]

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What To Do & Ask When Seeking A Professional Advisor

by Jen Santini March 19, 2013 Estate Planning 101

Anytime you are looking to hire a professional advisor (which for purposes of this article shall include, but is not limited to, a financial advisor, attorney, insurance agent, banker and/or accountant), you should do some [...]

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The Sequester

by Jen Santini February 28, 2013 Taxes

For months before the end of 2012, the “fiscal cliff” dominated news cycles. Now, we have the sequester. The sequester is a series of automatic spending cuts to the federal budget to reduce spending by [...]

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Backdoor Roth IRAs

by Jonathan Scharlau February 20, 2013 Guest Articles

Although you may earn too much to contribute to a Roth IRA, there is no income restriction to convert a traditional IRA to a Roth IRA. What is a Backdoor Roth IRA? The Backdoor Roth [...]

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Do I Still Need An Estate Plan?

by Jen Santini January 23, 2013 Estate Planning 101

Some people continue to ask why they need an estate plan, especially since Congress passed the American Taxpayer Relief Act, which made the $5 million federal estate tax exemption permanent. The question is often, “If [...]

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Don’t Forget the Annual Gift-Tax Exclusion

by Jamie Held January 21, 2013 Taxes

Amid all the other fiscal cliff headlines and the American Taxpayer Relief Act provisions, you may have missed the annual gift-tax exclusion changes that automatically became effective January 1, 2013. The annual gift-tax exclusion increased [...]

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Now That The Fiscal Cliff Was Avoided – How Does It Impact You?

by Chris Revak January 10, 2013 Estate Planning 101

The American Taxpayer Relief Act of 2012 does the following: Tax Rates - For most individuals it extends the lower federal income tax rates that have existed for the last ten years.  However, if you make [...]

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Permanent Estate Tax Relief

by Jamie Held January 3, 2013 Estate Planning 101

Congress passed The American Taxpayer Relief Act of 2012 on January 1, 2013.  Among its many provisions are the following pertaining to estate taxes:

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Minnesota Estate Tax Changes May Be on the Horizon

by Jamie Held December 26, 2012 Estate Planning 101

The Minnesota Department of Revenue (“DOR”) is preparing a report that analyzes Minnesota’s current estate tax laws. The report will provide the Legislature with options to consider for changes to or elimination of the estate [...]

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Valuing a gift

by Maggie Green December 22, 2012 Estate Planning 101

Scheduled to decrease January 1, 2013, the federal gift tax exemption will go from the $5.12 million to $1 million*. Many individuals have made substantial gifts this year to take advantage of the high exemption. [...]

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Don’t wait for the holidays – Gift Now!

by Maggie Green August 14, 2012 Estate Planning 101

Almost every week I receive an email from a tax or financial advisor about how my clients should take advantage of the current gift tax exemption. The exemption of $5.12 million allows an individual to [...]

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