Since January 1, 1996, the State of Minnesota has taxed the income, both ordinary and capital gains, of what Minn. Stat. § 290.01, subd. 7b(a) defines as a “resident trust.” Such a trust is one that is not a grantor trust for tax purposes and that either (1) was created under the will of a […]
Fielding vs. Commissioner of Revenue: After more than 20 years, is Minnesota’s Fiduciary “Permatax” on Irrevocable Trusts no Longer Permanent?
December 5, 2018
Finding Fiduciaries: Using Trust Protectors and Directed Trustees, Part 2
December 3, 2018
The Minnesota Trust Code introduced several new fiduciary or quasi-fiduciary positions into Minnesota trust law. Minnesota Statute section 501C.0808 creates the offices of “trust protector”, “directing party” and “directed trustee.” The estate planning attorney should be familiar with the “directed trust” concept and understand how these new positions may be used to enhance an estate […]
Finding Fiduciaries: General Considerations, Part 1
September 21, 2018
Fiduciary selection is often given insufficient consideration in estate planning engagements. Too often the process of choosing a fiduciary is limited to the consideration of which family members are disqualified from acting as trustee; with little or no consideration of the skills required of a trustee. An attorney must help her client understand the fiduciary’s […]
Millenials Need an Estate Plan, Too
July 25, 2018
I’m twenty-four. I don’t have a home, a family I support, or any of the assets I typically see in an estate plan. On top of that, I’m young and plan to live at least into my sixties, so what is the point in investing in an estate plan? Over the past year learning more […]
Tidbit #57 on Life Insurance
July 12, 2018
I read a lot. I much prefer non-fiction over fiction though the other day, the (very) fictitious article entitled, “Whole Life Insurance vs. 529 College Savings Plans…Who Wins?”, got my interest as no other piece of fiction that I can recall. The author’s position (which I deduced from the title alone), is that whole life […]
Succession – Episode 1
June 11, 2018
Spoiler Alert: This post contains spoilers from the first episode. HBO has begun airing a show called Succession, which, through some dark humor, provides examples of the importance of a proper estate plan. The first episode introduces us to the Roy family – led by patriarch Logan Roy, who is a media tycoon and about […]
Are Your Affairs in Order?
May 14, 2018
A commonly overlooked piece of a person’s financial affairs is their digital footprint. In today’s digital world, online accounts to manage investments, savings, expenses, etc. are becoming more and more conventional. If tragedy strikes and you become incapacitated or if there is a death, would your family know how to access your online accounts? Where […]
An Overview of Estate Planning Tax Changes
February 23, 2018
As most know, on December 22, 2017, President Trump signed significant tax changes into law. Known as the “Tax Cuts and Jobs Act”, these changes have a significant reach in virtually every facet of the financial world. Here are a few things to keep a watch on with respect to estate planning. Tax Exemptions: A […]
Please: get the correct acknowledgement if you want to deduct that property contribution
June 30, 2016
“Close” counts with horseshoes and hand grenades. Unfortunately, it doesn’t count for entitlement to deduct a charitable contribution, once the amount claimed exceeds a trigger point. When that happens, the taxpayer’s own records – no matter how convincing – won’t suffice. There has to be an acknowledgement from the charity itself that follows the law […]
Prince Leaves a Complex, Unplanned Estate
May 4, 2016
Unfortunately, too many recent newsletters have focused on the death of musical legends. This month left us with another untimely death. Prince, whose legal name was Prince Rogers Nelson, died on April 21st at his Paisley Park recording studio and home in Chanhassen, Minnesota. As unbelievable as it may seem, according to his sister, Tyka […]
The Missing Will
January 11, 2016
The Missing Will Do you know where your original Will is located? You should, and so should your executor. The dilemma of a missing original Will has come up in the death of Melissa Mathison, screenwriter of E.T. the Extra-Terrestrial (1982) and ex-wife of Harrison Ford. Mathison died on November 4th as a resident of […]