If Congress ultimately expands gun legislation, then it could have a profound impact on an individual’s ability to transfer guns to their beneficiaries. Bequeathing a gun in an estate is very different from passing on [...]
Last week, I was lucky enough to see the cliff up close. Not the fiscal cliff that kept us all riveted (or not) for the month of December, but a beautiful snow covered cliff. And [...]
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 [...]
We have written about the benefits of utilizing revocable trusts for incapacity planning, probate avoidance and out-of-state real estate. However, we often get the question from couples, “Why do we need two trusts? Why can’t [...]
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 [...]
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 [...]
Although most of us would consider our estate planning attorney to be superhuman, the fact of the matter is that sometimes they are unable to perform their duties. In a recent case, the district court [...]
Everyone should have an estate plan. Estate planning attorneys say that a lot, and we mean it! But this is even more critical for farming families. There are many unique issues and problems that play [...]
I recently wrote about portability, specifically, what it is and how to elect it. This post takes it one step further, discussing how portability and gifting interact.
2010 Tax Relief Act The 2010 Tax Relief Act (a.k.a. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010) provided us with a $5 million federal estate tax exemption and a federal [...]
