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 is around the concepts of what is a taxable gift and what is not, and valuation of the gift. These […]
We talk often about the use of gifting as an estate planning tool but always caution that individuals should consult with an attorney and/or an accountant before doing so to ensure it is done properly. It is particularly important to consult with an attorney or an accountant when a married couple wishes to make a […]
We try to encourage people to not only plan for the transfer of their personal assets but also to plan for the transfer of their businesses – either in life or at death. Buy-Sell Agreements are beneficial documents when drafting a succession plan for a business. It is however important to ensure that the buy-sell […]
Gifts of real estate to religious bodies are rare, but frequently the donee is mis-identified. Many churches are known by abbreviated versions of their full name, e.g., “St. Jude’s Catholic Church” is actually “The Church of Saint Jude of the Lake, Mahtomedi, Minnesota.” Many times the beneficiary is unaware of an intended gift, and has […]
On this day of thanks, we wanted to remind you about the various opportunities for giving. Many of our clients have a philanthropic intent but just do not know exactly how to, when to, and how much to give. Maggie Green wrote about incorporating philanthropic education into your estate plan even after you pass away. […]
Oftentimes, some property in a decedent’s estate will be unique and difficult to value, like: a business, artwork, jewelry, collectibles, or real estate. Oftentimes the value will be needed to help complete an inventory in a probate and/or to determine any estate tax impact on the estate. Additionally, objective appraisals can also help minimize or […]
Oftentimes testators will choose to leave a specific piece of property, known as a specific gift, to a devisee in a Will. Or, in other instances, testators will choose to leave a specific dollar amount to a devisee in their Will, a pecuniary gift. Both of these gifts are considered special gifts. Property Gifts In […]
Last month, the Minnesota Legislature passed the Omnibus Tax Bill. Erik Doerr wrote a great overview of the Tax Bill for Epilawg, check it out here. My article below will focus on the new (or reinstated) Minnesota Gift Tax. The Minnesota Gift Tax law will operate similar to the Federal Gift Tax. It includes an annual exclusion. […]
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. The type of assets gifted vary; from unique art collections and family business interests to real property, securities, and cash. […]
When grief and emotions run high after the loss of a loved one, the sentimental significance of personal property can increase tremendously. No one really cared about the casserole dish grandma used every Thanksgiving, but once grandma passes everyone stakes claim to that dish. A tangible personal property list can help alleviate potential disputes between […]
Often, many of our clients ask how a Will or a gift might be contested by others. One of the main ways is by contesting the testator’s or donor’s mental capacity when the Will was signed or the gift made. The type of capacity needed for each is slightly different.