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 tax.
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. […]
This year, total student loan debt has climbed over the $1 trillion mark and tuition continues to grow at double the rate of inflation. Starting a college savings plan has never been more important. The earlier families get started, the better. Most of the time, families are well-intentioned and want to save for their children’s […]
People need fiduciaries for a variety of reasons, but this article is written with elderly people who are incapacitated by dementia in mind. Dementia is an umbrella term that describes a variety of diseases that affect memory, attention, language, and problem solving abilities to such an extent that daily living is seriously affected. I […]
We have had many posts related to choosing guardians for your children should something happen to both parents before their children reach the age of majority: Appointing a Guardian for Minor Children, How to Choose A Guardian, among other miscellaneous references to the importance of having an estate plan when you have minor children. As […]
When a trust is created, it is always important to choose the right trustee. Generally, a trustee should be an individual(s) or company that is detail-oriented and will follow all required fiduciary duties. In previous posts, a trustee’s fiduciary duties and responsibilities have been outlined and discussed. Normally, a trustee is all that is needed […]