David Bowie’s Estate Plan

Jamie Held / February 19, 2016
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It has been reported that David Bowie’s estate plan consists of a 20 page Will that was originally filed in 2004.  It splits the majority of his estate, estimated at $100 million, between his wife, daughter and son. And includes smaller, yet substantial gifts for his personal assistant ($2 million) and one-time nanny ($1 million). […]

Inflation Adjustments for Estate and Gift Tax Annual Exclusion Amounts

Jamie Held / January 10, 2016
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In case you missed Internal Revenue Bulletin 2015-44, the 2016 inflation adjustments pertaining to estate planning are as follows: The gift tax annual exclusion remains at $14,000 for gifts made in 2016. The generation-skipping transfer (GST) tax exemption is $5,450,000 for transfers made in 2016. The unified estate and gift tax exclusion amount is $5,450,000 for gifts […]

Coach Dean Smith

Jamie Held / April 30, 2015
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Men’s college basketball coaching legend, Dean Smith, passed away on February 7, 2015. Coach Smith utilized a revocable trust in his estate plan. He included a unique bequest.

Becoming an Organ Donor

Jamie Held / January 15, 2015
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Becoming an organ donor is easy. You can indicate that you want to be a donor in the following ways: Register with your state’s donor registry. Most states have registries. Check the list at OrganDonor.gov. In Minnesota, the registry can be found here.  Once registered, you will receive a welcome packet in the mail including […]

What is Organ Donation?

Jamie Held / January 12, 2015
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Whether to be an organ donation is a question most of us face only when we renew our drivers’ license. We may be faced with the decision again if we visit an estate planning attorney and discuss a health care directive. So it’s probably not surprising that there is a lot of mystery surrounding organ […]

Qualified Small Business Deduction

Jamie Held / November 26, 2014
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The Qualified Small Business Deduction (“QSBD”) under Minn. Stat. § 291.03, provides an additional deduction for Minnesota estate tax purposes for the value of qualified small business property passing to a qualified heir. The statute was originally enacted in 2011 (and has subsequently been updated).

What are a surviving spouse’s debt obligations?

Jamie Held / September 11, 2014
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Awhile back, an article in the Star Tribune discussed the egregious practices used by some credit card companies and banks to collect debts owed by deceased persons, often targeting surviving family members who may or may not have a legal obligation to pay.

Supreme Court Rules on Inherited IRAs

Jamie Held / July 17, 2014
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On June 12, 2014, the U.S. Supreme Court ruled on a divisive bankruptcy and estate planning case.  At issue was whether an individual retirement account (“IRA”) that a debtor inherited was exempt from the debtor’s bankruptcy estate under the Bankruptcy Code.  The Bankruptcy Code permits a debtor to protect assets that are in a “retirement […]

A New Development in Euthanasia

Jamie Held / July 1, 2014
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Earlier this year, the law making body in Belgium passed a law removing the age restriction on the country’s euthanasia law.  Belgium has allowed euthanasia since 2002.

After Hours with Bob Cohen

Jamie Held / May 22, 2014
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Name: Bob Cohen Employer: Tamar Fink, Inc Position: Principal Location: Mpls, MN Education: B.S.B. Accounting – University of Minnesota How long have you been in your career field? I have been in the life insurance and charitable planning arena for over 27 years. What led you to work in this area? A personal experience with […]

Changes to Minnesota’s Estate & Gift Tax

Jamie Held / March 27, 2014
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Late last week Governor Dayton signed into law a $440 million tax cut package aimed to put “more money in the pockets of Minnesota families and businesses.” Included in the package are changes meant to simplify Minnesota’s estate and gift tax law. The simplification of the estate and gift tax law is budgeted to save Minnesotans $43 million.