Governor Dayton’s Estate & Gift Tax Simplification Proposal

Jamie Held / March 11, 2014
avatar

Last week, Governor Dayton issued proposed tax cuts of $616 Million. The tax cuts are aimed at middle class Minnesotans and businesses. The proposed tax cuts include simplifying the state estate tax and eliminating the state gift tax. The estate and gift tax proposals would yield $43 Million in tax relief for Minnesotans.

In the News – IRS Extension for Filing

Jamie Held / January 30, 2014
avatar

Some estates may now be able to obtain an automatic extension of time to make the election to claim the estate tax portability exclusion. The IRS announced a procedure under which estates of decedents dying before January 1, 2014, that fall below the dollar threshold for having to file an estate tax return, yet want to elect […]

ESTATE PLANNING FOR YOUNG ADULTS…REALLY?

Jamie Held / November 27, 2013
avatar

If you have a young adult child coming home for the holidays, the Thanksgiving table might serve as a good opportunity to talk with them about estate planning.   While most young adults do not own property or have children that may necessitate a Will, two major estate planning documents are often overlooked by young people […]

Your Assets Matter

Jamie Held / October 15, 2013
avatar

A while back I introduced the topic of Revocable Trust versus a Will.  This post explores the first consideration in making this decision … what type of assets do you own, how are they owned and how do you feel about probate.

IRS Adopts “State of Celebration” Rule

Jamie Held / September 26, 2013
avatar

According to the IRS, same-sex couples who were legally married in a jurisdiction recognizing their marriage will be treated as a married couple for federal tax purposes, regardless of where they currently reside.  Revenue Ruling 2013-17 reassures “legally married same-sex couples that they can move freely throughout the country knowing that their federal filing status […]

I Need a Revocable Trust … Right?

Jamie Held / August 5, 2013
avatar

This statement (turned inquiry) may or may not be true.  It depends on a variety of factors and client goals.  Deciding whether to use a will or a revocable trust (a.k.a. living trust or revocable living trust) as one’s primary estate planning document is a question to be discussed with an estate planning attorney.  The […]

Uncomfortable Conversations

Jamie Held / July 23, 2013
avatar

When speaking with my elderly clients I encourage them to have conversations with their children about their wishes.  Upon the mention of this suggestion, I have witnessed the change in demeanor of many.  I go on to explain what their children will need and how the administration of their estate will proceed.  We discuss how […]

Portability Revisited

Jamie Held / April 3, 2013
avatar

Portability is a feature of the 2012 American Taxpayer Relief Act passed earlier this year.  It came as a welcome relief to many but there is still much confusion and skepticism surrounding this concept.

A Memorialized Profile on Facebook

Jamie Held / February 25, 2013
avatar

Grieving through Facebook has been previously discussed on Epilawg (see Jen Santini’s post, Grieving in the Digital Age), but I was again reminded of this topic as the result of a recent Minneapolis Star Tribute article by Katie Humphrey, Facebook is Changing the Way We Grieve.  Ms. Humphrey reminds us that, “[d]eath doesn’t kill a […]

Don’t Forget the Annual Gift-Tax Exclusion

Jamie Held / January 21, 2013
avatar

Amid all the other fiscal cliff headlines and the American Taxpayer Relief Act provisions, you may have missed the annual gift-tax exclusion changes that automatically became effective January 1, 2013. The annual gift-tax exclusion increased from $13,000 to $14,000. You can give away up to $14,000 in 2013 to as many different recipients as you […]