A couple in love has a baby but they haven’t tied the knot. Many times they also haven’t created an estate plan. Unfortunately, the unwed parents in love need an estate plan more than married parents. Why, you ask? Well, if an unwed parent dies without a plan, the surviving parent doesn’t inherit any of […]
Make this your new year’s resolution. Or don’t. Either way, these six things should give you peace of mind that your family and friends will not struggle through the probate process. 1. Make a list of your stuff Create a simple list of your assets with corresponding values – use a ballpark value if you don’t […]
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. […]
As previously written in Trusts and Minnesota Farmland, the Corporate Farm Act imposes restrictions on the ownership of farmland here in Minnesota. Among other things, it requires that certain entities such as Partnerships, LLCs, and Trusts qualify under Minnesota Statute 500.24 in order to hold title to farmland. The result is that if an individual […]
Here on Epilawg, we already have great articles about the estate planning for social media accounts and the importance of having an estate plan that addresses ownership of digital art. This article will address the importance of giving fiduciaries information about digital assets for a smooth management of your incapacity plan and the proper administration of your estate plan. It makes […]
Some clients know how important the Power of Attorney document is. They may have acted as attorney-in-fact for a spouse or an elderly relative. Or they may have experienced first hand the challenges created when someone hasn’t executed a valid Power of Attorney. The Power of Attorney (aka POA) names an attorney-in-fact to make financial […]
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 give away just over five million dollars before paying any federal gift tax (side note: MN does not have a […]
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 give away just over five million dollars before paying any federal gift tax (side note: MN does not have a […]
Minnesota has a professional firms act that requires licensed professionals (as defined in MN Statute 319B.02 subd.19) to, among other things, register their business as a professional firm. One particular requirement of the statute, that all owners of the business be licensed professionals, often makes succession planning a challenge. Under most circumstances, an LLC member […]
Personal representatives and trustees are commonly responsible for distributing real property from an estate or trust to its designated beneficiaries. Such distributions present unique challenges for personal representatives, trustees, and beneficiaries alike. To this end, there are several considerations that should be made prior to distributing real property from an estate or trust.
Below is an illustration (a fictitious one) with three things to consider upon the death of a spouse who owns a business. Henry and Wendy celebrated their 30th anniversary last summer with their two children and three grandchildren. At the time of her death in November 2011, Wendy owned an increasingly successful retail business. Henry […]