According to a New York Times article, Michael Jackson did have a Revocable Living Trust in place at the time of his death. A Revocable Trust makes good sense for a public figure because it is privately administered and not subject to the lengthy, costly, and public Probate process. There are quite a few good articles […]
We have posted a few updates on the 2013 MN Omnibus Tax Bill (the “Bill”) and the changes the Bill brings to MN’s estate and gift taxes (see Erik Doerr’s post, 2013 MN Omnibus Tax Bill, and Maggie Green’s post, Minnesota Gift Tax 2013). Another change that comes with the passing of this Bill is […]
In a previous post, I have detailed what it means to own real estate as joint tenants. The lengthier terminology for this type of titling is joint tenants with rights of survivorship. This means that when two people, usually a married couple, own real estate as joint tenants, when one of the joint tenants passes […]
All of us attorneys here at Epilawg regularly talk with prospective clients in person, on the phone, and by email to educate and answer questions about estate planning. Regardless of the person, their family, the size of their estate or a variety of other unique characteristics, nearly all prospective clients have the same initial question: […]
Minnesota’s legislators have been busy working up new and exciting changes to Minnesota’s estate planning landscape. Perhaps less controversial and less exciting, (and, some would argue, more concrete) than the new Minnesota Gift Tax, this article will summarize some of the changes made to the Minnesota Statutory Short Form Power of Attorney document. With its […]
I recently came across this TED Talk by Judy MacDonald Johnston and thought she did such a great job starting the discussion on end-of-life planning that I had to share it with our readers. The video is worth watching (it is a short 6 minutes) and should be shared with any loved ones who are unwilling […]
Aside from taxes, the topic that can typically cause the most confusion is the issue of which assets will pass to your loved ones tax free – and which are subject to estate taxation. Knowing your estate… There are costs associated with probate and those costs can be significant if you have not planned properly. […]
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. […]
Many people realize when creating a will the possibility that a beneficiary could contest their wishes if an uneven or unexpected distribution takes place. When creating a will, some may wish to favor one beneficiary over another, while others may wish to benefit a non-profit or charity instead of a familial beneficiary. The most likely […]
I wanted to write and let you know the latest on the bill that has made it through both the house and the senate in Minnesota and was signed into law by Governor Dayton on May 23, 2013. Here are the highlights as they apply to income, gift, and estate taxes. There are a number […]
Serving as a trustee is not to be taken lightly. This is because in the context of trusts and estates, a fiduciary relationship exists between the trustee (a/k/a fiduciary) who holds and keeps a property interest for the benefit of one or more other people (a/k/a the beneficiaries). A fiduciary relationship has both legal and […]