A couple of us here at Epilawg are big fans of Downton Abbey and are very much looking forward to tonight’s premiere of Season 3 on PBS. Without giving a ton of plot points away to those of you who have not yet watched the series (Season 1 is available on Netflix and both Seasons […]
Congress passed The American Taxpayer Relief Act of 2012 on January 1, 2013. Among its many provisions are the following pertaining to estate taxes:
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. […]
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 […]
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 […]
What is a Spendthrift Trust? A spendthrift trust is one in which the right of a beneficiary to future payments from the trust cannot be voluntarily or involuntarily transferred by the beneficiary or reached by the beneficiary’s creditors. While in trust, assets are unattainable until they are distributed. The beneficiary of a spendthrift trust does […]
I am familiar with the American Cancer Society; as I am sure most people are … their healthy living campaigns, push for early detection, and tireless efforts researching cancer causes and cures. However, the American Cancer Society offers a great deal more, particularly in the area of supporting those currently undergoing treatment for cancer. I was […]
This is the final post in a three part series on pre-planning for your death. In the first part, terms related to pre-planning for your death were defined. In the second part, exactly what happens to your remains after you die was covered. Now, steps to pre-planning your funeral will be discussed. This series is […]
I noted in my post, Second Marriages and Blend Families, individuals who are remarried and have children from a previous relationship may want to establish a plan to ensure the children from the prior relationship still inherit from his or her estate. Typically when a spouse passes away everything is left to the surviving spouse. But […]
This is the second in a three part series on pre-planning for your death. In the first part, terms related to pre-planning for your death were defined. In this part, exactly what happens to your remains after you die will be covered. Finally, steps to pre-planning your funeral will be discussed. This series is written […]