For those of you out there that are residents of Minnesota and owners of a small business or family farm, there is a relatively new law offering relief from the Minnesota estate tax.
Paterno’s transfer to wife was for estate planning purposes.
Maggie Green
November 20, 2011
November 20, 2011
When I heard about the scandal at Penn State, I never imagined that it would lead to an Epilawg article on estate planning. But somehow, the topic of federal tax planning worked its way into this news story. An article on InvestmentNews.com reported that in July of 2011, Joe Paterno transferred his interest in the […]
What is Portability?
Jamie Held
October 31, 2011
October 31, 2011
2010 Tax Relief Act The 2010 Tax Relief Act (a.k.a. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010) provided us with a $5 million federal estate tax exemption and a federal estate tax rate of 35%. It also introduced a feature called “portability” (see previous Epilawg articles summarizing the 2010 Tax […]
Lessons from the Rich & Famous
Jennifer Santini
October 11, 2011
October 11, 2011
With the recent deaths of Steve Jobs, Apple co-founder, and Al Davis, owner of the Oakland Raiders, we are reminded how important it is to properly plan for the transfer of assets upon death. While the average American does not have the wealth that Mr. Jobs had (estimated at $7 billion1) or Mr. Davis (estimated […]
Family Partnerships
Maggie Green
May 9, 2011
May 9, 2011
A Family Partnership is an entity designed to hold family assets such as marketable securities, real estate, and operating businesses. The Partnership Agreement can be drafted to allow for lifetime transfers of Partnership interests as well as transfers upon an individual’s death to his or her descendants Using a Family Partnership may
Limited Liability Company In Estate Planning
Jennifer Santini
April 30, 2011
April 30, 2011
A limited liability company can be used as an effective wealth management tool for certain estates. A limited liability company (“LLC”) is a corporate entity and under Minnesota law, it can be formed for “any lawful purpose or purposes…”[1] An LLC can be useful to reduce an estate’s exposure to taxes at death, help ensure […]
Did You File Your Gift Tax Return?
Jamie Held
April 23, 2011
April 23, 2011
Many people are breathing a sigh of relief now that the deadline (April 18 this year) for individual income tax returns has passed. But, did you remember to file your Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return? Gift Tax Returns were due on the same day as your individual income tax return.
State Estate & Inheritance Taxes: Will You Be Impacted?
Jayne Sykora
March 25, 2011
March 25, 2011
Although much attention is generally given to the federal estate tax, many never realize or consider that some states also impose their own taxes upon the death of an individual. State Estate Tax Like the federal estate tax, an estate tax imposed by a state is based on the value of the deceased person’s estate, […]
Irrevocable Life Insurance Trusts
Jennifer Santini
March 21, 2011
March 21, 2011
Life insurance proceeds are paid out to beneficiaries tax free upon an insured’s death. However, the proceeds are included in calculating the value of the decedent’s estate. While many clients believe their estates are not significant enough to worry about tax planning, one large life insurance policy can cause his or her estate to become […]
Estate and Gift Tax Laws 2011
Maggie Green
February 25, 2011
February 25, 2011
On December 17, 2010 Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853). This legislation dramatically changed the laws that would have come into effect on January 1, 2011; however, they only extend the existing legislation for two more years. So although we have some certainty, it is […]
“Lame Duck” Session is Anything But…
Stephanie Schweiger
January 9, 2011
January 9, 2011
As 2010 came to a close, the professional advisor community felt continued uncertainty about the estate tax come back amidst year-long congressional inaction; however, after a brief battle and a valiant show of bi-partisanship in both the Senate and the House, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of […]