As a Relationship Manager for a corporate fiduciary, I am often asked by my peers in the estate planning community about typical problem areas to keep in mind when drafting a trust document. Here are three topics to closely consider to ensure the grantor’s intentions are met: Outside Resources A standard question most planners will […]
Parents, legal custodians, or legal guardians periodically find themselves in a position that necessitates granting power to another adult regarding the care, custody, or property of a minor child or incapacitated person (ward). Examples may include a vacation out of state or country, a long term illness, or other extenuating circumstances. One way to delegate […]
The Qualified Small Business Deduction (“QSBD”) under Minn. Stat. § 291.03, provides an additional deduction for Minnesota estate tax purposes for the value of qualified small business property passing to a qualified heir. The statute was originally enacted in 2011 (and has subsequently been updated).
On June 12, 2014, the U.S. Supreme Court ruled on a divisive bankruptcy and estate planning case. At issue was whether an individual retirement account (“IRA”) that a debtor inherited was exempt from the debtor’s bankruptcy estate under the Bankruptcy Code. The Bankruptcy Code permits a debtor to protect assets that are in a “retirement […]
It’s a shocking and infrequently cited fact that the death rate among the human population in the United States is 100%. It will happen to all of us. When you think of it this way, the idea of having a Health Care Directive or Living Will is not so much a “what if” piece of […]
I love finding new estate planning authors and professional bloggers to follow. They inspire me improve my writing and help me think of better ways to discuss estate planning concepts with clients. Two women in particular, Natalie Choate and Deborah Jacobs, are definitely worth following. So, if you are looking for talented, professional estate planning […]
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.