It is hard to believe we are at that time of year again when a new year will be upon us in only a matter of days. The countdown is on – only 30 days until 2015. Here are a few reminders of things to do before we say goodbye to 2014. Take Your Required […]
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 The statute was originally enacted in 2011 (and has subsequently been updated).
In Minnesota, many homeowners can qualify their primary residences for homestead status. By classifying a piece of property as a homestead, the property may qualify for a reduced classification rate, a reduced taxable market value, a property tax refund, and/or other special program eligibility. To qualify for homestead status, the following criteria must be met: […]
A married couple, of which each spouse has children from previous relationships, faces certain issues with regard to distribution of their estates. The most basic of these issues involves what happens if a spouse dies without a will. When any individual dies without a will, the statutory rules for the intestate succession dictate the distribution of […]
Estate planners do encourage clients to be specific with their various bequests within their estate plan. When describing gifts of both real and tangible personal property or defining beneficiaries, we want the assets and individuals to be identifiable. However, it can actually cause problems when clients get too specific and potentially lead to unintended complications […]
What is Succession Planning? Simply put, succession planning is the process of transitioning key people within a business so that the business can continue to operate after the owner or key executives leave. Think of it as planning for the future of the business so that it can outlive the owners. This process involves a […]
Last week, in Conservatorship Basics Part I, I discussed what a conservatorship is, who can be a conservator and the process for getting a conservatorship in place. In today’s post, I will cover a conservator’s duties and powers and when and how a conservatorship is terminated. Conservator’s Duties Once a conservator is in place, a […]
Oftentimes, most have heard of and have a basic understanding of a guardianship (whether for a minor child or for an incapacitated adult). A guardianship allows for another to be appointed as guardian over the person of an incapacitated person (the ward). In this role, a guardian is to care for, monitor and speak on […]
“Protecting Your Afterlife in the Digital Realm” Once again the discussion about planning for your digital assets received national attention on CBS Sunday Morning. The segment features various companies* that are helping individuals protect their digital assets and leave a digital legacy, such as Cirrus Legacy, If I Die, and LifeNaut. Additionally, it shares some […]
We’ve said before that Minnesota is not a favorable state in which to die because of the state’s estate tax laws. Some believe that the same is true for other tax reasons as well. While Minnesota does offer a lot to its residents, which attracts them to make Minnesota their home, there are people who […]
Brittany Maynard, an Oregon resident, selected the date November 1, 2014 as the day she will end her life. Brittany is 29 years old, and was recently diagnosed with terminal brain cancer. She is plagued with seizures and increasing pain and her most recent diagnosis gave her only six more months to live. Instead of […]