Not surprisingly, since most of us here at Epilawg are licensed to practice law only in Minnesota, we generally write about most topics from a Minnesota law point of view. Oftentimes, though, many laws having to do with estate planning tend to be similar among the states, with deviations here and there, which is why […]
In the past few weeks, there have been two stories that have caught our attention regarding the issue of incapacity and the need for advanced health care directives. The first news story unfortunately involved a minor child, who had been declared brain-dead by her doctors following complications from tonsil surgery. Her parents however wished to […]
I recently mentioned some issues to consider before transferring certain assets, primarily with regards to the MN estate and gift taxes. While we want you to be cautious before making any transfers, we do want to ensure individuals are aware that there are certain transfers that are excluded from being taxable gifts under Minnesota law. […]
Yup – there is a new tax in town for 2013 and it can add up quick. You can get hit in two ways: (1) additional Medicare payroll tax and/or (2) new Medicare contribution tax on unearned income. Let’s take a look at the taxes individually.
We’re big fans of Downton Abbey (as is the rest of the world). Previously, we have covered the inheritance lessons learned during the first season of Downtown Abbey. This past Sunday evening, Season 4 premiered on PBS. The framework of the episode centered around an estate planning issue: what makes for a valid Will? I […]
There are many parts to your financial life which may require you work with multiple professionals from different disciplines. Two of the most important professionals you should have on your team are a Financial Planner and an Estate Planning Attorney. Each of these professionals should have an understanding of what the other is doing. Some […]
Well, it’s that time of the year again. And by that I mean that its tax planning season! I don’t know about you, but I get pretty pumped about it. This year has been fun for our firm. The fun factor increase is mostly a result of our clients seeing stronger results in 2013 than […]
Personal Representatives have many duties to a decedent’s estate. Previously, Jayne Sykora discussed how a Personal Representative is selected and what their duties consist of in “So You’re a Personal Representative. Now What?” and “What Happens to Debt at Death”. One such duty is determining which creditor claims to allow and disallow and this post […]
There are a few items we wanted to remind you about as we wrap up the end of the year and look towards 2014. In no particular order they are: 1. Don’t forget that Minnesota has a gift tax! This gift tax applies to anything given over $1 million in a person’s lifetime (excluding gifts […]
The tax code is riddle with nuances. Some of these nuances are beneficial to clients, others can be frustrating. Recently, I had an estate administration client come to me with a letter from the Minnesota Department of Revenue stating that a decedent’s property tax credit was being adjusted to $0.00. Unfortunately, the letter failed to site […]
In May 2013, the Texas Supreme Court enforced a mandatory arbitration provision within a trust instrument in Rachal v. Reitz. Since then, a number of legal commentators have suggested that there is a growing trend towards the recognition of such provisions in the probate context. The issue is far from settled, however, and the underlying […]