Disclaimer Planning for Non-Tax Purposes

November 20, 2013

Jamie Held previously discussed how disclaimer planning can be useful in incorporating flexibility in uncertain tax situations, and Jen Santini discussed how to properly disclaim a bequest under MN and federal law. This post focuses on a different aspect: how disclaimer planning can be useful for non-tax purposes. Disclaimers in General To review, disclaimers can […]

The Right Time To Get Out

November 18, 2013

Last week the company Snapchat, and its founders, made headline news when they rejected a $3 billion deal from Facebook. Why did they reject the offer? It has been reported it was because they felt there was more to earn down the road. Did they pass up a deal of a lifetime? Or will they […]

Estate Planning Tips for the Sandwich Generation

November 12, 2013

While long proven to be a delectable meal, a sandwich as applied to the “sandwich generation” is significantly less appealing. For many of us, we are facing a time where our parents and our children need us simultaneously – and frequently this is occurring during a period in our professional lives when our employers’ and […]

Norman Rockwell

November 8, 2013

February 3, 1894 – November 8, 1978 Norman Rockwell is an American artist, whose works of art often portrayed a certain innocence regardless of the subject of the paintings. Rockwell was born in New York City and began his career as an illustrator. He painted his first cover for The Saturday Evening Post when he […]

The Debt Left Behind by a Spouse

November 4, 2013

As discussed in a previous post, preparing for a death of a spouse can be extremely difficult and nearly unbearable to even think about. However, it is important to understand the financial impacts so that, if and when the time comes, the surviving spouse is equipped with the right information and is organized. This preparation […]

Doris Duke

October 28, 2013

November 22, 1912 – October 28, 1993 Doris Duke was the sole child of the tobacco tycoon, James Buchanan (“Buck”) Duke, and inherited a large portion of his estate upon in his death in 1925. While it is not exact, Ms. Duke inherited  tens of millions of dollars in trust. On her 21st birthday, she […]

Property and Revocable Trusts – MN Estate Tax Update

October 23, 2013

Individuals that own property in multiple states often consider placing the property into a revocable trust for planning purposes. While this can be an effective planning technique, there are some important points to consider. For purposes of the new Minnesota estate tax [2], a Minnesota resident’s gross estate includes any property that is physically located […]

Think Before You Transfer

October 17, 2013

Clients often talk about transferring property either to other individuals, into a trust, or into a pass-through entity for a wide array of reasons. One of the top reasons is typically to avoid probate. Another reason can be for tax purposes. However, with the change in Minnesota law, there may now be adverse consequences to […]

Your Assets Matter

October 15, 2013

A while back I introduced the topic of Revocable Trust versus a Will.  This post explores the first consideration in making this decision … what type of assets do you own, how are they owned and how do you feel about probate.

Cancellation of Debt

October 10, 2013

We have written here at Epilawg about a handful of tax topics, mostly related to estate or gift taxes. What has not been discussed is cancellation of debt (C.O.D.) taxation, which could have quite an impact on a person’s estate. What is C.O.D.? Depending on the circumstances, cancellation of debt taxation may arise if you […]

Beneficiary Designations and Estate Planning for Retirement Accounts

October 7, 2013

One of the most commonly overlooked items I see in client’s estate plans and during probate administrations is retirement accounts and their beneficiary designations. I think this has to do with the cumbersome nature of updating beneficiary designations.  You call the plan administrator or custodian who sends you paperwork with tiny print and all sorts […]