Aside from taxes, the topic that can typically cause the most confusion is the issue of which assets will pass to your loved ones tax free – and which are subject to estate taxation. Knowing your estate… There are costs associated with probate and those costs can be significant if you have not planned properly. […]
November 20, 1925 – June 6, 1968 Forty-five years ago, our country was in a state of political unrest with the divisiveness of both the war in Vietnam and the war for equality in the Civil Rights Movement. 1968 saw the assassinations of two great men – Martin Luther King, Jr. and Robert F. Kennedy. […]
Nowhere are you more generous than with your family. Whether you are saving for your children’s education, helping with the purchase of a first car, or helping to plan a wedding, your family is first in your mind and in your heart. This generosity often plays out in perhaps the most tangible way when planning […]
Last month, the Minnesota Legislature passed the Omnibus Tax Bill. Erik Doerr wrote a great overview of the Tax Bill for Epilawg, check it out here. My article below will focus on the new (or reinstated) Minnesota Gift Tax. The Minnesota Gift Tax law will operate similar to the Federal Gift Tax. It includes an annual exclusion. […]
Many people realize when creating a will the possibility that a beneficiary could contest their wishes if an uneven or unexpected distribution takes place. When creating a will, some may wish to favor one beneficiary over another, while others may wish to benefit a non-profit or charity instead of a familial beneficiary. The most likely […]
I wanted to write and let you know the latest on the bill that has made it through both the house and the senate in Minnesota and was signed into law by Governor Dayton on May 23, 2013. Here are the highlights as they apply to income, gift, and estate taxes. There are a number […]
Often, clients ask if there is way to shelter their assets from creditors. In Minnesota, the short answer is: no. However, in a handful of states, there is a trust that could allow for someone to shelter their assets from potential creditors – or at least, minimize what the creditors could obtain. While we have […]
Serving as a trustee is not to be taken lightly. This is because in the context of trusts and estates, a fiduciary relationship exists between the trustee (a/k/a fiduciary) who holds and keeps a property interest for the benefit of one or more other people (a/k/a the beneficiaries). A fiduciary relationship has both legal and […]
December 12, 1915 – May 14, 1998 It has been 15 years since Ol’ Blue Eyes passed away at the age of 82. Frank Sinatra’s legacy lives on and needs little introduction. Famous for his music and movies, Frank is an iconic celebrity even in death. He was a member of the Rat Pack – […]
When a loved one dies from a wrongful or negligent act of another, knowing where to begin the legal process can be difficult. When you bring a wrongful death case in Minnesota, there are a few things that you should know. First, there are strict time limits on how long you have to initiate the […]
If you are a parent of a high school student who will be going off to college soon, or you are starting college yourself, there’s a good chance you’re thinking about applying for financial aid. According to the National Center for Education Statistics, 66% of all undergraduates received some form of financial aid in 2007—08. […]