The Minnesota Department of Revenue (“DOR”) is preparing a report that analyzes Minnesota’s current estate tax laws. The report will provide the Legislature with options to consider for changes to or elimination of the estate tax.
Charlie Chaplin
Jennifer Santini
December 25, 2012
December 25, 2012
April 16, 1889 – December 25, 1977 It has been 35 years since the comedic actor, Sir Charles Spencer Chaplin, died at the age of 88. Chaplin started performing at the of age 5 years old, the child of two entertainers. Chaplin performed on stage and in the movies for most of his life. He […]
Valuing a gift
Maggie Green
December 22, 2012
December 22, 2012
Scheduled to decrease January 1, 2013, the federal gift tax exemption will go from the $5.12 million to $1 million*. Many individuals have made substantial gifts this year to take advantage of the high exemption. The type of assets gifted vary; from unique art collections and family business interests to real property, securities, and cash. […]
8 Advantages of 529 College Savings Plans
Chris Hiestand
December 17, 2012
December 17, 2012
This year, total student loan debt has climbed over the $1 trillion mark and tuition continues to grow at double the rate of inflation. Starting a college savings plan has never been more important. The earlier families get started, the better. Most of the time, families are well-intentioned and want to save for their children’s […]
PROFESSIONAL FIDUCIARIES: WHO NEEDS THEM?
Lori Manning
December 12, 2012
December 12, 2012
People need fiduciaries for a variety of reasons, but this article is written with elderly people who are incapacitated by dementia in mind. Dementia is an umbrella term that describes a variety of diseases that affect memory, attention, language, and problem solving abilities to such an extent that daily living is seriously affected. I […]
How a Guardianship for a Minor Works
Jayne Sykora
December 7, 2012
December 7, 2012
We have had many posts related to choosing guardians for your children should something happen to both parents before their children reach the age of majority: Appointing a Guardian for Minor Children, How to Choose A Guardian, among other miscellaneous references to the importance of having an estate plan when you have minor children. As […]
Trust Protectors
Jayne Sykora
December 4, 2012
December 4, 2012
When a trust is created, it is always important to choose the right trustee. Generally, a trustee should be an individual(s) or company that is detail-oriented and will follow all required fiduciary duties. In previous posts, a trustee’s fiduciary duties and responsibilities have been outlined and discussed. Normally, a trustee is all that is needed […]
Desi Arnaz
Jennifer Santini
December 2, 2012
December 2, 2012
March 2, 1917 – December 2, 1986 Desi Arnaz died at the age of 69 of cancer. He was from Santiago, Cuba and move to the United States with his family when he was young. He began his career as a musician and made his way to Broadway. He met his famous wife, Lucille Ball, […]
Inheriting Minnesota Farmland
Maggie Green
November 28, 2012
November 28, 2012
As previously written in Trusts and Minnesota Farmland, the Corporate Farm Act imposes restrictions on the ownership of farmland here in Minnesota. Among other things, it requires that certain entities such as Partnerships, LLCs, and Trusts qualify under Minnesota Statute 500.24 in order to hold title to farmland. The result is that if an individual […]
Freddie Mercury
Jennifer Santini
November 24, 2012
November 24, 2012
September 5, 1946 – November 24, 1991 It has been over 20 years since the face of the band Queen, Freddie Mercury, passed away at the age of 45. Mercury was born in Zanzibar and ultimately moved to England in 1964 to flee the Zanzibar Revolution. In 1970, Queen was formed. Mercury worked with the […]
The Basics of Spendthrift Trusts
Sarah Leonard
November 21, 2012
November 21, 2012
What is a Spendthrift Trust? A spendthrift trust is one in which the right of a beneficiary to future payments from the trust cannot be voluntarily or involuntarily transferred by the beneficiary or reached by the beneficiary’s creditors. While in trust, assets are unattainable until they are distributed. The beneficiary of a spendthrift trust does […]