Almost every week I receive an email from a tax or financial advisor about how my clients should take advantage of the current gift tax exemption. The exemption of $5.12 million allows an individual to give away just over five million dollars before paying any federal gift tax (side note: MN does not have a […]
One of the purposes of probate is to provide notice of the decedent’s death to creditors so that they can seek payment for any unpaid debts. As Jayne Sykora mentioned in her post, What Happens to Debt at Death, personal representatives are able to identify creditors of the estate through the decedent’s mail and bills. […]
June 1, 1926 – August 5, 1962 It has been 50 years since the woman born as Norma Jeane Mortenson (later changed to Baker) passed away. Known as Marilyn Monroe, she died at the young age of 36. A recently published book, The Empty Glass, analyzes the ongoing conspiracy surrounding Monroe’s death.1 Ms. Monroe had […]
QR codes, those squares made of square dots arranged in a pattern that you scan with your smart phone, are popping up everywhere these days. Consequently, I was not at all surprised when I saw a story on the local CBS evening news … QR Codes On Headstones: Preserving Personalities Of Those Passed.
Name: Sonia Toomey Employer: Self – Law Office of Sonia Toomey, PLLC Position: Attorney Location: Office in Bloomington, meeting space in downtown Minneapolis, Eden Prairie, St. Louis Park and at the Minneapolis-St. Paul Airport. Education: Undergraduate degree in European Politics from the University of Newcastle upon Tyne in England; Law Degree from William Mitchell College […]
PART VI: WHEN & WHERE? DEFINING A TRIGGER & CHOOSING A LOCATION “Time and space are fragments of the infinite for the use of finite creatures. “ ~Henri-Frederic Amiel, Swiss Philosopher, Poet and Critic Followers of this series will be delighted to know that this penultimate entry is the most concise and straightforward. When? Attorneys […]
June 22, 1903 – July 22, 1934 Known as “Public Enemy Number One,” John Dillinger was born in Indianapolis, Indiana in 1903 and became one of America’s most notorious gangsters. While wanted for bank robberies throughout the Midwest, Dillinger became the focus of the FBI when he stole a sheriff’s car and drove it across […]
Safe deposit boxes are a great resource to store and protect valuable assets. However, they can cause problems during an estate administration. The first issue that arises is the lack of knowledge that the decedent had a safe deposit box. Often the individual administering the estate is neither aware of the existence nor the location […]
Name: Gretchen Baker Employer: Baker Law Firm Position: Attorney Location: 5200 Willson Road, Suite 150, Edina, MN 55424 Education: Boston College ‘97, William Mitchell College of Law ‘07 How long have you been practicing? I have been practicing since October, 2007. What led you to practice in the area of estate planning? I have observed […]
While speaking to clients regarding their estate plan, the topic of conversation often shifts to … “I wonder if my parents have done any planning?” As we get further into the discussion of expenses – the cost of funerals, burials, cremation, estate administration, etc., I regularly hear … “I am concerned about my parents’ financial […]
Every now and again a client will ask for a life estate to be created; however, most often the client does not understand what exactly it is, how it is created or the potential benefits and pitfalls of creating such an estate. In this post, I will attempt to give a basic overview of a […]