A majority of states statutorily provide a surviving spouse with the right to inherit a percentage of the decedent spouse’s estate, even where the decedent spouse’s will evidences an intent to disinherit the surviving spouse. This statutory provision is often referred to as the surviving spouse’s “elective share” of the decedent’s augmented estate. The share […]
A limited liability company can be used as an effective wealth management tool for certain estates. A limited liability company (“LLC”) is a corporate entity and under Minnesota law, it can be formed for “any lawful purpose or purposes…”[1] An LLC can be useful to reduce an estate’s exposure to taxes at death, help ensure […]
There are many misconceptions about who needs a Will and what happens if you die without one. If you die without a Will, the legal term is that you die “intestate,” meaning that you didn’t have a will drafted before you died or your will does not meet the requirements of your state’s laws. For example, […]
Many people are breathing a sigh of relief now that the deadline (April 18 this year) for individual income tax returns has passed. But, did you remember to file your Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return? Gift Tax Returns were due on the same day as your individual income tax return.
November 30, 1835 – April 21, 1910 Born Samuel Langhorne Clemens, Mark Twain still receives a lot of attention even though over 100 years have passed since his death. Recently one of Twain’s most notable works, The Adventures of Huckleberry Finn, made headlines for the debate over the literary integrity of the work when certain […]
In past articles we have covered the pros and cons of avoiding probate. As a brief refresher, probate is not always a terrible process but in some cases, it can be long, complicated, and expensive. If you want to avoid probate, you need to title your property in a way that it will be transferred […]
The Uniform Transfers to Minors Act (UTMA) provides for a convenient way to make gifts of money and other items to minors through the use of a custodial account. Created in 1986 by the Uniform Law Commissioners, nearly all states have adopted the UTMA. The UTMA is sometimes still referred to by its predecessor, the Uniform […]
June 8, 1867 – April 9, 1959 Frank Lloyd Wright is one of the most renowned architects of all time. He passed away after a long life at the age of 91 years old, 52 years ago today. Mr. Wright was married three times and had a love affair with a woman named Mamah Cheney. […]
Probate, among other things, is intended “to promote a speedy and efficient system for liquidating the Estate of the Decedent and making distributions to his successors.” A traditional probate administration is neither “speedy” or “efficient” for a small estate; therefore, Minnesota law provides an alternative if the net value of the Decedent’s probate assets do […]
Succession Planning from a small business owner’s perspective It has been covered a lot – and in this very blog – so you may have heard it before: succession planning for business owners is essential. Stuff happens, and when it does, Business Owner, you need to be sure that your business survives by explicitly specifying […]
September 12, 1913 – March 31, 1980 This summer it will be 75 years since Jesse Owens captured four gold medals in track and field at the 1936 Olympic Games in Berlin, Germany. At a time when Hitler was touting the “Aryan race” as superior, Mr. Owens, born James Cleveland Owens, dispelled that myth by […]