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 […]
Probate avoidance is one reason why people seek advice from an estate planning attorney. The attorney can recommend, and put into place, various plans to ensure that assets pass outside of the probate process. An even stronger reason to make non-probate transfers is to avoid a probate in another state.
Although much attention is generally given to the federal estate tax, many never realize or consider that some states also impose their own taxes upon the death of an individual. State Estate Tax Like the federal estate tax, an estate tax imposed by a state is based on the value of the deceased person’s estate, […]
Life insurance proceeds are paid out to beneficiaries tax free upon an insured’s death. However, the proceeds are included in calculating the value of the decedent’s estate. While many clients believe their estates are not significant enough to worry about tax planning, one large life insurance policy can cause his or her estate to become […]
Earning and handling income Older children (especially teenagers) may earn income from part-time jobs after school or on weekends. Particularly if this money supplements any allowance you give them, wages enable children to get a greater taste of financial independence. Earned income from part-time jobs might be subject to withholdings for FICA and federal and/or […]