7 Tips for the 706

Kassandra Heinrich / April 21, 2015

As tax season is wrapping up I’ve found myself busy with a few estate tax returns, and wanted to share 7 Tips to keep in mind when completing a United States Estate (and Generation-Skipping Transfer) Tax Return – aka the 706. The federal form (coming in at 31 pages before any schedules and supporting documentation […]

Estate Planning Myth #2: Death Taxes Only Affect the Super Wealthy

Erika Stein Rosenhagen / April 8, 2014

One wonderful thing about the first session of the 113th Congress was its efforts to enact a taxing scheme allowing an exemption from estate taxes for those with less than $5 million (indexed to inflation), and making permanent the concept of portability. These codified changes taken together mean that married couples with a combined net […]

In the News – IRS Extension for Filing

Jamie Held / January 30, 2014

Some estates may now be able to obtain an automatic extension of time to make the election to claim the estate tax portability exclusion. The IRS announced a procedure under which estates of decedents dying before January 1, 2014, that fall below the dollar threshold for having to file an estate tax return, yet want to elect […]

IRS Adopts “State of Celebration” Rule

Jamie Held / September 26, 2013

According to the IRS, same-sex couples who were legally married in a jurisdiction recognizing their marriage will be treated as a married couple for federal tax purposes, regardless of where they currently reside.  Revenue Ruling 2013-17 reassures “legally married same-sex couples that they can move freely throughout the country knowing that their federal filing status […]


Jayne Sykora / September 16, 2013

Oftentimes, some property in a decedent’s estate will be unique and difficult to value, like: a business, artwork, jewelry, collectibles, or real estate. Oftentimes the value will be needed to help complete an inventory in a probate and/or to determine any estate tax impact on the estate.  Additionally, objective appraisals can also help minimize or […]

New View of Pass-Through Entities in Relation to MN Estate & Gift Taxes

Jennifer Santini / July 1, 2013

We have posted a few updates on the 2013 MN Omnibus Tax Bill (the “Bill”) and the changes the Bill brings to MN’s estate and gift taxes (see Erik Doerr’s post, 2013 MN Omnibus Tax Bill, and Maggie Green’s post, Minnesota Gift Tax 2013).  Another change that comes with the passing of this Bill is […]

Will my heirs get everything?

Mathew Coyle / June 11, 2013

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. […]

2013 MN Omnibus Tax Bill

Erik Doerr / May 28, 2013

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 […]

Much Ado About Nothing?

Erika Stein Rosenhagen / February 4, 2013

Last week, I was lucky enough to see the cliff up close. Not the fiscal cliff that kept us all riveted (or not) for the month of December, but a beautiful snow covered cliff. And it got me thinking: was the fiscal cliff all much ado about nothing?

Do I Still Need An Estate Plan?

Jennifer Santini / January 23, 2013

Some people continue to ask why they need an estate plan, especially since Congress passed the American Taxpayer Relief Act, which made the $5 million federal estate tax exemption permanent. The question is often, “If my estate is under $5 million, why do I need an estate plan or need to be concerned with any […]

Permanent Estate Tax Relief

Jamie Held / January 3, 2013

Congress passed The American Taxpayer Relief Act of 2012 on January 1, 2013.  Among its many provisions are the following pertaining to estate taxes: