Please: get the correct acknowledgement if you want to deduct that property contribution

Robert Lynn / June 30, 2016
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“Close” counts with horseshoes and hand grenades. Unfortunately, it doesn’t count for entitlement to deduct a charitable contribution, once the amount claimed exceeds a trigger point. When that happens, the taxpayer’s own records – no matter how convincing – won’t suffice. There has to be an acknowledgement from the charity itself that follows the law […]

Say What – A New Tax on you in 2013?

Chris Revak / January 14, 2014
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Yup – there is a new tax in town for 2013 and it can add up quick.  You can get hit in two ways:  (1) additional Medicare payroll tax and/or (2) new Medicare contribution tax on unearned income.  Let’s take a look at the taxes individually.

IRS Adopts “State of Celebration” Rule

Jamie Held / September 26, 2013
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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 […]

2013 MN Omnibus Tax Bill

Erik Doerr / May 28, 2013
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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 […]

Don’t Forget the Annual Gift-Tax Exclusion

Jamie Held / January 21, 2013
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Amid all the other fiscal cliff headlines and the American Taxpayer Relief Act provisions, you may have missed the annual gift-tax exclusion changes that automatically became effective January 1, 2013. The annual gift-tax exclusion increased from $13,000 to $14,000. You can give away up to $14,000 in 2013 to as many different recipients as you […]

Permanent Estate Tax Relief

Jamie Held / January 3, 2013
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Congress passed The American Taxpayer Relief Act of 2012 on January 1, 2013.  Among its many provisions are the following pertaining to estate taxes:

Minnesota Estate Tax Changes May Be on the Horizon

Jamie Held / December 26, 2012
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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.

Economic Update

J.B. L'Esperance / May 9, 2012
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Our good fortune has continued with expanded growth in the markets.  This is typical of an election year and if history is any indication, there should be more of this to come.  The Dow Jones Industrial Average is up over 13,000 and the NASDAQ Composite has reached a new high as well (much of this […]

Attorney Under the Weather? Tough Luck, says the IRS

Steve Held / April 11, 2012
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Although most of us would consider our estate planning attorney to be superhuman, the fact of the matter is that sometimes they are unable to perform their duties.  In a recent case, the district court found that the physical and mental ailments of an estate planning attorney did not provide reasonable cause for the estate […]

What is Portability?

Jamie Held / October 31, 2011
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2010 Tax Relief Act The 2010 Tax Relief Act (a.k.a. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010) provided us with a $5 million federal estate tax exemption and a federal estate tax rate of 35%.  It also introduced a feature called “portability” (see previous Epilawg articles summarizing the 2010 Tax […]

529 Plans

Jayne Sykora / September 21, 2011
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529 plans are tax-advantaged programs that help families save for qualified higher education expenses associated with college. How are 529 Plans helpful for estate planning? Well, contributions to a 529 Plan can help you reduce the taxable value of your estate, if that is a concern.