On this day of thanks, we wanted to remind you about the various opportunities for giving. Many of our clients have a philanthropic intent but just do not know exactly how to, when to, and how much to give. Maggie Green wrote about incorporating philanthropic education into your estate plan even after you pass away. […]
Disclaimer Planning for Non-Tax Purposes
November 20, 2013
Jamie Held previously discussed how disclaimer planning can be useful in incorporating flexibility in uncertain tax situations, and Jen Santini discussed how to properly disclaim a bequest under MN and federal law. This post focuses on a different aspect: how disclaimer planning can be useful for non-tax purposes. Disclaimers in General To review, disclaimers can […]
Think Before You Transfer
October 17, 2013
Clients often talk about transferring property either to other individuals, into a trust, or into a pass-through entity for a wide array of reasons. One of the top reasons is typically to avoid probate. Another reason can be for tax purposes. However, with the change in Minnesota law, there may now be adverse consequences to […]
IRS Adopts “State of Celebration” Rule
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 […]
Appraisals
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
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 […]
Minnesota Gift Tax 2013
June 3, 2013
Last month, the Minnesota Legislature passed the Omnibus Tax Bill. Erik Doerr wrote a great overview of the Tax Bill for Epilawg, check it out here. My article below will focus on the new (or reinstated) Minnesota Gift Tax. The Minnesota Gift Tax law will operate similar to the Federal Gift Tax. It includes an annual exclusion. […]
2013 MN Omnibus Tax Bill
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?
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?
Don’t Forget the Annual Gift-Tax Exclusion
January 21, 2013
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
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: