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.
Valuing a gift
Maggie Green
December 22, 2012
December 22, 2012
Scheduled to decrease January 1, 2013, the federal gift tax exemption will go from the $5.12 million to $1 million*. Many individuals have made substantial gifts this year to take advantage of the high exemption. The type of assets gifted vary; from unique art collections and family business interests to real property, securities, and cash. […]
Don’t wait for the holidays – Gift Now!
Maggie Green
August 14, 2012
August 14, 2012
Almost every week I receive an email from a tax or financial advisor about how my clients should take advantage of the current gift tax exemption. The exemption of $5.12 million allows an individual to give away just over five million dollars before paying any federal gift tax (side note: MN does not have a […]
Don’t wait for the holidays – Gift Now!
Maggie Green
August 14, 2012
August 14, 2012
Almost every week I receive an email from a tax or financial advisor about how my clients should take advantage of the current gift tax exemption. The exemption of $5.12 million allows an individual to give away just over five million dollars before paying any federal gift tax (side note: MN does not have a […]
Portability & Gifting
Jamie Held
December 17, 2011
December 17, 2011
I recently wrote about portability, specifically, what it is and how to elect it. This post takes it one step further, discussing how portability and gifting interact.
Baby Boomers Leaving Less to Children
Jamie Held
November 8, 2011
November 8, 2011
I read a recent “LA Times” article and the message hit home. My parents have been telling my sisters and me for years now that we are receiving our inheritance when we need it most … now, for expenses such as our education, purchasing our first homes and our weddings. Apparently my parents are not […]
What is Portability?
Jamie Held
October 31, 2011
October 31, 2011
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
September 21, 2011
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.
Did You File Your Gift Tax Return?
Jamie Held
April 23, 2011
April 23, 2011
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.
Estate and Gift Tax Laws 2011
Maggie Green
February 25, 2011
February 25, 2011
On December 17, 2010 Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853). This legislation dramatically changed the laws that would have come into effect on January 1, 2011; however, they only extend the existing legislation for two more years. So although we have some certainty, it is […]
A Useful Tool: Transfer on Death Deeds
Jayne Sykora
February 20, 2011
February 20, 2011
A Transfer on Death Deed (TODD) allows the owner of real estate to execute a deed that names the beneficiary who will succeed to ownership of the real estate at the owner’s death. A TODD can be a useful estate planning tool because it allows the transfer of real property without the need of probate […]