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Charitable Planning

Learn about the ways you can give to charity that align both with tax planning and legacy planning goals.

Who has access to your digital information?

These days, much of the information related to our finances, banking, mortgages, and even health care has migrated from paper to electronic storage. This has caused problems when ‘appointed agents’ need to act on behalf of another person. ‘Appointed agents’ include: those acting under a Power of Attorney, Health Care Agents, Personal Representatives and Trustees of a trust.

It has not been…

A few highlights of new Minnesota laws, effective January 1, 2016

Non-Judicial Settlement Agreements

Some individuals may be ‘stuck’ with Irrevocable trusts that no longer meet the intended goals of their trust. Or perhaps the goals themselves no longer make sense in light of changed circumstances.  The new Minnesota Trust Code allows more flexibility for trusts to be altered or terminated by agreement between all current and remainder beneficiaries without…

What is an Irrevocable Trust?

An irrevocable trust is a separate legal entity, with its own tax identification number, set up by the trust creator (Settlor) to hold assets. Once assets are transferred to an Irrevocable trust, they cannot be taken back, and the terms of the Irrevocable trust generally cannot be changed after the document is signed.

Assets that are transferred to the trust are considered ‘gifts’ to the…

What is a Revocable Trust?

Information in this article was recently updated - (September 2017)

Background

First, some recent changes to the Minnesota estate tax environment to consider:

1. Minnesota had a gift tax for a short time – it has been retroactively repealed

2. Estate Tax exemption amount (the amount a person can pass on to heirs free of estate tax) is changing. It…

What is a Will?

The purpose of a Will is to pass assets per your wishes, and to select the person you want to be responsible for distributing your assets.

Recent Legislative Changes Affecting Minnesota Estate Planning

Recent Law Changes
The Minnesota legislature recently made some very positive changes that relate to estate planning. The changes simplify and even reduce taxation for MN residents dying on or after January 1, 2014.

Gift Tax
The Minnesota Gift Tax has been retroactively repealed. This is wonderful news, since Minnesota had been one of only 2 states…

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