When ownership is held in trust, trustees must manage voting power in strict accordance with the trust’s terms and fiduciary duties. Voting rights should be exercised impartially to benefit all …
READ MORE →A legal strategy for delaying distributions hinges on adherence to governing trust provisions and applicable probate laws. Trustees may invoke discretionary distribution clauses or age-based triggers …
READ MORE →Rights of first refusal (ROFR) can hinder tax planning by limiting asset transfer flexibility and complicating valuation for gift, estate, and generation-skipping transfer taxes. ROFR provisions may …
READ MORE →Qualified Subchapter S Trusts (QSSTs) enable closely held S corporations to maintain their tax status while allowing trust ownership. They require a single income beneficiary who is a U.S. citizen or …
READ MORE →The statute of limitations for intrafamily loan forgiveness primarily governs the period during which the IRS can assess gift tax liabilities and initiate audits. Forgiven loan amounts must be …
READ MORE →Intrafamily loans with balloon payments require clear documentation and adherence to IRS rules. Interest income must be reported using the Applicable Federal Rate to calculate both actual and imputed …
READ MORE →Intrafamily loan forgiveness is the formal cancellation of a loan between relatives, requiring a valid loan agreement and clear documentation such as promissory notes and a written forgiveness …
READ MORE →Dynasty trust perpetuity periods vary by state, impacting how long trusts can preserve family wealth without forced termination. States like South Dakota and Alaska allow indefinite durations by …
READ MORE →Dynasty trust termination is a complex legal process requiring adherence to trust terms and often court approval. Trustees must act in beneficiaries’ interests, ensuring proper notification and …
READ MORE →Family Limited Partnership (FLP) dissolution requires adherence to partnership agreement provisions and state filing protocols. Consent from general and limited partners, as stipulated in the …
READ MORE →Certain states, including South Dakota, Alaska, Nevada, and Delaware, have abolished or significantly modified the traditional Rule Against Perpetuities, allowing dynasty trusts to endure for …
READ MORE →Intrafamily loans with balloon payments present tax risks primarily due to IRS scrutiny of adherence to Applicable Federal Rates and bona fide loan characteristics. Failure to document formal …
READ MORE →Charitable remainder trust termination occurs when the trust’s income distributions end, and remaining assets transfer to designated charities as specified in the trust agreement. Early termination …
READ MORE →Dynasty trust perpetuity period extension strategies focus on navigating and leveraging varying state laws, including jurisdictions that have abolished or extended the traditional rule against …
READ MORE →Dynasty trusts benefit from state-specific perpetuity extensions that override traditional Rule Against Perpetuities limits, allowing assets to be preserved across multiple generations. Most states …
READ MORE →Intrafamily bargain sales involve transactions where family members sell property or assets below market value. This practice often reflects emotional bonds and financial strategies within families. …
READ MORE →Intrafamily loan amortization schedules are essential for compliance with tax regulations and to prevent disputes among family members. These schedules detail repayment terms, including payment …
READ MORE →A testamentary trust is established through a will and takes effect upon the testator’s passing. Comply with the Rule Against Perpetuities, which mandates that interests must vest within a specified …
READ MORE →A succession legal document is essential for transferring assets and responsibilities after an individual’s death. It formalizes their wishes and minimizes disputes among heirs. Key components …
READ MORE →Intrafamily loans of $10,000 or less in aggregate between the same two individuals are generally exempt from the Applicable Federal Rate (AFR) rules altogether. Above that threshold, charging the AFR …
READ MORE →Intrafamily loans must adhere to Applicable Federal Rates (AFR) to avoid unexpected tax consequences. Failing to comply can result in imputed interest under IRC § 7872, increasing the lender’s …
READ MORE →Testamentary trusts establish structured income distribution guidelines to ensure that beneficiaries receive their inheritances as intended by the testator. These trusts appoint a trustee to manage …
READ MORE →Executor misconduct can have severe consequences, including financial loss and delayed inheritances. Identifying red flags, such as unusual asset changes, inconsistent accounting, and unexplained …
READ MORE →In trust and estate dispute cases, counterclaims can be a strategic game-changer for defendants. A well-crafted counterclaim can offset or reduce the plaintiff’s claims, gain a strategic …
READ MORE →In trust and estate disputes, counterclaims serve as a vital defensive strategy, enabling defendants to assert their own claims and counter allegations of wrongdoing. Typically, counterclaims arise …
READ MORE →In trust and estate enforcement, a cease and desist letter serves as a formal legal notification to individuals or entities engaging in infringing or unlawful activities. These letters demand …
READ MORE →The following are terms and definitions for conservatorship and guardianship, and related concepts. Please note, these are common definitions, but precise legal definitions may vary depending on how a …
READ MORE →Video: Learn About Receipt and Release Forms In this video, you get answers to these questions: What is a receipt and release form? Who is a trustee? What if a receipt and release was not signed? …
READ MORE →Recording a Deed is Not Necessary to Avoid Probate Transferring real estate into a trust will generally avoid probate, even if the real estate deed was never recorded. In general, a deed does not need …
READ MORE →In Minnesota, estates valued at $75,000 or less can skip probate entirely using an Affidavit of Collection under Minn. Stat. sections 524.3-1201 through 524.3-1204. This process requires only a …
READ MORE →The rights of beneficiaries of a Minnesota trust are primarily based on Minnesota Statutes and the trust document. When a trust document and/or statute imposes a duty on the trustee, for the benefit …
READ MORE →This article is part of our Estate Planning resources for Minnesota residents and business owners. This article is a section taken from Manual Letter #16.1, a part of the revisions and additions to …
READ MORE →Legislative Intent It is the intent of the Legislature and the purpose of this statement to promote the interests and well-being of the patients of healthcare facilities. No health care facility may …
READ MORE →Minnesota provides a variety of services for people with disabilities. This information brief provides information about those programs and services. It contains a general Medical Assistance (MA) …
READ MORE →Editor’s note (updated 2026-07-14). The Housing with Services framework described below no longer governs assisted living in Minnesota. Minnesota Statutes chapter 144D (Housing with Services …
READ MORE →Update: Minnesota’s Trust-Busting Statute Was Held Preempted (2021) and Repealed (2022) Reviewed and current as of September 12, 2026. In Geyen v. Commissioner of Minnesota Department of Human …
READ MORE →Name a Beneficiary to Your Vehicle with a Motor Vehicle TOD Form If you own a vehicle in your own name, you can name a beneficiary on the certificate of title, and ownership of that vehicle vests in …
READ MORE →Medical Assistance: Penalty Period for Gifts During the 5-Year Lookback Period When a person applies for Medical Assistance (Medicaid) in Minnesota, the state looks to any uncompensated transfers …
READ MORE →How other health insurance may affect eligibility for Medical Assistance or MinnesotaCare When applying for health care programs, you must tell us if you have other health insurance or can get health …
READ MORE →Nursing facility services under Medical Assistance (MA) are a package of room and board and nursing services. Acute care services such as hospitalization are paid for separately under MA; this is also …
READ MORE →It can come as a shock when you find out that Medicare will not pay for an extended stay in a nursing home or a long-term care community. What would you do if you were faced with long-term care …
READ MORE →Someone who is mentally impaired, whether from age or infirmity, may start to show signs of needing assistance in their personal affairs. If, for example, your parent or loved one starts leaving food …
READ MORE →When the time comes for you to decide whether someone you love needs someone else to take control of their personal affairs, it helps to understand what a guardianship and conservatorship in Minnesota …
READ MORE →When you are positioning yourself financially for the future, you are naturally going to have questions about government programs that you have heard about. These would typically include Medicaid and …
READ MORE →Ground-Breaking Study Good news, dog owners. Science has confirmed what we have known all along. Dogs are able to understand individual words and intonations much like us. Until this ground-breaking …
READ MORE →This is an important question in estate planning because many instruments become active when the person who executed it becomes incapacitated. The reverse is also true. There are many instruments that …
READ MORE →David Bowie died on January 10, 2016, just two days after the release of his final album, Blackstar. The last song on the album, “I Can’t Give Everything Away,” seems prophetic both in its title and …
READ MORE →Imagine that a trust is established with insurance proceeds for the benefit of a minor child Billy after his parents are killed in an accident, with Uncle Theodore as Trustee. Theodore cannot use the …
READ MORE →Family Cabin LLCs & Trusts While a family cabin is often filled with happy memories, conflict can arise when the cabin’s owner dies. Now comes the time to plan future ownership and …
READ MORE →2013 Tax Law Changes Overview: Estate TaxTax TypeStatuteBrief DescriptionEffective DateEstate Tax289A.10 Sub 1Estate Tax: Modifies the filing requirements for the estate tax to provide that federal …
READ MORE →This post was last updated in December 2012. View an overview of Minnesota Gift Tax law reflecting changes made in 2013. This post provides basic background information on the details of state estate, …
READ MORE →I have represented a number of senior citizens who have been victims of a STOLI scam. This article explains the basics of the STOLI scam on seniors and what they can do to fight back. In short, the …
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