Your Family Cabin: How to Avoid Conflict & Structure Ownership
Estate Planning

Your Family Cabin: How to Avoid Conflict & Structure Ownership

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 responsibilities. If the cabin has been gifted to the former owner’s children, as often is the case, it is not uncommon for disagreements to…

How to Settle the Affairs of a High-Net Worth Estate
Estate Planning

How to Settle the Affairs of a High-Net Worth Estate

Settling the estate of a high-net worth individual may seem like a daunting task; nevertheless, it can be accomplished by taking certain steps. This process may take many years and may involve a number of legal, tax, and financial considerations that you may not feel prepared to deal with; however, there are a number of…

Estate Tax
Estate Planning

Estate Tax

Depending on the value of an estate, the beneficiaries may have to pay taxes on the estate. This tax is referred to as an estate tax. As of January 1, 2015, you must file estate taxes with the IRS for any estate with combined assets of $5,430,000 or more. Gross Estate The amount of estate…

Minnesota’s New Power of Attorney Form as of January 1, 2014
Estate Planning

Minnesota’s New Power of Attorney Form as of January 1, 2014

A power of attorney is written authorization allowing one to represent or act on another’s behalf in private affairs, business or legal matters. The person that authorizes the power is the principal and the person authorized to act is considered the agent or “attorney-in-fact.” A “power of attorney form” is a legal form, but not…

Nursing Home Abuse and Neglect
Estate Planning

Nursing Home Abuse and Neglect

  Unfortunately, nursing home abuse and neglect is far too common. Studies indicate nursing home abuse is underreported. Thus, families of nursing home residents must be extremely vigilant to ensure that their loved ones are not being mistreated. The World Health Organization describes elder abuse as a “violation of human rights and a significant cause of…

2013 Minnesota Estate & Gift Tax Legislative Changes
Estate Planning

2013 Minnesota Estate & Gift Tax Legislative Changes

2013 Tax Law Changes Overview: Estate Tax Tax Type Statute Brief Description Effective Date Estate Tax 289A.10 Sub 1 Estate Tax: Modifies the filing requirements for the estate tax to provide that federal adjusted taxable gifts made within 3 years of decedent’s death must be added to the value of the federal gross estate to…

What Type of Will Do I Need? Demystifying Estate Planning in MN
Estate Planning

What Type of Will Do I Need? Demystifying Estate Planning in MN

Many are overwhelmed by options when faced with estate planning. “Should I create a trust?” “Do I need to try to avoid probate?” “What are the tax consequences?” Individuals are left with the feeling that there is no place to start. When that situation occurs, some simply never start planning. Deciding What Type of Will…

Survey of State Estate, Inheritance, and Gift Taxes
Estate Planning

Survey of State Estate, Inheritance, and Gift Taxes

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, inheritance, and gift taxes. The District of Columbia and 22 states, including Minnesota, impose these taxes. Of these, 14 states, including Minnesota,…

Stranger-Originated Life Insurance: How Seniors Can Fight STOLI Scams
Estate Planning

Stranger-Originated Life Insurance: How Seniors Can Fight STOLI Scams

Old Couple Share A Moment by James Kendall   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 seniors should turn the tables on the STOLI…