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…
What Is It? A spousal lifetime access trust (SLAT) is an irrevocable trust benefiting the donor’s spouse and children. Through a SLAT, a donor may reduce a spouse’s exposure to estate taxes at death by taking advantage of the gift tax exemption. In 2015 the applicable federal exclusion amount for gifts is $5,530,000. (IRS, What’s…
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…
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…
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 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…
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…
In this video, Minnesota attorney Aaron Hall describes the situations in which one may want to have a will. Transcript: Minnesota clients often ask me, do I need a will? The short answer is this, do you have kids and want to designate who will be their guardian? If not, you may not need a…
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,…
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 businesses to sell the insurance policy themselves rather than…
