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…
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…
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…