With the Christmas season it seems like a good time to talk about legal consequences of gifting. Of course I’m referring to gifting from an estate planning perspective. With the possible major changes coming in estate tax law, the estate tax implications may change but many other issues will remain the same and are largely misunderstood. Why gift your assets?…
Estate planning is an important area of practice for our law firm, and we are committed to helping individuals and families with these issues. Over the course of the last year, attorney Rene Millner has written several in-depth articles on the specific documents that make up an estate plan, types of estate plans, and other considerations in estate planning. In…
A law was passed several years ago that basically allows you to put beneficiaries on your home. You should sign and record this deed now but it has no affect until you pass away – meaning you can sell or refinance without needing the beneficiaries to consent or sign anything. You can also revoke this deed before your death if…
As an estate planner I often work with the entire family. My initial discussion is usually with mom and dad as we work together to put their estate plan documents in place. Many times, mom and dad want to bring the child that is appointed to act on their behalf to a meeting to give the child the opportunity to…
Have you reviewed your beneficiary designations? Beneficiary designations are a way in which we identify who we want to give an asset to after we pass away. A common beneficiary designation for most people is the form you completed when you became eligible to participate in your employer’s 401(k) retirement plan, set up an individual retirement account (“IRA”) with your…
When is your estate subject to estate tax? Minnesota is one of a handful of states that assess a tax on your estate when you pass away if certain limits are met. This type of tax is often referred to as a death tax and is assessed against the entire value of your estate. In contrast other states assess an…
You may like to read Will Based vs. Trust Based Estate Plan (Part 1). In this article we will dig into some of the reasons you may want to consider a trust based estate plan. Minnesota adopted a modified version of the Uniform Trust Code the “Minnesota Trust Code” that became effective January 1, 2016. It is spelled out in…
We are a generous group of people. In so many conversations with friends and family, I hear examples of the giving of our time and money to various charitable organizations. My brother oversaw a bike ride with hundreds of participants benefiting a cancer organization; my mom volunteers at her local library; a friend leads a campaign to bring drinking water…
Have you found yourself walking away from a conversation with a friend or family member and you were convinced you needed a Will? Or you attended one of those “free meal” seminars where you were sold on the idea that you had to have a Trust? Navigating the options in estate planning can be frustrating and confusing for most. Unfortunately,…
The old statute governing the formation, operation, and management of limited liability companies (LLCs) in Minnesota will be repealed and replaced by the new statute on January 1, 2018. The transition from 322B to 322C began on August 1, 2015 when the new LLC statute went into effect. Since then, LLCs have had the opportunity to ‘opt in’ to the…