Estates + Trusts
Can the State of Minnesota Tax Your Trust?

Can the State of Minnesota Tax Your Trust?

Minnesota income taxes are currently among the highest in the nation, which is why many of our estate planning clients prefer to create trusts that will be taxed in other states. Many of these other states, such as South Dakota, have no income taxation, and favorable...

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With tax changes, do I still need estate planning?

With tax changes, do I still need estate planning?

When people think about estate planning, the estate tax is one of the first things that comes to mind. The Tax Cuts and Jobs Act signed into law by President Trump on December 22, 2017 brought significant changes to the transfer of wealth, including increasing the...

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When Should I Update My Estate Plan?

When Should I Update My Estate Plan?

I recently worked with a client after his spouse passed away. Their revocable living trust had been drafted in 2000 by a competent attorney.  At that time, the federal estate tax exemption was $675,000.  The estate tax exemption is the amount of money that a person...

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2017 Estate Tax Update

2017 Estate Tax Update

From comprehensive tax reform making its way through congress, to the changes to the Minnesota estate tax, it has been an eventful year for estate planning. While tax changes are not the most exciting topic for many of our clients, it is a topic that continues to be...

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2017 Snowbird Update

2017 Snowbird Update

There have been significant well publicized estate planning legislative updates in 2017, including the increase in the Minnesota estate tax exemption amount and the proposed repeal of the federal exemption. Two lesser-known changes impact one of Minnesota’s most...

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2017 Year-End Estate Planning Checklist

2017 Year-End Estate Planning Checklist

As the end of the year approaches and with the holiday season in full swing, estate planning isn’t typically at the top of most people’s wish lists. Nevertheless, it is important not to move on to 2018 new year’s resolutions without tying up the loose ends from the...

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Guardianship

Guardianship

There is often confusion regarding what a guardianship is and whether it may be necessary for a friend or loved one. This article is meant to provide a general overview of guardianships in Minnesota. A guardianship is a relationship between a guardian, who is...

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