Many clients come to the estate planning process having heard about revocable trusts, and have questions about whether a trust is right for them. This article explains how a trust helps to avoid probate, and may help you decide if a trust is right for you. Probate...
A frequent concern for estate planning clients is how to avoid owing estate taxes at their death. Because the estate tax has become a political issue, some of these clients are also concerned about how the election results might impact the estate tax. The following is...
As an increasing number of small businesses face payroll and other working capital related challenges, many owners struggle to understand the various forms of federal and state aid designed to support them. Through the CARES Act and various state programs, small...
Federal Estate and Gift Tax Exemption: The IRS announced the official estate and gift tax limits for 2019 late in November of 2018. The federal estate/gift tax exemptions for an individual increases to $11.4 million, up from $11.18 million in 2018. This means an...
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...
Late last year, Congress and the President enacted sweeping new tax legislation that fundamentally affects the family both during marriage and following divorce. The Tax Cuts & Jobs Act (“TCJA”) made four key changes of which you should be immediately aware....
A deep look into the new Tax Act reveals a significant change in existing law regarding the deductibility of confidential sexual harassment settlement payments and attorney’s fees. Previously, settlement payments (for defendants) and the attorney’s fees necessary to...
What is your experience? [Transcript] What should I expect if my home or business is damaged by fire, hail or a storm? [Transcript] What is property damage insurance appraisal? [Transcript] View all of the videos from this Q&A by...
Farmers Were Not “Farmers” for Purposes of Conservation Easement Charitable Deduction Rutkoski v. Comissioner, 149 T.C. 6 (August 7, 2017). THE PARTIES: Mark Rutkoske and Felix Rutkoske are brothers who engaged in a farming operation through various business entities...
Governor Dayton has signed the 2017 tax bill which will increase the Minnesota estate tax exemption from its current level of $1.8 million to $2.1 million for individuals dying in 2017. The legislation also adjusts the estate tax exemption in subsequent years;...
Introduction Almost three years ago, we authored an article that discussed how recent Minnesota tax law changes, coupled with several Minnesota Tax Court decisions favoring an expansive definition of “resident” for income tax purposes, might force some individuals to...
The federal estate and gift tax exemption will increase to $5,450,000 in 2016 (up from $5,430,000 in 2015). This is the total amount a person can gift during their lifetime and leave to others at death. Together, a married couple can shelter up to $10.9M. The federal...
Do you have a vacation home that you would love to keep in your family? Here are some ideas to ponder to make that happen! But first, you really do want to ask your children/grandchildren not only whether they are interested in continuing to own the vacation home, but...
[Q] I am a divorced small business owner in Minnesota with a net worth of approximately $3,000,000. How will the new Minnesota estate and gift tax affect my ability to leave my estate to my children with minimum gift and estate taxes? Read Glenn Kessel's answer to...
The new tax law significantly affects taxpayers and their estates by enacting a gift tax (and thereby joining Connecticut as the only states to impose a state-level gift tax) and amending the estate tax and income tax. The Minnesota Legislature passed this Omnibus Tax...
UPDATE: On June 26, 2013 the U.S. Supreme Court issued decisions in two cases impacting same-sex marriage. While these rulings do not decide a constitutional right to same-sex marriage, the implications are very broad. As a result of these decisions, once same-sex...
Now is the right time to review and evaluate the organization and operation of your nonprofit organization. Enforcement activity of tax-exempt organizations has increased exponentially by both the Internal Revenue Service and states attorneys general. Failure to...
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