by admin | Oct 30, 2020 | All Law, Elder
Prior to the enactment of Minnesota’s “trust-busting statute” (Minnesota Statutes section 501B.895), several different trusts were commonly used for Medicaid planning. Revocable trusts—which by definition can be changed or rescinded by the trust maker—never worked for...
by admin | Oct 26, 2020 | All Law, Elder
A comprehensive estate plan can do more than simply take care of issues which arise when we die. A good plan can also help you prepare for things that may happen while you are alive. Your plan can help you determine who receives your assets when you die, as well as...
by admin | Oct 12, 2020 | All Law, Estate Planning
Irrevocable trusts are also commonly used as a method of reducing assets to avoid payment of estate taxes upon death. As the federal estate tax exemption has grown over the years to over $11.5 million for a single person, however, estate tax liability has become less...
by admin | Oct 9, 2020 | All Law, Estate Planning
In Minnesota, married couples have potential estate tax liability when their net worth is greater than $3.0 million (for the year 2020 and beyond). Unlike the FEDERAL estate tax exemption, the Minnesota estate tax exemption is not “portable”. This means that you...
by admin | Oct 6, 2020 | All Law, Estate Planning
“Disclaimer Trusts” have become an effective method for Minnesota married couples to fully utilize their marital deductions in order to decrease possible Minnesota estate taxes upon the second spouse’s death. By using a properly drafted trust it is possible to...
