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...

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...

“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...

There are a number of reasons one might want to take advantage of Minnesota’s Uniform Disclaimer of Property Interests Act (Minnesota Statutes Sections 524.2-1101 to 524.2-1116), which became effective on January 1, 2010. You may have a substantial estate which will...

Preparation of a will or a trust If you die without a will, the Minnesota laws of intestate succession will determine how and to whom your assets will be distributed. In general, your property will pass to your closest relatives. State law is indifferent to your...