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ESTATE PLANNING
IRREVOCABLE TRUSTS IN MINNESOTA
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...
DISCLAIMERS IN MINNESOTA: IMPORTANT ESTATE PLANNING TOOLS (PART 3)
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...
DISCLAIMERS IN MINNESOTA: IMPORTANT ESTATE PLANNING TOOLS (PART 2)
“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...
DISCLAIMERS IN MINNESOTA: IMPORTANT ESTATE PLANNING TOOLS (PART 1)
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...
MINNESOTA DECREE OF DESCENT
Courts in the State of Minnesota cannot open a probate file for a person who has been dead for three or more years. When more than three years has passed since a person died, Minnesota law requires a special proceeding called a “determination of descent”. In this...
THE TORRENS TITLE AND PROCEEDINGS IN MINNESOTA
In Minnesota’s Torrens system, a “Torrens title” is granted by Court order at the completion of a title registration proceeding. Title is registered in the name of the owner, with a specific legal description. A new “source of title” is created, called a Certificate...
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