by admin | Nov 30, 2020 | All Law, Estate Planning
JOINT TENANTS VS TENANTS IN COMMON: PROS AND CONS The choice of whether it is best to own property as a joint tenant or “tenant in common” will depend on a number of different factors. You need to take into account your own situation and the relationship that you have...
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...
by admin | Sep 25, 2020 | All Law, Estate Planning
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...
by admin | Aug 3, 2020 | Estate Planning
Estate planning has always been a challenge for many people. The usual reasons for procrastination have taken a backseat this year to the new challenges of COVID-19. Perhaps unlike anything most of us have ever experienced, the world has changed right before our eyes...
