Category Estate Planning

Don't Let Creditors Crack Your Nest Egg

As an estate planning attorney, it is my job to provide legal solutions allowing you to plan for tomorrow so you can enjoy life today. With a large federal estate tax exemption ($11.4 million per person in 2019), many clients are shifting their attention to strategies that achieve income tax and creditor protection benefits. All clients,... Read More

Beneficiary Designations - SAY, WHAT?!!

A majority of my working day is spent drafting and interpreting wills, trusts, and powers of attorney.  As many people know, these documents create the foundation of any well-drafted estate plan.  All too often my clients pay relatively little attention to the beneficiary designations on payable-on-death or transfer-on-death accounts.  Many times... Read More

News From The North

Minnesota is now one of only two states to have a state gift tax.  (Connecticut is the other one.)  As a result, gifts of more than $1 million worth of Minnesota property will require a payment of Minnesota gift tax.  The tax is assessed on a sliding scale, and the maximum rate is 16%. Gifts to a spouse or to charity do not count.  Gifts with a... Read More

Estate Planning Law Changes

Early this year, Congress passed the 2012 American Taxpayer Relief Act (the "2012 Act") in response to the "fiscal cliff." Among other items, the 2012 Act addressed the expiration of certain favorable federal estate, gift, and generation-skipping transfer ("GST") tax rules. The purpose of this article is to provide a summary of the new estate,... Read More

The "Fiscal Cliff" and Post-Election Tax Planning for 2012 and 2013

With the election over and the "Fiscal Cliff" looming, it is a good time to consider all of the potential tax changes coming at the end of the year. Many of these potential changes are the result of the Budget Control Act of 2011, a compromise reached by the President and Congress at the end of last year. Under the Act, if Congress cannot find a... Read More