Blog | Ward & Oehler, Ltd.

Jan 1, 2019
3 min

Estate and Gift Tax Update for 2019

With a new year come new estate tax exemption rates. Although estate and gift taxes are sometimes thought of as taxes that do not change that much, that has definitely not been the case in recent memory. In fact, there have been fairly significant changes to either Minnesota or federal estate and gift tax exemptions, rates, and deductions every year for the past several years. We are not expecting any major changes in 2019, but that remains to be seen. What we do have with 20

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Alyssa K. Jerde

May 1, 2018
3 min

Estate Planning in a Digital Age

Many of us have some sort of online presence, whether that be something as simple as an e-mail account or multiple social media profiles or accounts on sites such as Facebook, LinkedIn, Instagram, or Snapchat. Regardless of the extent of your online presence, the existence of any of these accounts could prove to be problematic after you’ve died. On May 22, 2016, Minnesota adopted the Revised Uniform Fiduciary Access to Digital Assets Act (“RUFADAA”), which can be found in Min

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New MN Estate Tax Relief Retroactive to January 1, 2017 - or is it?

Jason Wagner

Feb 13, 2017
2 min

Estate and Gift Tax Update for 2017

On January 1, 2017, both the Minnesota and federal estate tax exemptions were updated for decedents dying in 2017. The federal estate and gift tax exemption is $5.49 million per individual (up from $5.45 million in 2016). The Minnesota estate tax exemption is $1.8 million per individual. Minnesota has no gift tax (though gifts made within three years of death can be included in the gross estate). While the federal estate tax is pegged to inflation, the Minnesota estate tax ex

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Jason Wagner

Jan 27, 2017
3 min

Frameworks For Farm Transitions

The process of transitioning the family farm often begins long before any assets are moved from the retiring farmer to the successor. Generally, the succession plan is a done gradually and involves some gifting/discount by the retiring farmer and buy-in and time commitment by the successor farmer. When farmers are ready to begin the transition there are a few common strategies they can use that are highlighted below. One simple way to start the process is for the younger farm

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Requirements for a Valid Will in Minnesota

Jason Wagner

Dec 8, 2016
2 min

Requirements for a Valid Will in Minnesota

One question clients ask occasionally is: what are the requirements for a will to be valid in Minnesota? There are a couple basic requirements for the document itself to be considered a valid last will and testament. Most obvious, the person making the will must sign the document of his own free will and be of sound mind. Second, the signing of the will must be witnessed by two competent individuals at least age 18. That's all that is required for the document to be a valid l

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Bill Oehler

Nov 21, 2016
3 min

The Uncertain Future of the Estate Tax

No More Estate Tax? No More “Stepped Up” Tax Basis? Now that the dust has settled on the grueling and seemingly endless election cycle, voters’ minds turn to policy and wonder what (if anything) will come of the promises made by the candidates: Now What Happens? For decades, the Republican Party has railed against the so-called “death tax”, calling for complete repeal of the federal estate tax. The policy arguments in favor of repeal range from “job creation” to “I’ve alread

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Checking on Your Estate Plan: Reasons to Update Your Documents

Jason Wagner

Nov 3, 2016
2 min

Checking on Your Estate Plan: Reasons to Update Your Documents

Getting your estate plan in place can feel like a major accomplishment (and it is!), but it is not the end of the story. Estate planning itself is the process of guiding the way in which assets pass to your loved ones after your death and ensuring your wishes are followed. Checking in and reviewing your estate planning documents regularly and when certain life events occur is part of this ongoing process. While the estate plans we prepare for our clients are intended to be lo

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Jason Wagner

Sep 30, 2016
2 min

Definition: Death Taxes

"Death Taxes" Defined. The term "death taxes" refers to taxes that are imposed by the federal and some state governments (Minnesota included) on someone's estate upon their death. For federal and Minnesota purposes, the term refers only to estate taxes. Some states also have an inheritance tax which is different from the estate tax. Whereas the estate tax is levied based on the size of a person's estate, an inheritance tax is imposed on the assets a particular beneficiary inh

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Estate Planning for Small Business Owners

Jason Wagner

Sep 19, 2016
4 min

Estate Planning for Small Business Owners

If you are a small business owner, putting a plan in place in the event of your incapacity or death can ensure that your business survives, your family can continue to be supported, and your assets will pass to your family efficiently. Without a plan, your business could be interrupted, have fewer tax saving options, and be subject to probate. By taking the time to establish a plan now, small business owners can be assured their goals and desires are put into action. One of

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Estate Planning: the Importance of Beneficiary Designations

Jason Wagner

Jul 15, 2016
3 min

Estate Planning: the Importance of Beneficiary Designations

If you have life insurance, a 401(k), or a bank account, you have almost certainly already completed beneficiary designations. Chances are you did not give it much thought at the time. You might not even remember who you named as a beneficiary, but if something happens to you those designations will control how the account or other asset is distributed upon your death even if you have an estate plan in place. For this reason, coordinating your beneficiary designations with yo

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5 Things I Learned at the Probate & Trust Law Conference.

William Oehler

Jun 17, 2016
2 min

5 Things I Learned at the Probate & Trust Law Conference.

Attorney Bill Oehler recently attended the annual Probate & Trust Law conference in June 2016. In this blog post, Bill shares five things he learned while attending the conference with 900+ attorneys and professionals. 1. Federal estate tax is here to stay (for now). While the politicos decry the “death tax”, there is little momentum to eliminate (or reduce) the estate tax. The feds are discussing valuation discount planning, grantor retained interest trusts, and other “e

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Jason Wagner

May 23, 2016
4 min

Opinion: Tax bill injects uncertainty into planning for farmers

As part of the omnibus tax bill, HF 848, passed by the Minnesota legislature over the weekend, the legislature has directed the commissioner of revenue to review the estate tax’s definition of qualified farm property and its linkage to the property tax classification of the property during the three-year period following the death of the decedent. The commissioner is to issue a report to the legislature by February 1, 2017. Specifically, the commissioner is to report on “alte

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What happens when my estate cannot pay all the bequests?

Jason Wagner

May 10, 2016
2 min

What happens when my estate cannot pay all the bequests?

When the assets of an estate are insufficient to satisfy debts, claims, expenses of administration, and devises under the will, the rules of abatement will be applied. The rules of abatement determine the order in which devises shall be given effect when there are not enough assets to satisfy all the gifts designated. For example, this would apply when there are specific bequests of cash but not there is not enough cash to satisfy all the bequests and debts. Abatement is the

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Prince's Estate and Intestate Succession: Lessons for the rest of us.

Jason Wagner

Apr 26, 2016
3 min

Prince's Estate and Intestate Succession: Lessons for the rest of us.

Everybody has an estate plan, or so the saying goes. What does that mean? It means that if you have not taken the time to prepare a will or trust, the laws of intestacy will dictate how your assets should be distributed upon your death. The recent news about Prince's unexpected death and his estate demonstrates how the laws of intestate succession work. According to his sister, Prince had no will. See the Star Tribune article: here. In Prince's case, any assets that are subje

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Minnesota Farm Land Deduction Offers Estate Planning Opportunities for Farmers

Jason Wagner

Dec 11, 2015
3 min

Minnesota Farm Land Deduction Offers Estate Planning Opportunities for Farmers

Minnesota farmers have been seeing the value of their farmland increase significantly over the last few years. Though it has slowed recently, this increase often results in a gross estate that is more than the Minnesota estate tax exemption. For farmers dying in 2015, the Minnesota estate tax exemption is $1.4 million. This means that if the farmer owns property worth more than the exemption amount, his family could end up paying an estate tax. One very effective way for farm

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What is a "living trust" and do I need one?

Jason Wagner

Sep 19, 2015
3 min

What is a "living trust" and do I need one?

It seems everyone is hearing more and more about "living trusts" and "revocable trusts" lately. A lot of people seem to think that a trust is only for the super wealthy or those that are avoiding estate taxes. The truth is that, while a trust can absolutely be used to minimize estate taxes, a trust can be a useful estate planning tool for many people in a variety of situations. In its most basic form, a trust is a private legal arrangement in which you state what you want to

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Estate and Gift Tax Update for 2019

Estate Planning in a Digital Age

Estate and Gift Tax Update for 2018

New MN Estate Tax Relief Retroactive to January 1, 2017 - or is it?

Estate and Gift Tax Update for 2017

Frameworks For Farm Transitions

Requirements for a Valid Will in Minnesota

The Uncertain Future of the Estate Tax

Checking on Your Estate Plan: Reasons to Update Your Documents

Definition: Death Taxes

Estate Planning for Small Business Owners

Estate Planning: the Importance of Beneficiary Designations

5 Things I Learned at the Probate & Trust Law Conference.

Opinion: Tax bill injects uncertainty into planning for farmers

What happens when my estate cannot pay all the bequests?

Prince's Estate and Intestate Succession: Lessons for the rest of us.

Minnesota Farm Land Deduction Offers Estate Planning Opportunities for Farmers

What is a "living trust" and do I need one?