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Jason Wagner
- Feb 14, 2020
- 3 min
I Love You Wills
There are many ways to express love for your special Valentine. While roses and chocolate are always a good standby, estate planning can also be from the heart. An "I Love You" will is a common type of will that is used by estate planning attorneys for married couples. What is an "I Love You" will? "I Love You" wills are basically a set of wills in which each spouse leaves everything they own at their death to the surviving spouse. Their wills would also have reciprocal provi
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Alyssa K. Jerde
- May 16, 2019
- 2 min
Estate Planning 101: An Overview of Wills v. Trusts
By default, everyone has an estate plan. There is a common misconception that only the wealthy need an estate plan, but the bottom line is that one way or another, your assets will pass to another person or group of people at your death. There are a few primary ways assets pass upon death: (1) joint ownership, (2) beneficiary designations, (3) testate/intestate succession (probate), or (4) a trust. Assets owned jointly with another person with right of survivorship will autom
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By Alyssa K. Jerde
- Feb 14, 2019
- 4 min
Estate Planning 101: An Introduction to Basic Estate Planning Terminology
Meeting with an estate planning attorney can seem overwhelming. And when your attorney starts using terms like “intestate succession,” “attorney-in-fact,” or “probate,” it can feel like they are speaking a different language. In this article, we’ll break down some of the terminology that you may hear during an initial estate planning consultation. A health care directive is a legal document in which you designate someone to make medical decisions on your behalf when you can n
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Jason Wagner
- 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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Jason Wagner
- Nov 28, 2018
- 3 min
Proposed IRS Regulations Address "Clawback" for Estate and Gift Tax Exclusion
The IRS recently released proposed regulations that address issues with the new estate and gift tax exclusions that were increased as part of the Tax Cuts and Jobs Act enacted last year. Under the new tax law, the estate and gift tax exclusion amount was temporarily doubled from its previous level, which raises questions about what will happen later if Congress does not act in the meantime to extend the increased exemption amounts or make them permanent. Prior to the 2018 tax
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Alyssa K. Jerde
- Jul 24, 2018
- 3 min
The Epilogue to Your Story
As my estate planning practice continues to grow, I’ve had the pleasure of meeting many different types of people. My clients come to me at various stages of life, with a diverse range of assets, family situations, health issues, and histories. Despite these differences, I’ve noticed a common theme among my clients: many of them tell me they’ve waited way too long to complete their estate plan, and, after we’ve signed their documents, they tell me they feel as though a weigh
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Jason Wagner
- Oct 6, 2017
- 1 min
Treasury Department Backs off Proposed Discount Regulations
In 2016, the Department of Treasury proposed new regulations for Section 2704 of the Internal Revenue Code. The proposed regulations would have significantly minimized or eliminated discounts for family limited partnerships and other entities. Earlier this year, President Trump had directed the Treasury Department to review the proposed regulations. In early October, the Treasury Department announced it would withdraw its proposed regulations limiting discounts. Discounting i
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Jason Wagner
- Aug 22, 2017
- 3 min
How to Choose a Trustee
How to Choose a Trustee When you establish a trust, you name someone to be the trustee. A trustee's duties include collecting income of the trust, paying the trust's bills and taxes, and investing the trust assets. The trustee is also responsible for ensuring your wishes and directions set forth in the trust are followed. Typically, you, as the person establishing the trust, are the trustee of your own revocable or living trust while you are living and able to do so. There ar
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Jason Wagner
- Feb 13, 2017
- 3 min
"I Love You" Wills: Planning for Couples
There are many ways to express love for your special Valentine. While roses and chocolate are always a good standby, estate planning can also be from the heart. An "I Love You" will is a common type of will that is used by estate planning attorneys for married couples. What is an "I Love You" will? "I Love You" wills are basically a set of wills in which each spouse leaves everything they own at their death to the surviving spouse. Their wills would also have reciprocal provi
53 views0 comments
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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Jason Wagner
- Jan 26, 2017
- 2 min
Using a Transfer on Death Deed
A transfer on death deed is type of deed that only becomes effective after a person has died. It essentially allows Minnesota property owners to put a beneficiary designation on real estate much like they would a bank account or other asset. The transfer on death deed, or TODD, does not alter the property owner’s ability to mortgage, sell, or lease the property and it can be changed as long as the owner is competent. For many Minnesotans, real estate is their only probate as
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Jason Wagner
- Dec 30, 2016
- 2 min
4 New Year's Resolutions for Businesses
As 2017 approaches right now is a great opportunity to look at some New Year resolutions for your business. Like personal resolutions, the suggested resolutions below consider what your business can improve on from the past year, and what you can do to anticipate the changes of the New Year. 1. Evaluate Your Businesses Plan or Create a Business Plan First, you should look back at what worked for your business and what needs improvement. An easy way to evaluate your business’s
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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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