As outlined in our recent post, 2024 Estate and Gift Tax Update, the current federal estate tax exemption is the highest level it has ever been (other than 2010 and before there was an estate tax). The unified exemption limit for individuals dying in…
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You can create your estate plan at any time, but many people choose to begin the process sooner rather than later. Why? Because you never know when life-changing medical or financial emergencies can strike that will require someone else to manage you…
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With the new year, it is time to provide an update on gift and estate taxes. While this topic is not always the most exciting for clients to talk about, it is often a critical consideration in how a business or farm operation will pass to the next ge…
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As estate planning attorneys with a deep appreciation for the agricultural heritage of Minnesota (and many of us having a farm connection), we take seriously our role in helping our clients develop and implement a strategic plan for the future of the…
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When you create a trust, choosing a trustee is one of the most important decisions you will make. If you create a revocable living trust—that is, a trust that you establish during your lifetime and can revoke or amend—you may opt to act as truste…
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Estate planning helps bring peace of mind and a sense of security, both in our lifetime and beyond. While we cannot predict our fate, we can at least dictate how our money and property will be distributed and ensure that we provide for our loved ones…
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Introduction: Creating a trust is a crucial step in estate planning, allowing individuals to manage their assets and ensure a smooth transfer of wealth to beneficiaries. While the idea of a Do-It-Yourself (DIY) trust might seem appealing, it comes wi…
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Adding a payable-on-death (POD) or transfer-on-death (TOD) designation to an account allows the assets (money and property) in that account to be passed to a named beneficiary when the original account holder dies. Like trusts, POD and TOD accounts b…
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A loved one’s passing is challenging on many different levels. In addition to the emotional difficulty of processing someone’s death, there are also the many tasks that must be dealt with, such as going through their various accounts and taking t…
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Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, a person’s personal property (their stuff) can also be a source of…
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