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 t…
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Probate is the usual process of settling a person’s affairs after they have died. This includes paying debts and final expenses, collecting the assets, and distributing to the heirs. However, probate is not always required. Probate is just one…
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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:…
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Under Minnesota law, personal representatives are required to take an inventory of the assets in the decedent’s estate. However, before taking the inventory, the personal representative must request, and accept, appointment by the court. The person…
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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 yo…
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After going through the estate planning process and getting everything signed and witnessed, you leave the lawyer’s office with your will in hand. But where does it (or should it) go from there? We are often asked this question. Though there ar…
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“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…
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On August 2, 2016, the IRS and the U.S. Treasury Department issued proposed regulations under Section 2704 of the Internal Revenue Code that would have the effect of eliminating or scaling back many valuation discounts for family-controlled entities…
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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…
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College is a very exciting time for both students and their parents. It is a time when many young adults typically have their first opportunity to exercise independence while living away from home. What many parents may not realize is that if their s…
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