Proper Preparing No one likes making intentional mistakes. If we could prevent all possible mistakes, we probably would. We have life insurance and medical insurance readily available. On a separate note, when we pass from this life, we probably want to leave a part of us behind in memoriam, something for our relatives and loved…
Category: Minnesota Estate Taxes
MN Probate Law | Filing a Minnesota Estate Tax Return
Filing a Minnesota Estate Tax Return – IRS Form 1041 Being selected as executor of an estate can be a daunting task, as the duties for executor can be extensive and complicated. As the executor of an estate, you are responsible for filing a federal income tax return (Form 1041) if the estate has a…
Estate Planning for Minnesota Farmers
Farmers face unique estate planning issues separate from more traditional white-collar careers. The nature and value of assets in a farm presents different estate planning issues for hard working farmers. Because an orderly disposition of farm assets may take years, it is important for farmers to plan early for their retirement. Estate Planning For Minnesota…
MN Special Estate Planning Needs: Older Single Adults Without Children
Now that most firms have had adequate time to start offering all of their estate planning tools to same-sex married couples after the passage of new laws, its time to revisit the special needs of older single adults many of whom are without children. Recent statistics indicate that 53% of all women and 26% of…
Did Actor James Gandolfini’s Heirs Have to Pay High Taxes?
Almost immediately after actor James Gandolfini (“The Sopranos”) passed away back in June of 2013, many critics claimed he had made serious estate planning errors. Since he did not use a Pour-Over Will (and trust accounts) to distribute all of his alleged $70 million estate, some thought that “close to 80 percent of the assets…