January 1, 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, bu...

May 1, 2018

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 Digita...

January 2, 2018

The new tax bill was signed into law on Friday, December 22, 2017, making for some big changes in federal estate tax planning. Under the new law, the federal estate tax exemption will be substantially increased for tax years starting in 2018.

June 1, 2017

The tax bill includes changes to the estate tax. These changes increase the overall estate tax exemption from $2 million (currently being phased in and would be completely phased in next year) to $3 million over a four year period.

February 13, 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 i...

January 27, 2017

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...