February 14, 2020

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 spo...

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...

November 28, 2018

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 amo...

September 12, 2018

When we sit down to create an estate plan with our clients, we’re looking at the big picture. We’re looking at what we can do to reduce or avoid estate taxes, provide for a surviving spouse and minor or disabled children, avoid probate or excessive court filing fees, and mitigate potential family feuds. An improperly executed estate plan can end up costing you more in attorney’s fees, court costs, and taxes than it would have...

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.

December 7, 2017

While Congress has not yet sent a tax bill to the President's desk, both the House and Senate have passed their own versions of a sweeping tax reform bill that has implications for many estates. This article explores the changes to the federal estate tax, gift tax, capitals gains tax, and steps you should take to review your estate plan. 

Estate Tax Repeal - Maybe

The tax bills passed by the House and Senate immediately dou...