May 31, 2018

Among the unique set of problems farmers encounter, estate and succession planning is often the most challenging. Determining when and how to transfer the farm is a long and not always straightforward process. This can include identifying the farm successor, making decisions about the growth of the farm, venturing into other agribusinesses, and articulating a vision for the future. While these tasks can seem daunting, having a...

October 6, 2017

In 2016, the Department of Treasury proposed new regulations for Section 2704 of the Internal Revenue Code. The proposed regulations would have significantly minimized or eliminated discounts for family limited partnerships and other entities. Earlier this year, President Trump had directed the Treasury Department to review the proposed regulations. In early October, the Treasury Department announced it would withdraw its prop...

June 17, 2016

Attorney Bill Oehler recently attended the annual Probate & Trust Law conference in June 2016. In this blog post, Bill shares five things he learned while attending the conference with 900+  attorneys and professionals.

1.  Federal estate tax is here to stay (for now).  While the politicos decry the “death tax”, there is little momentum to eliminate (or reduce) the estate tax.  The feds are discussing valuation discount pl...

March 14, 2016

Minnesota does offer a probate shortcut for some estates. As a reminder, probate is required after the death of a loved one where property passes according to the terms of a will (or not if the person did not have a will) (see this recent post). Any assets that pass by joint ownership, beneficiary designation, or trust are not considered probate assets. For many estates, this would take most assets out of the equation and leav...

February 18, 2016

When a loved one passes away, dealing with the estate can be overwhelming. It’s important to ensure that the decedent’s last wishes are respected, but where do you start? Often, probate is the required course of action. An overview of the probate process can help put your mind at ease, and assist you in making important decisions during a difficult time.

What is Probate?

Probate is the process of settling a person's estate after...

December 11, 2015

 

Minnesota farmers have been seeing the value of their farmland increase significantly over the last few years. Though it has slowed recently, this increase often results in a gross estate that is more than the Minnesota estate tax exemption. For farmers dying in 2015, the Minnesota estate tax exemption is $1.4 million. This means that if the farmer owns property worth more than the exemption amount, his family could end up pa...